On 31 January 2022 The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2020-21.
- The data showed that the Indian economy contracted by 6.6 percent in 2020-21 as against the earlier estimate of 7.3 percent in May 2021.
- The NSO has also revised downward the real Gross Domestic Product (GDP) growth number for 2019-20 to 3.7 percent as against the earlier estimate of 4 percent.
Previous Estimation: Under the 1st revision released in January 2021, real GDP or GDP at constant (2011-12) prices for 2019-20 stood at Rs 145.69 lakh crore with 4 percent growth.
Key Points of NSO’s 1st Revised Estimates for 2020-21:
i.Nominal GDP or GDP at current prices for 2020-21 is estimated at Rs 198.01 lakh crore as against Rs 200.75 lakh crore for 2019-20, showing a contraction of 1.4 per cent during 2020-21 as compared to growth of 6.2 percent during 2019-20.
ii.The Real GDP or GDP at constant (2011-12) prices for the years 2020-21 stands at Rs 135.58 lakh crore as against Rs 145.16 lakh crore in 2019-20, showing a contraction of 6.6 percent during 2020-21 as compared to growth of 3.7 percent during 2019-20.
b.Gross Value Added (GVA):
i.GVA at basic prices has declined by 1.6 percent during 2020-21 against the growth of 6.9 percent during 2019-20.
ii.The real Gross Value Added (GVA) at constant (2011-12) basic prices showed a decline of 4.8 percent in 2020-21 against 3.8 percent in 2019-20.
iii.Sector Wise growth rates: The growth rates of the Primary sector (comprising Agriculture, Forestry, Fishing and Mining & Quarrying), Secondary sector (comprising Manufacturing, Electricity, Gas, Water Supply & Other Utility Services, and Construction) and Tertiary sector (Services) have been estimated as 1.6 percent, -2.8 percent and -7.8 percent in 2020-21 as against a growth of 4.5 percent, -1.4 percent and 6.3 percent, respectively in 2019-2020.
i.The Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs.120.33 lakh crore for 2020-21 as against Rs.122.37 lakh crore in 2019-20.
ii.Government Final Consumption Expenditure (GFCE):
- The expenditure at current prices is estimated at Rs. 23.93 lakh crore for the year 2020-21 as against Rs. 22.01 lakh crore during 2019-20.
- The expenditure at constant (2011-12) prices the estimates of GFCE for 2019-20 stood at Rs. 14.84 lakh crore and Rs. 15.38 lakh crore for the year 2020-21.
i.Nominal Net National Income (NNI) or NNI at current prices for the year 2020-21 stands at Rs 171.94 lakh crore as against Rs 177.17 lakh crore in 2019-20, showing a contraction of 2.9 percent during 2020-21 as against a growth of 6 percent.
ii.Per Capita Income (Per Capita NNI) at current prices is estimated at Rs 1,32,115 in 2020-21 and Rs 1,26,855 in 2019-20.
iii.Gross National Disposable Income (GNDI) at current prices is estimated at Rs. 200.86 lakh crore for 2020-21 while the estimate for the year 2019-20 stands at ₹204.22 lakh crore
e.Savings: Gross Saving during 2020-21 is estimated at Rs 55.92 lakh crore against Rs 59.96 lakh crore during 2019-20.
f.Gross Capital Formation (GCF) at current prices is estimated at Rs. 54.03 lakh crore for 2020-21 compared to Rs. 61.61 lakh crore during 2019-20.
Recent related news:
In September 2021, The United Nations Conference on Trade and Development (UNCTAD) released its ‘Trade and Development Report 2021’ which predicted India’s GDP to grow by 7.2 percent in 2021, whereas the Global Growth rate is projected at 5.3 percent.
About Ministry of Statistics and Programme Implementation (MoSPI):
Ministers of state (independent Charges) – Rao Inderjit Singh (Gurugram, Haryana)