- The National Statistical Office (NSO) has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2020-21. NSO comes under the Ministry of Statistics and Programme Implementation.
- As per the first revised estimates released by NSO, the GDP contracted by 6.6% in FY21 (2020-21). In the first advance estimates, NSO had predicted this as a contraction of 7.3%.
- GDP growth in 2019-20 (as per NSO)= 3.7%
- The Real GDP of India for 2020-21 was ₹135.58 lakh crore as per the First revised estimate of NSO.
Points to remember:
- GDP projection of India in FY21 as per First revised estimate of NSO?= -6.6%
- Real GDP of India in 2020-21 as per NSO?= ₹135.58 lakh crore
- Base year for Gross Domestic Product (GDP) calculations on constant prices is 2011-12.
Source: PIB
Every year NSO first gives the First Advance Estimate (i.e. in advance) after that after the end of year it gives the respective revised estimates known as First Revised Estimates, Second Revised Estimates etc.