New Delhi: Nominal GDP at current prices for the year 2020-21 is estimated at Rs. 198.01 lakh crore as against Rs.200.75 lakh crore for the year 2019-20, showing a contraction of 1.4 per cent during 2020-21 as compared to growth of 6.2 per cent during 2019-20, the first revised estimates of national income, consumption expenditure, saving and capital formation, 2020-21, released today by the National Statistical Office, shows.
Real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at Rs. 135.58 lakh crore and Rs. 145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20.
At the aggregate level, nominal Gross Value Added (GVA) at basic prices has declined by 1.6 per cent during 2020-21 against the growth of 6.9 per cent during 2019-20. In terms of real GVA, that is, GVA at constant (2011-12) basic prices, there has been a contraction of 4.8 per cent in 2020-21, as against growth of 3.8 per cent in 2019-20.
The shares of broad sectors of the economy in terms of overall GVA during 2011-12 to 2020-21 and the annual growth rates are mentioned below:
The growth rates of 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 per cent, -2.8 per cent and -7.8 in 2020-21 as against a growth of 4.5 per cent, -1.4 per cent and 6.3 per cent, respectively in the previous year.
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The contraction in real GVA during 2020-21 is on account of contraction in ‘Mining and Quarrying’, ‘Manufacturing’, ‘Electricity, Gas, Water Supply & Other Utility Services’, ‘Construction’, ‘Trade, repair, Hotels and Restaurants’, ‘Transport’ and ‘Other services’. However, ‘Agriculture, Forestry and Fishing’, ‘Communication & Services related to Broadcasting’, ‘Financial Services’, ‘Real Estate, Ownership of Dwelling & Professional Services’ and ‘Public Administration and Defence’ have witnessed modest growth during this period.
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 per cent during 2020-21 as against growth of 6.0 per cent in the previous year.
Gross National Disposable Income (GNDI) at current prices is estimated at Rs. 200.86 lakh crore for the year 2020-21, while the estimate for the year 2019-20 stands at Rs. 204.22 lakh crore, showing a contraction of 1.6 per cent for year 2020-21 as against growth of 6.4 per cent in the year 2019-20.
Gross Saving during 2020-21 is estimated at Rs. 55.92 lakh crore against Rs. 59.96 lakh crore during 2019-20. Share of Non-financial corporations, Financial corporations, General Government and Household sectors in Gross Savings during 2020-21 stands at 35.6%, 10.0%, (-) 24.1% and 78.5% respectively. Rate of Gross Saving to GNDI for 2020-21 is estimated at 27.8 per cent as against 29.4 per cent for 2019-20.
Gross Capital Formation (GCF) at current prices is estimated at Rs.54.03 lakh crore for the year 2020-21 as compared to Rs.61.61 lakh crore during 2019-20. The rate of GCF to GDP is 27.3 per cent during 2020-21 as against 30.7 per cent in the 2019-20. The rates of capital formation in the years 2011-12 to 2019-20 have been higher than the rate of saving because of positive net capital flow from RoW. The rate of GCF to GDP at constant (2011-12) prices was 34.1 per cent in 2019-20 and 31.5 per cent in 2020-21.
In terms of the share to the total GFCF (at current prices), the highest contributor is Non-Financial Corporations followed by Household sector, share of which stood at 43.9 % and 38.9 % respectively in 2020-21.
Private Final Consumption Expenditure (PFCE) at current prices is estimated at ₹120.33 lakh crore for the year 2020-21 as against Rs. 122.37 lakh crore in 2019-20. In relation to GDP, the rates of PFCE to GDP at current prices during 2019-20 and 2020-21 are 61.0 per cent and 60.8 per cent respectively. At constant (2011-12) prices, the PFCE is estimated at Rs. 82.60 lakh crore and Rs. 77.64 lakh crore, respectively, for the years 2019-20 and 2020-21. The corresponding rates of PFCE to GDP for the years 2019-20 and 2020-21 are 56.9 per cent and 57.3 per cent respectively.
Government Final Consumption Expenditure (GFCE) 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. At constant (2011-12) prices the estimates of GFCE for the years 2019-20 and 2020-21 stand at Rs. 14.84 lakh crore and Rs.15.38 lakh crore respectively.
Per Capita Income or Per Capita Net National Income at current prices is estimated at Rs. 1,32,115 and Rs. 1,26,855 respectively for the years 2019-20 and 2020-21. Per Capita PFCE at current prices for the years 2019-20 and 2020-21 is estimated at Rs. 91,254 and Rs. 88,775 respectively.
The NSO stated that the first revised estimates for the year 2020-21 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on May 31, 2021.
– global bihari bureau
