#GK_NEWSFLASH India’s GDP 2020-2021 Gross Domestic Product | CLAT AILET LAW EXAMS
#GK_NEWSFLASH
India’s GDP 2020-2021
Gross Domestic Product (GDP) is the total value of all final goods and services produced within the country in one financial year.
Ministry of Statistics and Programme Implementation released the First Advance Estimates (FAE) for the financial year 2020-2021.
The key takeaways from the FAE 2020-21 is that India’s GDP will contract by 7.7% in 2020-21.
The MoSPI’s FAE provides India’s GDP, real GDP, per capita real GDP, Gross Value Added, Private Final Consumption Expenditure (PFCE), per capita PFCE, Gross Fixed Capital Formation (GFCF), etc.,
First Advance Estimates
For any financial year, the MoSPI provides regular estimates of GDP.
The first such instance is through the FAE. The FAE for any particular financial year is presented on 7th January.
The FAE are arrived at before the end of the concerned financial year by extrapolating the available data.
The MoSPI’s approach for compiling the Advance Estimates is based on Benchmark-Indicator method.
