COVID-struck India's FY21 GDP may contract by 7.7% India’s first advance estimate of national income on Thursday showed a contraction of 7.7 per cent in real GDP for FY 21. On a year-on-year basis, Asia’s third largest economy had grown by 4.2 per cent in 2019-20. | 8 Jan 2021 8:03 AM GMT NEW DELHI: India's first advance estimate of national income on Thursday showed a contraction of 7.7 per cent in real GDP for FY 21. On a year-on-year basis, Asia's third largest economy had grown by 4.2 per cent in 2019-20. "Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the provisional estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore, released on May 31, 2020," the First Advance Estimates of National Income for financial year 2020-21 said.