RTTNews | May 31, 2021 08:27AM EDT

08:27 Monday, May 31, 2021 (RTTNews.com) - India's economy shrank 7.3 percent in the fiscal year ended March 31, preliminary estimates from the statistics ministry showed Monday.

The government had earlier forecast 8.0 percent decline in gross domestic product for the year during which economic activity was severely hurt by the coronavirus pandemic. In the fiscal year 2019-20, the economy grew 4.0 percent.

In the January to March quarter, the economy grew 1.6 percent year-on-year, which was faster than the 1.0 percent expansion that economists had forecast.

The December quarter growth was revised to 0.5 percent from 0.4 percent.

Earlier, government data showed that the country's fiscal deficit for the financial year 2020-21 was 9.3 percent of GDP, which was less than the 9.5 percent estimated earlier.

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