Group sees FY contraction at 7.3% India’s GDP is likely to have grown at 1.3% in the fourth quarter of 2020-21 and may have contracted by about 7.3% for the full financial year, according to an SBI research report ‘Ecowrap’. The National Statistical Office (NSO) will release the GDP estimates for the March 2021 quarter and provisional annual estimates for the year 2020-21 on May 31. “Based on our ‘nowcasting model’, the forecasted GDP growth for Q4 would be around 1.3% (with downward bias),” the lender’s economics research team said in the report. “We now expect GDP decline for the full year (FY 2020-21) to be around 7.3% (compared to our earlier prediction of minus 7.4%),” the research team said.