India reaping 'lockdown dividend' by saving lives and livelihood India's economy is likely to rebound with a 11 per cent growth in the next financial year as it makes a “V-shaped” recovery after witnessing a pandemic-led carnage, the Pre-Budget Economic Survey said on Friday. The Gross Domestic Product (GDP) is projected to contract by a record 7.7 per cent in the current fiscal ending March 31, 2021. India witnessed its last annual contraction of 5.2 per cent in fiscal year 1979-80. The Economic Survey 2020-21 said the agriculture sector is the only silver lining while services, manufacturing and construction were most hit by the lockdown that was imposed to curb the outbreak of the COVID-19 pandemic.