Economy COVID-19 impact: India's Q1FY21 GDP shrinks by nearly a quarter at 23.9% Updated : August 31, 2020 06:23 PM IST The Gross Value Added (GVA) stood at -22.8 percent as against the estimates of -19.2 percent. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.