#Indian Economy

.New Delhi, Delhi, India
Estimates given out in February end are based on data collected for three quarters. (Photo Credit: Representative Image/Unsplash)

  • India will lose nearly Rs 12 lakh crore in output in 2020-21
  • The year will close with a GDP decline of 8% versus a 4% growth in the previous fiscal 2019-20
  • In Q3, GDP growth has been estimated at 0.4%

.New Delhi, Delhi, India
Here's an analysis of what actually led to the market downfall. (Photo Credits: Representational Image/ Pixabay)

  • Indian markets recorded the worst single-day fall in nearly 10 months on Friday
  • Rise in bond yields and US-Syria tensions are the prime reasons behind the fall
  • Banking, Financial and Telecom sectors suffered major setbacks

.New Delhi, Delhi, India
Prime Minister Narendra Modi chaired the sixth meeting of the government think tank NITI Aayog on Saturday. (Photo Credit: Twitter/@ANI)

  • PM Modi said India imports edible oil worth Rs 65,000-75,000 crore
  • He suggested improving India's Ease of Business to attract foreign investment
  • He also stressed on the need to increase co-operation between the Centre and the states

.New Delhi, Delhi, India
The wholesale price-based inflation rose to 2.03% in January, 2021, even as food prices cooled. (Photo Credit: Unsplash)

  • The WPI inflation was 1.22% in December, 2020 and 3.52% in January last year
  • While food articles saw softening in inflation in January, manufactured items witnessed hardening of prices
  • Food inflation in January stood at (-) 2.8%, against (-) 1.11% in the previous month

.New Delhi, Delhi, India
The Centre will borrow about Rs 12 lakh crore in Financial year 2021-22, Nirmala Sitharaman said on Monday. (Photo Credit: Representative Image/Unsplash)

  • The fiscal deficit is the total additional borrowings by the government every year
  • The government will borrow about Rs 12 lakh crore in the FY22
  • The expenditure in the FY22 is pegged at Rs 34.83 lakh crore

.New Delhi, Delhi, India
A robot dispenses sanitizer as a preventive measure against the COVID-19 to a voter at a polling station in Kochi. (Photo credit: AFP)

  • India detected its first coronavirus case on January 30 in Kerala
  • India imposed world's largest lockdown shutting down its 1.3 billion population for more than a month
  • The India government announced PM-CARES Fund to raise money to finance the pandemic requirements

.New Delhi, Delhi, India
The Economic Survey 2020-21 projected the highest ever GDP growth of 11% for FY22, took note of the less-than-expected contraction in the current one at just -7.7. (Photo Credit: Unsplash)

  • The Economic Survey did not underline the fact that the robust growth projection for FY22 comes on a low base
  • The Survey talked at length about the government’s calibrated policy response which enabled the return of growth
  • GDP is expected to stop declining and grow by 0.1% between October and March, pointing to a V-shaped recovery

.New Delhi, Delhi, India
Finance minister Nirmala Sitharaman will present the Union Budget on February 1. (Photo credit: PTI)

  • The Economic Survey has been authored by a team led by CEA Krishnamurthy Venkata Subramanian
  • Indian economy was battered by the coronavirus lockdown
  • It is expected to see a strong recovery in the 2021-22 fiscal year

.New Delhi, Delhi, India
The Finance Ministry started the preparations for the Union Budget in October. (Photo Credit: PTI)

  • Finance Minister Nirmala Sitharaman will present the Union Budget on February 1
  • The mega exercise is a long-drawn process and involves various levels of secrecy and security
  • The officials involved in the printing live within the North Block basement area

.Washington D.C., DC, USA
The IMF predicted a strong rebound for the Indian economy, estimated to have contracted by around 9.6% in 2020. (Photo Credit: Representative Image/Unsplash)

  • India is the only major economy to register a double-digit growth projection for 2021
  • The IMF expects China's economy to grow 8.8%, slightly slower than the October forecast 
  • Global growth forecast has been boosted to 5.5% due to optimism over the new vaccines