A State-wise index of GI tagged products in India.
A steady contraction of active COVID-19 cases and a low fatality rate has definitely brought optimism amongst people. However this must not be taken lightly and caution must continuously be taken. Resurgence of economic activity is evident from the movement of high frequency indicators in October aiding in the recovery of the Indian economy.
The Government has put in place a policy framework on FDI, which is transparent, predictable and easily comprehensible. This framework is embodied in the Circular on Consolidated FDI Policy, which may be updated on an annual basis, to capture and keep pace with the regulatory changes, effected in the interregnum. The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India makes policy pronouncements on FDI through Consolidated FDI
Policy Circular/Press Notes/Press Releases which are notified by the Department of Economic Affairs (DEA), Ministry of Finance, Government of India as amendments to the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 under the Foreign Exchange Management Act, 1999 (42 of 1999) (FEMA).
The economy has slowly been recovering and even the number of COVID-19 cases seem to have crossed their peak. Even though the pandemic is far from being over, the number of cases in mid-September, fell from an average of 93,000 to 83,000 while the number of tests increased from 1,15,000 to 1,24,000. With this silver lining in the cloud, India sets the stage to bolster yet again the frontiers of economic recovery. As our Hon’ble PM quoted “jaan bhi aur jahan bhi”, the industry and nation alike are making concentrated efforts to revive the Indian economy, focusing on MSMEs, as they employ more than 11 crore people.
The second quarter of the FY 21 in India, witnessed the gradual unlocking of the economy, acting as a catalyst to its recovery and rehabilitation. Micro indicators like auto sales tractor sale, steel consumption, GST collection, PMI, performance of core industries, amongst others, are enough proof of a V-shaped recovery in India.
With the gradual unlocking of the economy, we are well on the path to recovery and rehabilitation, ably supported by a plethora of Government policies. The Monthly Economic Report, July 2020 gives us insight to India’s economic revival.
The Government of India on July 29, introduced the National Education Policy 2020, a major feat that aims to drive large scale, transformational reforms in school and higher education. The policy has been designed to help India empower its rich human resource on the way to developing an inclusive and sustainable society and economy.
India is now gradually moving towards an economic revival led by a Rs.21 trillion (+US$280.4 billion) stimulus package aimed at delivering socioeconomic security amid the uncertainties of the global pandemic.
Global growth has hit unprecedented depths of despair amidst COVID-19 with substantial risks of even more severe outcomes remaining. The IMF’s World Economic Outlook of April 2020 projected global output in 2020 to contract by 3% with the output of advanced countries contracting more than emerging markets and developing economies.
Following a cyclical downturn, the Indian economy had begun to regain momentum with clear signs of an uptick in consumption and investment towards the end of Q3 2019-20, only to be halted by the pandemic that made the Government enforce country-wide lockdown in late March 2020.
The Government of India is working on the next phase of Ease of Doing Business Reforms related to easy registration of property, fast disposal of commercial disputes, a simpler tax regime, among others, to make India one of the easiest places to do business in.
As part of the COVID-19 stimulus plan, The Government of India announced structural reforms in eight sectors – Coal, Minerals, Defence Manufacturing, Civil Aviation, Power Sector, Social Infrastructure, Space and Atomic energy – that will open up avenues for enhanced trade and investment activities
The Ministry of Statistics and Programme Implementation (MoSPI) attaches considerable importance to coverage and quality aspects of statistics released in the country. The statistics released are based on administrative sources, surveys, and censuses conducted by the Central and State Governments and non-official sources and studies.
India is one of the largest producers of food products in the world, spanning grains and vegetables to milk and meat. To protect the sector from the impact of Coronavirus, the Government of India has brought out a range of initiatives.
The Government of India has provided a wide range of support, from special EPF withdrawal to food ration, to support the wort affected in the pandemic.