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.
The Government of India’s special economic package for COVID-19 worth nearly Rs.21 trillion – equivalent to 10% of India’s GDP – involves support to businesses, including MSMEs.
The COVID-19 pandemic has emerged as a key risk to human health and the economy the world over. As per the International Monetary Fund’s (IMF) World Economic Outlook (April 2020), global growth is expected to contract sharply by 3 per cent in 2020-21, much worse than during the global financial crisis of 2008-09. Economic Report (March 2020)
India’s real GDP growth has been estimated at 5.1 per cent for 2021 by the United Nations Economic and Social Commission for Asia and the Pacific.
The world economy will go into recession this year with a predicted loss of global income in the trillions of dollars. This will spell serious trouble for developing countries, with the likely exception of China and the possible exception of India.
India’s US$2.9 trillion economy is estimated to record growth of 5 per cent during the financial year 2019-20 ending March 2020. GDP growth during the third quarter was 4.7 per cent, compared with the growth of 5.6 per cent and 5.1 per cent in first quarter and second quarter of 2019-20, respectively.
2019 was a year of continuity and change for the Ministry of External Affairs. Traditional partnerships and the diplomatic initiatives of the recent past were given a newer dimension by the installation of a new government following general elections in May 2019.
India’s US$2.9-trillion economy is estimated to record growth of 5 per cent during the financial year 2019-20 ending March 2020. GDP growth during the second quarter was 4.5 per cent, following 5 per cent growth in the first quarter. The nation recorded an average gross domestic product (GDP) growth of 7 per cent over the past five fiscals.
International trade, partnership, and investment are vital to the Government of India’s target to set up a US$5 trillion economy by 2024-25 while ensuring socio-economic development for all. The Government aims to reach this goal by strengthening the Indian market and export growth with new and amended policies and regulations, and the nation’s Union Budget for the financial year 2020-21 sought to ascertain just that.
Amidst a weak environment for global manufacturing, trade, and demand, the Indian economy slowed down with GDP growth moderating to 4.8 per cent in H1 of 2019-20, lower than 6.2 per cent in H2 of 2018-19.
The growth of real gross value added (GVA) at constant basic prices for the second quarter of 2019-20 was estimated at 4.3 per cent. At the sectoral level, growth of agriculture, industry and services sectors is estimated at 2.1 per cent, 0.5 per cent and 6.8 per cent, respectively, in Q2 2019-20.
The value of overall exports (merchandise and services) increased by 1.6 per cent while overall imports declined by 5.3 per cent over April-November 2019-20. India’s foreign exchange reserves stood at US$454.9 billion on December 20, 2019, compared with US$448.2 billion on November 15, 2019.
The survey was conducted in 13 major cities viz., Ahmedabad; Bengaluru; Bhopal; Chennai; Delhi; Guwahati; Hyderabad; Jaipur; Kolkata; Lucknow; Mumbai; Patna; and Thiruvananthapuram. Perceptions and expectations on the general economic situation, the employment scenario, the overall price situation, and own income and spending were obtained from 5,334 households across these cities.
At the sectoral level, growth of agriculture, industry and services sectors is estimated at 2.1 per cent, 0.5 per cent and 6.8 per cent, respectively, in Q2 2019-20. Meanwhile, the Index of Industrial Production (IIP) growth contracted by 4.3 per cent during September 2019.
Indian retail market is one of the fastest-growing across the world and is the fifth largest retail destination globally. The factors attributed to the growth are economic growth, increasing consumerism and growing disposable income. The industry is expected to grow exponentially to reach USD 1,200 billion by 2021 and USD 1,750 billion by 2026. The growth is expected to be not only witnessed by large cities and metro but also Tier 2 and Tier 3 cities, as per an October 2019 report by FICCI and Deloitte.