The Indian Economy, after subdued growth in 2019, had begun to regain momentum January 2020 onwards, only to be stalled by the once-in-a century black swan COVID-19 outbreak.
NSO has estimated a contraction of real GDP by 7.7 per cent in 2020-21 as compared to a growth of 4.2 per cent in 2019-20.
State of Indian Economy
- Gross Domestic Product (GDP): The survey estimates nominal GDP growth of 15.4% and real GDP growth of 11% in 2021-22. In 2020-21, GDP declined by 23.9% in the first quarter and by 7.5% in the second quarter. Overall, GDP is expected to decline by 7.7% in 2020-21 as compared to the growth of 4.2% in 2019-20.
- Inflation: The Consumer Price Index (CPI) based inflation was 6.6% in 2020-21 (April-December). The inflation mainly due to food inflation which increased from 6.7% in 2019-20 to 9.1% in 2020-21 (April-December).
- Current account surplus: In the first half of 2020-21, the current account surplus was 3.1% of GDP. The survey expects current account surplus to be at least 2% of the GDP by end of 2020-21. If achieved, this will break a 17-year trend of current account deficits. The surplus is due to reduction in merchandise imports and lower expense on travel services, which led to higher decline in current payments (30.8%) as compared to the decline in current receipts (15.1%).
- Fiscal deficit: As of November 2020, the fiscal deficit was 135.1% of budget estimate. In comparison, between April to November 2019, fiscal deficit was 114.8% of the budget estimate. The survey noted that the country was fiscally strained due to the disruptions caused by the COVID-19 pandemic.
Current Year – FY 2021-22
- Union Budget 2021 – Highlights
- Union Budget 2021 – Summary Analysis
- Download Economic Survey 2020-21 PDF
- Key Highlights of Economic Survey 2020-21
Financial Year 2020-21
- AtmaNirbhar Bharat – Covid19 Special Economic Package – Key Points
- Union Budget 2020 – Highlights & Analysis
- Economic Survey 2019-20: Highlights
- Download Economic Survey 2019-2020
- 20th Livestock Census 2019
Economic Concepts related to Economy of India
- Resource Efficiency in Indian Context
- The basics of Circular Economy
- Monetary Policy of RBI
- Cooperatives in India
- Payment Banks