Sitharaman vs Chidambaram on India becoming 3rd largest economy
Sitharaman termed Chidambaram "arithmetic inevitability" remarks as "misleading" and explained her rationale.
Sitharaman termed Chidambaram "arithmetic inevitability" remarks as "misleading" and explained her rationale.
Citing the deteriorating global scenario, the World Bank on Thursday downgraded India's GDP forecast for the current fiscal to 6.5 per cent.
Besides, it has excluded the impact of the release of food subsidy arrears in FY2021, based on the clarification provided by the National Statistical Office (NSO).
PHDCI Economy GPS Index was 103 in February 2020, with an improvement of 19 points in February 2021 over February 2020.
The GVA in Q3 2020-21 from the manufacturing sector grew 1.6 per cent, as compared to a de-growth of (-) 1.5 per cent in Q2FY21.
The GDP is projected to contract by a record 7.7 per cent in the current fiscal ending March 31, 2021, deepest contraction in four decades.
Many of the jobs in these sectors cannot be performed remotely, making them vulnerable to lockdown and quarantine measures.
The report noted that the current logistics cost of India is 14 per cent of GDP, while in the US and Europe, it ranges between 8-10 per cent.
The economy had shrunk by an unprecedented 23.9 per cent in the first quarter of this fiscal due to the coronavirus pandemic and resultant lockdowns.
Credit to NBFCs, however, jumped in August after 3 successive months of decline.
