GDP

On a sequential basis, however, India's economy grew during the fourth quarter, which ended on March 31, 2021 by 1.6 per cent. The data furnished by the National Statistical Office (NSO) showed real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in year 2020-21 attained a level of Rs 135.13 lakh crore, as against the 'First Revised Estimate' of GDP for the year 2019-20 of Rs 145.69 lakh crore.

Upward revisions to consumer spending and non-residential fixed investment were offset by downward revisions to exports and private inventory investment, according to the latest estimate released on Thursday by the Department's Bureau of Economic Analysis, a month after the "advance" estimate.

Unlike the average growth of 3.5 per cent in its Gross Domestic Product (GDP) before 2020, the sub-region recorded a 2.0-per cent contraction last year due to the pandemic, said Jean-Claude Kassi Brou, President of the Economic Community of West African States (ECOWAS) Commission.

In its report, 'Asian Development Outlook (ADO) 2021', the ADB also noted that the recent surge in Covid-19 cases may put this recovery at risk. "India's economy, meanwhile, is expected to grow 11.0 per cent in fiscal year (FY) 2021, which ends on 31 March 2022, amid a strong vaccine drive. However, the recent surge in COVID-19 cases may put this recovery at risk," it said.

This statistical prediction made by Oxford Economics has been published in the seventh edition of the US National Intelligence Council's Global Trends report. The document, published every four years since 1997, assesses the key trends and uncertainties that will shape the strategic environment for the United States during the next two decades.

"Vaccination will be a key element in managing the second wave as the authorities balance virus management against maintaining economic activity. India began its vaccination drive in mid-January and had administered 100 million doses of the coronavirus vaccine as of April 10, becoming the fastest country to reach that threshold so far."

Accordingly, the rating agency has assigned the sector an improving outlook for FY22. It expects favourable market conditions across the broad chemical subsectors, along with a healthy rebound in end-user industries, following the Covid-19 led business disruptions in 1HFY21.

Accordingly, on receipt of recommendations from the Department for Promotion of Industry and Internal Trade (DPIIT), the Department of Expenditure has granted permission to these 20 States to raise additional financial resources of Rs 39,521 crore through Open Market Borrowings.

A sharp recovery in GDP growth in Q3 FY 2020-21 at 0.4 per cent as compared with a contraction of 7.3 per cent in Q2 and 24.4 per cent in Q1 2020-21 (as per revised NSO estimates) is a result of impactful reforms undertaken by the government since March 2020, said Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry.

Accordingly, the ratings agency's estimates showed that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3 per cent YoY in 4QFY21. "Although the recovery in FY22 on a YoY basis will be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6 per cent lower than the trend value."