CURRENT AFFAIRS

2020

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
As per CARE Ratings, what is the projected GDP growth for India in the fiscal 2020-21?
A
5-5.6%
B
7-7.9%
C
8-8.2%
D
10-10.9%
Explanation: 

Detailed explanation-1: -PTI | Jul 26, 2021, 11.40 PM IST MUMBAI: The country’s gross domestic product (GDP) growth is likely to be 8.8 to 9 per cent in the current financial year, driven by agriculture and industry sectors, Care Ratings said in a report. The country’s economy had contracted by 7.3 per cent in fiscal 2020-21.

Detailed explanation-2: -Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2021-22 is estimated to attain a level of ₹ 147.72 lakh crore, as against the First Revised Estimate of GDP for the year 2020-21 of ₹ 135.58 lakh crore, released on 31.01. 2022.

Detailed explanation-3: -The Economic Survey 2022-23 estimated India’s GDP growth at 6.5 per cent, which is lower than the projected 7 per cent growth for the ongoing financial year.

Detailed explanation-4: -“Nominal GDP or GDP at current prices for the year 2020-21 is estimated at ₹198.01 lakh crore as against ₹200.75 lakh crore for the year 2019-20, showing a contraction of 1.4 per cent during 2020-21 as compared to growth of 6.2 per cent during 2019-20, ” the statement said.

Detailed explanation-5: -For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent. ADB sees Asia expanding at 4.2 per cent this year before accelerating to 4.6 per cent in 2023.

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