The Indian economy will register a growth of 8.9 percent in the next financial year 2021-22. IHS Marquette has estimated this. IHS Marquette said in the note issued that there has been a significant improvement in economic activity in the last quarter. In such a situation, the Indian economy will register good growth in the financial year starting from April 2021.
Indian economy declines
The National Statistics Office (NSO) has estimated that the Indian economy will decline by 7.7 percent in the current financial year 2020-21. IHS Marquette’s note said that in 2020 there was a tremendous slowdown in the Indian economy. The biggest decline in the economy was from March to August. Economic activities have been improving since September.
In the first April-June quarter of the current financial year, the economy suffered a major decline of 23.9 percent. In the second July-September quarter, the economy slowed down to 7.5 percent.
The big challenge of immunizing its 1.4 billion population in front of India
The note states that India faces a major challenge to immunize its 1.4 billion population. The covid-19 vaccination program in India is going to start soon. The health regulator has allowed the emergency use of the Oxford/AstraZeneca vaccine. A major benefit for India is that the Oxford/AstraZeneca vaccine is being produced in house by the Serum Institute of India. Serum Institute has said that it will be able to produce 100 million doses of this vaccine by April 2021.
Gold has become cheaper by Rs 6,000 from the highest level
Gold and silver prices have declined today after flat trading in the global market. The February futures on Multi Commodity Exchange (MCX) fell by 0.25 percent to Rs 50,775 per 10 grams. This decline has been seen for the second time in the last three days. In its first session, gold has seen a gain of 0.85 percent. However, this boom came after falling to Rs 1,200 per 10 grams in a single day.
Meeting with economists and experts from various fields
Let me tell you that in the midst of farmer’s talks, Prime Minister Narendra Modi discussed the forthcoming General Budget on Friday with leading economists and experts from various fields. This virtual meeting was organized by NITI Aayog. The meeting discussed the measures that could be encouraged to be included in the budget amid the uncertainty created on several fronts due to the Covid-19 pandemic.
Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur, NITI Aayog Vice-Chairman Rajiv Kumar, and NITI Aayog Chief Executive Officer (CEO) Amitabh Kant were also present in the meeting. Apart from these, the meeting was attended by top economists and experts Arvind Panagariya, KV Kamath, Rakesh Mohan, Shankar Acharya, Shekhar Shah, Arvind Virmani, and Ashok Lahiri.