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The ISBF Blog

The Indian Economic Scenario in Numbers

Posted on May 02, 2019 by Srishti Nayar  | Academics | Blog

For any student aspiring to pursue a career in economics, it is imperative to be aware of current happenings and key statistics in the domain. Staying abreast of current affairs will help sharpen your knowledge, which will ultimately enhance your ability to interpret and analyse real-world happenings - a much-desired skill in a quantitative field like economics.

If you are a student of economics or even a genuine economic enthusiast, this roundup of the Indian economic scenario in numbers should help deepen your knowledge of our economy, and hopefully, also get you started on the habit of reading up on current economic affairs if you’re not doing this already.

Income growth
India’s GDP is estimated to have increased by 7.2 per cent in 2017-18 and 7 per cent in 2018-19, according to a statement by the Central Statistics Office. This means that we remain the fastest growing major economy in the world, and continue to be a candidate for the top three economic powers of the world over the next 10-15 years. This potential is backed by our strong democratic governance and global partnerships.

Investments
With an improvement in the economic scenario, investments have been buoyant in various sectors of the economy. Mergers and acquisitions activity in India reached a record US$129.4 billion in 2018, a 104.5% increase in value over the previous year according to Thomson Reuters Data, while private equity (PE) and venture capital (VC) investments reached US$ 20.5 billion, according to a report by Grant Thornton.

Other key facts
According to a collated report published by the Indian Brand Equity Foundation (IBEF), the following are some major developments in the Indian economic scenario:

  • During 2018-19 (up to February 2019), merchandise exports from India increased by 8.85 per cent year-on-year to US$ 298.47 billion, while services exports grew 8.54 per cent year-on-year to US$ 185.51 billion.
  • Nikkei India Manufacturing Purchasing Managers’ Index (PMI) reached a 14-month high in February 2019 and stood at 54.3.
  • Net direct tax collection for 2018-19 had crossed US$ 144.57 billion by March 16, 2019, while goods and services tax (GST) collection stood at US$ 154.69 billion as of February 2019.
  • Proceeds through Initial Public Offerings (IPOs) in India reached US$ 5.5 billion in 2018 and US$ 0.9 billion in Q1 2018-19.
  • India's Foreign Direct Investment (FDI) inflows reached US$ 409.15 billion between April 2000 and December 2018, with maximum contribution from services, computer software and hardware, telecommunications, construction, trading and automobiles.
  • India's Index of Industrial Production (IIP) rose 4.4 per cent year-on-year in 2018-19 (up to January 2019).
  • Consumer Price Index (CPI) inflation stood at 2.57 per cent in February 2019.
  • Net employment generation in the country reached a 17-month high in January 2019.

Recent initiatives under the 2019-20 Interim Budget
The interim Union Budget for 2019-20 was announced by Mr. Piyush Goyal, Union Minister for Finance, Corporate Affairs, Railways and Coal, Government of India, in Parliament on February 01, 2019. It focused on supporting farmers, the economically weak sections of society, workers in the unorganised sector and salaried employees while continuing the Government of India’s push for better physical and social infrastructure.

Total expenditure for 2019-20 is budgeted at Rs 2,784,200 crore (US$ 391.53 billion), an increase of 13.30 per cent from 2018-19 (revised estimates).

Additionally, the Government of India, under the Make in India initiative, is trying to boost the contribution made by the manufacturing sector and aims to take it up to 25 per cent of GDP from the current 17 per cent.

Some of the recent initiatives and developments undertaken by the government are listed below:

  • In February 2019, the Government of India approved the National Policy on Software Products – 2019, to develop the country as a software hub.
  • The National Mineral Policy 2019, National Electronics Policy 2019 and Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME II) have also been approved by the Government of India in 2019.
  • The government declared 100% access to electricity for India’s villages in April 2018
  • The Government of India released the maiden Agriculture Export Policy, 2018, which seeks to double agricultural exports from the country to US$ 60 billion by 2022.
  • Around 1.29 million houses have been constructed up to December 24, 2018, under Government of India’s housing scheme named Pradhan Mantri Awas Yojana (Urban).
  • Prime Minister's Employment Generation Programme (PMEGP) will be continued with an outlay of Rs 5,500 crore (US$ 755.36 million) for three years from 2017-18 to 2019-20, according to the Cabinet Committee on Economic Affairs (CCEA).

What the future holds
India's gross domestic product (GDP) is expected to reach US$ 6 trillion by the financial year 2027, on the back of digitisation, globalisation, favourable demographics, and reforms.

Owing to Government of India's measures to strengthen infrastructure and reforms like demonetisation and Goods and Services Tax (GST), India's revenue receipts are estimated to touch Rs 28-30 trillion (US$ 385-412 billion) by 2019, according to IBEF.

According to a Boston Consulting Group (BCG) report, India is expected to be the third largest consumer economy by 2025, with consumption tripling to US$ 4 trillion owing to a shift in consumer behaviour and expenditure patterns.

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