Post the economic liberalisation in 1991, India achieved 6-7% average GDP growth annually. In Financial Year 2015 and 2017 India's economy became the world's fastest growing major economy overtaking China.
As per the global brokerage Morgan Stanley, India's digitisation drive would provide a boost of 50-75 basis points to GDP growth in the coming decade. It is estimated that the country is expected to be a USD 6 trillion economy -- the third largest in the world by 2027, majorly because of digitisation.
Here’s what BJP Leader Yashwant Sinha has to say about Indian Economy under BJP governance.
LAST UPDATED : Sep 22, 2020, 09:47 PM IST
- Opposition questions Modi govt's handling of Covid-19 pandemic, seeks compensation for migrants who died during lockdown
Opposition parties in Rajya Sabha on Wednesday questioned the Modi government's claim that the lockdown helped prevent over 29 lakh Covid-19 cases and thousands of deaths, and said it should have ensured better coordination with the states.
- Bhagalpur: New bridge to boost economy
The businessmen and residents of Bhagalpur area were elated after PM Narendra Modi laid the foundation for a four-lane bridge parallel to Vikramshila Setu over river Ganga through videoconferencing on Monday. The bridge is targeted to be constructed by 2024 with the cost of Rs1,116.72 crore.
- Increased testing, opening economy, complacency among people behind Covid-19 case surge: Experts
The surge in coronavirus infections in India can be attributed to increased testing on one hand and opening of economy on the other accompanied by complacency among people towards following Covid-appropriate behaviour, experts have said, as the country witnessed over 5 lakh cases in a week. A record spike of 78,761 cases took India's Covid-19 tally to 35,42,733.
- Moody's projects Indian economy to contract 11.5% this fiscal
Moody's Investors Service on Friday slashed India's growth projection for the current fiscal to (-) 11.5 per cent, from (-) 4 per cent estimated earlier. It said India's credit profile is increasingly constrained by low growth, high debt burden and weak financial system. These risks have been exacerbated by the coronavirus pandemic.
- Economy heads for double-digit decline as virus spikes
India’s economic recovery prospects have gone from bad to worse after the nation emerged as a new global hotspot for the coronavirus pandemic with more than 5 million infections. Goldman Sachs now estimates a 14.8% contraction in GDP for the year through March 2021, while the ADB is forecasting -9%. OECD sees the economy shrinking by 10.2%.
- S&P expects India's economy to contract 9% in fiscal 2021
S&P Global Ratings said on Monday that it was expecting India's economy to shrink by 9% in the fiscal year ending March 31, 2021, larger than its previous estimate of a 5% contraction as India reels under Covid-19. The rating firm joins a host of major banks and rating agencies, which have made deep cuts to their forecasts on India's economy following a 23.9% contraction.
- LAC face-off: Indian Army busts myth of PLA's might
The recent actions by Indian Army amid the border tension demonstrate India's determination to stand up to China's bullying and its efforts to use coercion to have its way, experts have said. The two armies are in close proximity in some areas of eastern Ladakh. The PLA, which has not fought a war since it got a bloody nose against Vietnam, might have underestimated India.
- Through NEP-2020, J&K committed to bring significant changes in education system: L-G Sinha
Jammu and Kashmir Lieutenant Governor Manoj Sinha on Sunday said his administration is committed to bringing about significant changes in the education system by motivating and handholding of different colleges across the Union territory, and stressed on the timely implementation of the New Education Policy-2020.
- Indian companies raise record $31 billion equity capital in shrinking economy
Indian companies have raised a record $31 billion in equity capital in 2020, Refinitiv data showed, as banks strengthen their balance sheets to prepare for future economic uncertainty and corporates tap into the elevated global liquidity levels.
- Indian economy can touch $10 trillion in next 15 years: HUL CMD
India has the potential to achieve a high GDP growth rate of around 10 per cent and be a $10 trillion economy in the next 12 to 15 years, HUL CMD Sanjiv Mehta said on Monday. Terming the present situation as a "massive opportunity for the country", Mehta said impetus should be given on digitising sectors like manufacturing, agriculture and pharma.
- RBI, government in right direction to keep economy moving: Axis Bank CEO
The Reserve Bank and the government are in the right direction to keep the economy moving and signs of revival in the banking industry are visible with people starting to repay their liabilities, Axis Bank MD and CEO Amitabh Chaudhry said on Tuesday.
- Indian economy likely to see record quarterly slump as pandemic hits
India's economy likely suffered its largest quarterly slump on record, as coronavirus-related lockdowns add to already-declining consumer demand and investment. Economists predicted that gross domestic product in world's fifth-largest economy will contract by 18.3% in the June quarter, compared to 3.1% growth in the previous quarter, the worst performance in at least eight years.
- Greater acceptance of multipolarity, mutuality key to more settled Sino-India ties: Jaishankar
In his recently-released book "The India Way: Strategies for an Uncertain World", he also says that India is not the only country focused on coming to terms with China as the entire world is doing so, each nation refashioning its terms of engagement in its own way. The external affairs minister, however, had written this book before the military standoff in eastern Ladakh began in early May.
- Plasma therapy not beneficial in reducing mortality, progression to severe Covid-19: ICMR Study
The 'open-label parallel-arm phase II multicentre randomized controlled trial' (PLACID Trial) was conducted across 39 public and private hospitals across India between April 22 and July 14 to find effectiveness of convalescent plasma (CP) for the treatment of Covid-19, it said.
- Indian economy worst hit, FY21 GDP to contract 14.8%: Goldman Sachs
The Indian economy is the worst-hit among major economies, American brokerage Goldman Sachs said on Tuesday sharply cutting its 2020-21 GDP (gross domestic product) forecast to a contraction of 14.8 per cent. It had earlier estimated that the economy of the country, which is now home to the second-largest number of Covid-19 infections, to contract by 11.8 per cent.
- US, India begin purging Chinese infiltration into not just territory, but economy too
China’s intransigence in refusing to fully withdraw from its border incursions into India is bringing New Delhi ever closer to Washington, with US and India appearing to coordinate strategy to whittle down broader Chinese infiltration into their societies, including into their economies.
- Covid an 'act of God', may result in contraction of economy: Nirmala Sitharaman
Finance minister Nirmala Sitharaman on Thursday said that the economy is facing an extraordinary 'act of God' in form of the coronavirus pandemic which may result in contraction in India's growth for the current fiscal. She also revealed that the pandemic has severely impacted GST revenues which have widened to Rs 2.35 lakh crore from a shortfall of Rs 70K crore last fiscal.
- Foreign investors pour into India stocks despite sinking economy
India’s shrinking economy is not stopping foreign investors from pouring money into the nation’s stocks betting on a recovery. International buyers plowed a net $6 billion into shares in Asia’s third-largest economy in August, the most since March last year. That’s as all other markets in the region excluding China suffered net withdrawals during the month.
- Economy to start looking up from Q3 this fiscal: Assocham
With the bulk of the economic activities, particularly in the pandemic-hit metro cities and the most industrialised states remaining largely locked down or severely restricted, GDP contraction of 23.9 per cent in the first quarter of FY'21, though discomforting is on the expected lines.
- Parliament meeting in extraordinary times; make it memorable one: Naidu to MPs
Parliament is "seized" of the crisis as seven Rajya Sabha panels have discussed during the inter-session period the various aspects of the pandemic, contingent and mitigation plans, the preparedness of educational institutions and functioning of virtual courts during the pandemic, impact of the pandemic on tourism and civil aviation sector besides attracting investments in the post-Covid economy, Naidu added.
- Rafale induction sends big, bold message to those eyeing our sovereignty: Rajnath Singh
Congratulating the Armed Forces and the countrymen on the formal induction of Rafale in the Indian Air Force (IAF), Defence Minister Rajnath Singh on Thursday said that it sends a "big and bold message" to those who are "eyeing our sovereignty".