Gross domestic product Current Affairs, GK & News

Gross Domestic Product

February 28, 2011

Understanding the Concept of GDP The money value of all the final goods and services produced in the domestic territory of a country in a year’s time is called the Gross Domestic Product.The domestic territory includes the political boundary as well as terrestrial waters, ships and aircrafts operated by the residents of the country, fishing ..

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Fiscal Deficit Estimated to be 9.5% of GDP for FY 2020-21

February 2, 2021

Finance Minister Nirmala Sitharaman highlighted, while presenting the union budget for 2021-2022, that the fiscal deficit in the next financial year is estimated as 6.8 percent of the gross domestic product (GDP). Highlights The finance minister highlighted that the fiscal deficit is estimated to increase up to 9.5% in the Financial Year 2020-21. The rise ..

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NSO released Revised Estimates of Economic Growth

January 30, 2021

The National Statistical Office (NSO) has released the revised estimates of Gross Domestic Product (GDP) data on January 29, 2020. The data was revised for the for the fiscal years 2017-18 to 2019-20. Highlights The first revised estimates figured the GDP growth at 4 percent for the fiscal year 2019-20. This was 20 basis point ..

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ADB: Asian Economy to shrink for First Time since 1960s

September 15, 2020

The Asian Development Bank have predicted that the Asian economy will shrink for the first time since the early 1960s amid the COVID-19 Pandemic. The report states that downfall in the level of growth will continue until the next year. Background The Development bank had earlier in June 2020 predicted that the Gross Domestic Product ..

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GDP contracted by 23.9 % in first quarter of 2020-2021

September 2, 2020

According to the recent National Statistical Office (NSO) data, India’s Gross Domestic Product (GDP) growth contracted by 23.9% in the first (April-June) quarter of 2020. It is the sharpest contraction since India started reporting quarterly data in 1996. Key Points Construction, manufacturing, trade, hotels and other services and mining were the worst-hit sectors This reflects ..

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Fifth Tranche of Atma Nirbhar Bharat Abhiyan announced

May 18, 2020

On May 17, 2020, the Union Finance Minister Nirmala Sitaraman announced the fifth and final tranche of Atma Nirbhar Bharat Abhiyan. The scheme is to implement several measures to fight COVID-19 at an allocated budget of Rs 20 lakh crore economic packages Highlights Under the fifth tranche of the scheme, the finance minister announced seven ..

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India emerged as 5th largest economy in 2019

February 18, 2020

World Population Review, a US-based think tank, recently stated in its report that India emerged as the world’s fifth largest economy in 2019, with a GDP of $ 2.94 trillion. India has overtaken the UK and France, to be placed in the 5th position. The report also stated that in Purchasing power parity (PPP) terms, ..

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