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FY21 GDP to contract 7.7%: Economic Survey
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SME Times News Bureau | 29 Jan, 2021
India's GDP is estimated to contract by 7.7 per cent during the current fiscal, said the Economic Survey 2020-21 on Friday.
The
document which was tabled by Finance Minister Nirmala Sitharaman in the
Lok Sabha in its debt simulations for worst-case debt analysis assumed
the contraction at (-) 7.7 per cent.
According to the survey, the real growth rate for FY22 was assumed at 11.5 per cent based on IMF estimates.
The
document prepared by the Finance Ministry's Chief Economic Adviser
Krishnamurthy V. Subramanian said general government debt for FY20 is
taken as 73.8 per cent of the GDP.
"The primary deficit for FY21
is assumed to be 6.8 per cent of GDP... Primary deficit for FY22 is
assumed to be 2.5 per cent of GDP.
"The declining trajectory of
primary deficit is assumed to reach 1.5 per cent of GDP by FY24, and it
is assumed to stay at 1.5 per cent thereafter," it added.
Besides, the survey cited that nominal interest rate is assumed to be 6 per cent.
"As
on January 26, 2021, we estimate the weighted average cost of borrowing
using the weights of general government borrowing across maturities to
be 6 per cent.
"Inflation is taken as 5 per cent, i.e. mid-point of the range of 4 per cent - 6 per cent."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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