{"id":11846,"date":"2021-03-31T11:39:36","date_gmt":"2021-03-31T06:09:36","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=11846"},"modified":"2021-03-31T11:39:36","modified_gmt":"2021-03-31T06:09:36","slug":"un-report-indias-2021-economic-output-likely-to-remain-below-2019-level","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/un-report-indias-2021-economic-output-likely-to-remain-below-2019-level\/","title":{"rendered":"UN REPORT : INDIA\u2019S 2021 ECONOMIC OUTPUT LIKELY TO REMAIN BELOW 2019 LEVEL"},"content":{"rendered":"

\"\"<\/p>\n

WHY IN NEWS?<\/strong><\/p>\n

India, according to the ‘Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient economies’, is estimated to record an economic growth of 7 per cent in 2021-22, over a contraction of 7.7 per cent witnessed in the previous fiscal on account of the pandemic’s impact on normal business activity.<\/p>\n

DETAILED ANALYSIS<\/strong><\/p>\n

India\u2019s economic output in 2021 is expected to remain below the 2019 level despite roll-out of the vaccine to deal with the menace of the\u00a0coronavirus\u00a0pandemic, said a report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).<\/p>\n

India, according to the \u2018Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19\u00a0resilient economies\u2019, is estimated to record an economic growth of 7 per cent in 2021-22, over a contraction of 7.7 per cent witnessed in the previous fiscal on account of the pandemic\u2019s impact on normal business activity.<\/p>\n

The report said, Despite a robust reduction in new COVID-19 cases and the start of vaccine roll-out, India\u2019s 2021 economic output is expected to remain below the 2019 level.<\/p>\n

Meanwhile, maintaining low borrowing costs while keeping non-performing loans in check would be a challenge, it added.<\/p>\n

In its second advance estimates of national accounts, the National Statistical Office (NSO) has projected an 8 per cent contraction in 2020-21, showing the pandemic impact.<\/p>\n

The report futher said China\u2019s swift and effective response to COVID-19 enabled it to become the only major economy worldwide to achieve a positive annual economic growth rate in 2020.<\/p>\n

Supported by strong recovery in industrial production, infrastructure and housing investment, merchandise exports, and a modest recovery in private consumption, its 6.5 per cent year-on-year growth rate in the fourth quarter exceeded pre-pandemic growth levels.<\/p>\n

The report forecasts that on an average, developing Asia-Pacific economies are expected to grow 5.9 per cent in 2021 and 5 per cent in 2022, after having experienced an estimated contraction of 1 per cent in 2020.<\/p>\n

Despite a reasonably strong rebound expected in 2021, a \u2018K-shaped recovery\u2019 is likely, with poorer countries and more vulnerable groups marginalised in the post-pandemic recovery and transition period.<\/p>\n","protected":false},"excerpt":{"rendered":"

WHY IN NEWS? India, according to the ‘Economic and Social Survey of Asia and the Pacific 2021: Towards post-COVID-19 resilient<\/p>\n","protected":false},"author":1,"featured_media":11713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1033,123,995,844,114,1030,1029,1028,1032,1026,115,116,1034,1027,1031],"tags":[],"class_list":["post-11846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-optional-sociology","category-current-affairs","category-current-affairs-international","category-gs","category-sociology-optional","category-sociology-civils","category-sociology-ias","category-sociology-mains","category-sociology-mains-ias","category-sociology-optional-sociology-optional","category-sociology-optional-paper-i","category-sociology-optional-paper-ii","category-sociology-scoring-optional","category-sociology-upsc","category-sociology-upsc-mains"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/11846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=11846"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/11846\/revisions"}],"predecessor-version":[{"id":11848,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/11846\/revisions\/11848"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/11713"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=11846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=11846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=11846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}