What is the growth rate of India in 2020? This is the most expected questions among the economists. Due to COVID-19, the economy of all countries have taken a huge dip. There are various projections for India’s GDP growth rate in 2020 and further years.
The prediction of GDP by various world agencies is an important current affairs topic. The candidates preparing for the various competitive exams can expect these questions in general awareness section. So candidates should be thorough with the economic growth rate of India in 2020 and various time period. Also we have added the projections by various agencies about India’s GDP growth rate in 2020. Use this for your exam preparation.
What is GDP?
The full form of GDP is Gross Domestic Product. The GDP is the total value of all the goods and services produced within the country. The value of GDP determines the economic stability and growth of the country. The Central Statistics Office (CSO) calculates the GDP of India. The CSO comes under the ministry of Statistics and Programme implementation.
The GDP of India is calculated annually for every fiscal year. The fiscal year starts at the 1st of April and ends at the March 31st of the next year. Thus the GDP is calculated for the period of 12 months. In between, the GDP value of India is calculated for each quarter. One quarter period is equal to 3 months. Thus, in a fiscal year there are 4 quarters in total. Here we have updated the predictions for the GDP growth rate of India in 2020 and further years.
GDP of India:
The GDP of all countries are showed in a percentage value. So that it will be common to compare the GDP of all the nations. The GDP of India in previous years are given here.
- 2016 – 8.17%
- 2017 – 7.17%
- 2018 – 6.98%
As the comparision shows, the GDP is decreasing for every year. Due to COVID-19, the economy of India and other countries are affected a lot. The economists and various agencies are in prediction works to find the solution for question, what is the economic growth of India in 2020 and further years. many organizations have lowered the growth rate for India in 2020.
India’s GDP Projection By Various Agencies:
All over the world, there are many organizations and agencies involved in the prediction of GDP for various countries. They have updated the GDP projections of India for the next 3 years. All these GDP projections of India are tabulated below. This data is an important current affairs topic. In banking and other competitive exams, there is general awareness section. In that section, the questions related to the GDP growth rate of India in 2020 are highly expected. Questions related to the GDP projections by various agencies may also be asked.
Some top agencies are Moody, Fitch, CRISIL, etc. Most of the agencies have predicted the GDP growth rate of India in 2020 at around 5%. Only few agencies marked it below 5%. But in the year 2020-21, the predictions of most agencies says that the economic growth of India will take a huge hit. More agencies have marked GDP at 1 to 2. The Moody’s agency have predicted 0% growth rate. But in the FY 2021-22, all the agencies predicted that the economy of India will recover steadily. Some agencies have predicted the growth rate over 6 to 8% at that period. So candidates take a note of all the projections about the GDP growth rate of India in 2020 and further years. These data will be very useful for your competitive exam preparation. Study regularly and attend quiz to memorize the data easily.
India’s GDP Projection By Various Agencies
| Name of Institution | FY- 2019-20 | FY- 2020-21 | FY- 2021-22 |
| SBI Eco wrap report | 4.1% | 1.1% | – |
| CRISIL | 5.3% | 1.8% | – |
| Moody’s | 4.8% | 0% | 6.6% |
| FITCH | 4.9% | 0.8% | 6.7% |
| S & P Global Ratings | 5% | 1.8% | 7.5% |
| ICRA | 5% | 2% | – |
| UBS Securities | – | -0.40% | 7% |
| OECD | 5.1% | 5.6% | – |
| IMF | 4.2% | 1.9% | 7.4 |
| Ind-Ra | 5% | 1.9% | – |
| World Bank | 4.8-5% | 1.5- 2.8% | – |
| FICCI | 5% | 2.5% | – |
| UN (ESCAP) | 5% | 4.8% | – |
| NSO | 5% | – | – |
| EIU | 2.5% | 2.1% | – |
| NCAER | 4.9% | 5.6% | – |
| Economic Survey | — | 6-6.5% | – |
| Goldman Sachs | – | -0.4% | – |
| DBS | 4.5% | 1% | – |
| Barclays | 2020- Jan- Dec- 0% | 0.8% | – |
| FITCH Solution | 4.9% | 1.8% | – |
| CII | – | 1.5% | – |
| NOMURA | -5% | -5.2% | 7.9% |
| CARE | 4.7% | 1.1 – 1.2% | – |
| Bank of America | – | 0.5% | – |
| ADB | 4% | 6.2% |
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