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2020-21 darkest year of economy in four decades, most Indians poorer: Chidambaram ANI | Updated: Jun 02, 2021 00:33 IST
New Delhi, [India], June 2 (ANI): Congress leader P Chidambaram on Tuesday said that most Indians are poorer than they were two years ago with most economic indicators being worse for the period and said the government must admit its errors of commission and omission, reverse its policies and heed the advice of economists and the opposition .
He said that 2020-21 has been the darkest year of the economy in four decades .
The former Finance Minister said there are no surprises in the 10-page press note issued by the National Statistical Office on the provisional estimates of Annual National Income for 2020-21.
The fourth quarter of 2020-21 recorded a growth of 1.6% in GDP, the second quarter of positive growth, after the country had entered a technical recession in the first half of the year.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, has released the Provisional Estimates of National Income for the financial year 2020-21, both at Constant (2011-12) and Current Prices. Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2020-21 is now estimated to attain a level of Rs 135.13 lakh crore, as against the First Revised Estimate of GDP for the year 2019-20 of Rs 145.69 lakh crore, released on 29th January 2021.
The growth in GDP during 2020-21 is estimated at -7.3% as compared to 4% in 2019-20. GDP at Current Prices in the year 2020-21 is estimated to attain a level of Rs 197.46 lakh crore, as against the First Revised Estimates of Rs 203.51 lakh crore in 2019-20, showing a change of -3.0% as compared to 7.8% in 2019-20. GDP at Constant (2011-12) Prices in Q4 of 2020-21 is estimated at Rs 38.96 lakh crore, as against Rs 38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6%.
Twitter has to comply with the new Information Technology Rules for digital media if they have not been stayed, the Delhi High Court said on Monday. Justice Rekha Palli issued notice to the Centre and social media platform Twitter seeking their stand on a plea by a lawyer, Amit Acharya, claiming non-compliance of the Rules by it.
India recorded a fiscal deficit of 9.3% of GDP in 2020-21, 0.2% lower than the revised estimate of 9.5% of GDP, according to the Controller General of Accounts (CGA). Total revenue receipts turned out to be about ₹88,000 crore higher than estimated, driven largely by higher excise and customs collections, while total expenditure was ₹61,000 crore more than the revised estimate. The revenue deficit for the year was projected at 7.42% of GDP by the CGA.