GDP Growth Rate Forecast of India 2020-21
Latest GDP Growth Rate forecast of India. India GDP Growth Rate 2019-20 & 2021 Forecast by Various Organisations. If you are preparing for IBPS, SBI, LIC, SSC, Railways, and other competitive Exams, you are bound to find a few questions on Current Affairs in your General Awareness section on GDP Growth Rate forecast of India by Various Organisations. So be prepared to tackle it all!
Today we are providing you with an article on the GDP Growth Rate forecast of India 2020-21 by Various Organisations for Bank Exams 2019-20 and 2020-21. One or two questions are expected in upcoming exams from this topic. The GDP Growth Rate forecast for India is the most important indicator of economic health. It changes during the four phases of the business cycle: expansion, peak, contraction, and trough.
India GDP Growth Rate Forecast 2020-21 by Various Organisations
GDP Growth Rate. It is normally used while referring to the economic growth of countries. GDP growth rate of India while talking about the economic growth of the country. To ace all the exams, you must familiarize yourself with crucial economic concepts like GDP, GNP, Growth Rate, Negative and Positive Growth, Current and Constant Prices, etc.
|GDP Projection By||GDP estimate for 2018-19||GDP estimate for 2019-20||GDP estimate for 2020-21|
|State Bank of India||5%||(-)10% (Update-20 August)|
|Economic Survey 2018-19||6.8%||7%|
|Standard & Poor’s (S&P)||6.3%||(-)5%|
|CARE Ratings||–||–||(-)8% (Update-14 sept)|
|HDFC Bank||(-)7.5% (Update 24 JULY)|
|DBS Bank||6.2%||(-)6% (Update 22 July)|
|Fitch Ratings||–||4.9%||(-)10.5% (Update-8 Sep)|
|UBS Credit Rating||–||–||-0.4%|
|Organization for Economic Co-operation and Development (OECD)’s Economic Outlook||4.9% (Updated 3 march 2020 )||(-)3.7%|
|FICCI’s (Federation of Indian Chambers of Commerce and Industry) economic outlook survey||5%||(-)4.5%|
|IMF in its World Economic Outlook report||7.1%||4.2%||(-)4.5%|
|The United Nations’ World Economic Situation and Prospects (UNESP) 2019||7.1%|
|India Ratings and Research||6.9%||6.1%|
|World Bank’s South Asia Economic Focus report||4.8%||(-)3.2%|
|Confederation of Indian Industry (CII)||7.5%||–||between (-)0.9 per cent and 1.5 per cent|
|Central Statistics Office (CSO)||7.2%||6.1%|
|Moody’s Investors Service||4.9%||(-)11.5%(Update-14 Sept)|
|Fitch’s Global Economic Outlook||7.2%||5.5%||7.1%|
|Asian Development Outlook 2019 by ADB||5.1%||(-)4%|
|Australia and New Zealand Banking Group (ANZ)||6.2%|
|National Council of Applied Economic Research (NCAER)||4.9% (Updated- 21 Feb 2020)||1.3%|
|CRISIL’s India Outlook 2019||5.1%||(-)9%(Update 11 Sep)|
|Standard and Poor (S&P Global)||6.3%|
|The Hongkong and Shanghai Banking Corporation (HSBC)||7.0%||7.6%||–|
|India Ratings and Research (Ind-Ra)||7.4%||5% fY 2020||(-)11.8% (Update-8 Sep)|
|United Bank of Switzerland||5.9 %|
|United Nations Conference on Trade and Development (UNCTAD)||5%||1.2%|
|Nomura||4.9%||-6.1% (Update-20 July)|
|The University of British Columbia (UBC)||–||–||4%|
What is GDP?
Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Or
GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.
GDP measured by three methods, namely-
Output Method: This measures the monetary or market value of all the goods and services produced within the borders of the country. In order to avoid a distorted measure of GDP due to price level changes, GDP at constant prices o real GDP is computed. GDP (as per output method) = Real GDP (GDP at constant prices) – Taxes + Subsidies.
Expenditure Method: This measures the total expenditure incurred by all entities on goods and services within the domestic boundaries of a country. GDP (as per expenditure method) = C + I + G + (X-IM) C: Consumption expenditure, I: Investment expenditure, G: Government spending and (X-IM): Exports minus imports, that is, net exports.
Income Method: It measures the total income earned by the factors of production, that is, labour and capital within the domestic boundaries of a country. GDP (as per income method) = GDP at factor cost + Taxes – Subsidies.
In India, contributions to GDP are mainly divided into 3 broad sectors – agriculture and allied services, industry and service sector. In India, GDP is measured as market prices and the base year for computation is 2011-12. GDP at market prices = GDP at factor cost + Indirect Taxes – Subsidies.
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