India has emerged as the fastest growing economy in the world and it is expected to be one of the top three economies in the world in the next 10-15 years, states a report. India’s gross domestic product (GDP) was estimated to be ₹145.65 lakh crore (USD 2.06 trillion) for 2019-20. The country’s GDP is expected to reach USD 5 trillion by FY 2025. The government is taking measures to boost the contribution made by the manufacturing sector with an aim to take it to 25 per cent of the GDP from the current 17 per cent. In October 2020, the International Monetary Fund (IMF) projected a GDP contraction of 10.3 per cent in FY21 for India.
Global growth is projected to be a contraction of 4.4 per cent in the same period. The IMF’s outlook for India is worse than the central bank’s prediction of a 9.5 per cent contraction in FY21. IMF said that India is expected to rebound in 2021 with 8.8 per cent growth. The impact of the corona virus has hit almost every major country, but its adverse effects in India could be high given the inherent complexities. To deal with economic turmoil caused by pandemic, the Government of India announced a stimulus package worth ₹20 lakh crore, which is around 10 per cent of the GDP.
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