Chief Economic Adviser K V Subramanian States GDP May Be Affected By Second Covid Wave

Latest reports have been coming in from Chief Economic Adviser KV Subramanian who has stated that the momentum of GDP growth has been affected by the second wave. 

Indian economy grew 1.6% in Quarter 4 the Financial year 2020-21.  As per reports full-year GDP contraction stands at 7.3% according to Chief Economic Adviser K V Subramanian.

Foodgrains production is expected to be at record levels in this year and coming year given the normal monsoon that has been predicted by the IMD. 

This is reflected both in cereals (rice and wheat) and pulses. The demand in rural India has been resilient according to sources  CEA K V Subramanian.

MGNREGS provided significant rural employment in 2020-2021. There is a significantly lower level of demand for work in May, compared to the same period last year as per CEA KV Subramanian.

According to sources industrial production (eight core industries and index of industrial production) shown recovery to pre-pandemic levels during the year (by March).

GST collections registered another record high in April. Since September GST collections have been doing very well compared to the previous year: CEA KV Subramanian.