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2021 Economy & Business

Table of Contents
2021 Economy & Business – January ............................................................................................................................ 3
2021 Economy & Business – February .......................................................................................................................... 6
2021 Economy & Business – March ............................................................................................................................... 9
2021 Economy & Business – April ............................................................................................................................... 11

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2021 Economy & Business – January

GDP & GROWTH RATE
ORGANIZATION YEAR RATE
World Bank Financial Year 5.4%
(FY) 2021-22 According to the Global Economic Prospects (GEP-January
2021) report released by the World Bank (WB), India is
expected to grow at 5.4% in the Financial Year (FY) 2021-22
& 5.2% in FY 2022-23 after an expected contraction of 9.6%
in FY 2020/21. The report also highlighted that the Global
Economy is expected to expand by 4% in 2021. The Global
economy is set to have contracted by 4.3 % in 2020.
National Statistical Office FY 2020-21 -7.7%
(NSO) National Statistical Office (NSO), Ministry of Statistics and
Programme Implementation (MoSPI) released the First
Advance Estimates of National Income at both Constant
(2011-12) and Current Prices, for FY 2020-21.The growth in
real GDP during 2020-21 is estimated at -7.7% as compared
to the growth rate of 4.2% in 2019-20. It should be noted
that there is a sharp revision of estimates due to restrictions
imposed from 25 March, 2020 amid COVId-19.
ICRA FY2022 10.1%
In accordance with the report by rating agency ICRA
(formerly Investment Information and Credit Rating Agency
of India Limited), India’s real GDP (Gross Domestic Product)
will expand by 10.1% in FY2022 with multi-speed recovery.
However in absolute terms India’s GDP will “mildly” surpass
the levels of FY20. The rating agency had projected a 8%
contraction for FY21.
CARE Ratings FY21 7.8%
CARE Ratings has downgraded its projection of the Centre’s
fiscal deficit to 7.8% of GDP (Gross Domestic Product) during
FY21 against its earlier estimate of 9-9.5%. As per this the
Fiscal deficit is likely to be around Rs 15.3 lakh crs. This
revision followed the release of the first advance estimate of
GDP for FY21 by the Ministry of Statistics and Programme
Implementation (MOSPI).

Fitch FY22 11%

Fitch in its report titled, ‘India Set for Slow Medium-Term
Recovery’ has projected that India’s Gross Domestic Product
(GDP) will expand by 11% in 2021-22 in contrary to the
down gradation by 9.4%(-9.4%) in the FY21 fiscal (April
2020 – March 2021). Though the expansion is there, the level
of GDP remain well below its pre-pandemic scenario. This is
due to the decrease in GDP growth more than ten-year low of
4.2% in 2019.

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Japanese brokerage
Nomura
International Monetary
Fund (IMF)
Federation of Indian
Chambers of Commerce &
Industry (FICCI)
UN-DESA
National Statistical Office
(NSO)
ECONOMY NEWS
India’s April-November Fiscal Deficit is 135.1% of full-year target
In accordance with the data released by the Controller General of Accounts(CGA), India’s April-
November fiscal deficit stood at Rs 10.75 lakh crore at the end of November 2020 which is 135.1% of
the Budget Estimate(BE) for FY21, The fiscal deficit at the end of November 2019 had stood at 114.8%
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FY21 -6.7%
Japanese brokerage Nomura has upgraded the GDP forecast
for India in 2020-21 to -6.7% from earlier -7.7%. It further
projected the GDP of India to rise to 13.5% in FY22.
FY20-21 Contract by 8%(-8%)
International Monetary Fund (IMF) in its latest World
Economic Outlook, titled ‘Policy Support and Vaccines
Expected to Lift Activity’ has projected India’s Gross
Domestic Product (GDP) to contract by 8%(-8%) in FY20-21.
Earlier in its October’s forecast, this estimate was -10.3%.It
also projected India’s GDP growth at 11.5% in FY 21-22,
which makes the country the only major economy of the
world to register a double-digit growth 2021 amid the
COVID-19.
FY2020-21 Contract by 8%(-8%)
Federation of Indian Chambers of Commerce & Industry
(FICCI)’s recent Economic Outlook Survey, India’s Gross
Domestic Product (GDP) is expected to contract by 8% in (-
8%) in 2020-21. This survey was conducted in January. The
survey projected the Fiscal deficit for 2020-21 at 3.5%.The
median growth forecast for agriculture and allied activities is
pegged at 3.5% growth for 2020-21
FY2020 Contract by 9.6% (-9.6%)
In accordance with the report, titled “World Economic
Situation and Prospects 2021” by the United Nations
Department of Economic and Social Affairs (UN-DESA),
India’s economy is estimated to contract by 9.6% (-9.6%) in
2020, while it is projected to grow at 7.3% in 2021. This
projection is highest among major economies of the world.
On the global front, the economy is contracted by 4.3%(-
4.3%) in 2020 but it projected a recovery of 4.7% in 2021.
Notably, a fall in the global economy was 2.5 times more than
the contraction during the financial crisis of 2009.
FY2019-20 4%
National Statistical Office (NSO), Ministry of Statistics and
Programme Implementation (MoSPI) released the First
Revised Estimates (FRE) which stated that the growth rate of
Indian economy was 4% in FY2019-20. This growth estimate
is lower than the provisional estimates (PE) of FY20 growth
at 4.2% released in May 2020.The estimates cover National
Income, Consumption Expenditure, Saving and Capital
Formation. It has been compiled using industry-wise,
institution-wise detailed information instead of using the
benchmark-indicator method used in PE on May 29, 2020.
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of 2019-20 BE. As per CGA data the total expenditure incurred by the government up to November rose
4.7% to Rs 19.06 lakh crore or 63% of BE.(i.e. Rs.16.6 lakh crore was on revenue account, ₹2.41 lakh
crore was on Capital Account).

FDI Equity Inflows into India grew 21% to USD 35.33 billion during April-October 2020
As per the official data of the Department for Promotion of Industry and Internal Trade (DPIIT) Foreign
direct investment (FDI) equity inflows into India grew 21% to USD 35.33 billion(Rs 2.5 lakh
crore)during April-October 2020. In 2019, FDI equity inflows were USD 29.31 billion. From January to
July 2020-2021, the total FDI (including reinvested earnings) increased 11% to USD 46.82 billion from
USD 42.06 billion in April-October 2019.

7th Trade Policy Review of India at WTO acknowledges India’s strong economic growth at
7.4%
India’s seventh Trade Policy Review (TPR) initiated at the World Trade Organization in Geneva,
Switzerland. India’s official delegation for the TPR is headed by the Commerce Secretary, Dr. Anup
Wadhawan. India’s 6th TPR took place in 2015. During the TPR, a comprehensive Report issued by the
WTO Secretariat which acknowledged India’s strong economic growth at 7.4% during in the last five
years i.e. 2015-20.

Equity FDI into India grew 37% to USD 43.85 bn during April-Nov 2020
In accordance with the data by Ministry of Commerce and Industry, Foreign direct investment (FDI)
equity inflow into India was increased by 37% to USD 43.85 billion during April-November 2020
(FY21). It was the highest ever for the first 8 months of a financial year and also 37% more compared to
the first 8 months of FY20 (US$ 32.11 billion). These 8 months also saw the total FDI inflows (including
reinvested earnings) increase by 22% to USD 58.37 billion as compared to the same period of FY20
when it was US$ 47.67.

Global Public Debt to touch 98% of GDP in 2020 amid COVID Crisis: IMF
International Monetary Fund (IMF) in its latest fiscal monitor update on January 28, 2021 has projected
Global public debt to touch 98% of GDP (Gross Domestic Product) at the end of 2020 due to severe
challenges imposed to public finances amid COVID-19. It was 84% before COVID-19. In this regard,
Indian government debt will also be elevated at 83% of GDP. The fiscal monitor was released by Vitor
Gaspar, Director of the IMF’s Fiscal Affairs Department. The maximum lending capacity of the IMF is
USD 1 trillion.

BUSINESS NEWS
BEML receives orders from MoD for the supply of High-Mobility Vehicles to Indian Army
BEML Ltd (previously known as Bharat Earth Movers Limited) has received orders worth ~ INR 758
crores from the Ministry of Defence (MoD) for supplying high-mobility vehicles to the Indian army.The
equipment will be manufactured at BEML’s Palakkad Plant in Kerala and will be supplied to Indian
Army in a period of 1 year.The vehicles will play a vital role in the logistics management of the army.

Tesla Inc Registers India subsidiary in Bengaluru, Karnataka

Tesla Inc, United States based Electric car maker has incorporated a fully owned subsidiary in
Bengaluru, Karnataka as a first step to establish a Research & Development (R&D) unit in India. It has
registered with the Registrar of Companies in Bengaluru, Karnataka as ‘Tesla India Motors and Energy
Private Limited’. It is also in the process of setting up a manufacturing plant at Dharwad, Karnataka for
producing electric vehicles in India.

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Mastercard Launched Digital Acceleration for Small Businesses Microsite in Asia Pacific
Mastercard launched Digital Acceleration for Small Businesses Microsite across most of its Asia Pacific
websites. The one-stop resource site provides information and resources for Small and Medium
Enterprises(SMEs) to digitize and operate their business more efficiently. Mastercard has partnered with
Wix and Zoho to enhance the resources for SMEs. As per the partnership, Wix and Zoho are sponsoring
online guides and articles on various topics to SMEs from creating an online store to shifting themselves to
online expense management and accounting platform.

2021 Economy & Business – February

GDP & GROWTH RATE
ORGANIZATION YEAR RATE
Moody’s FY 22 ~17%
On February 3, 2021 Moody’s in its report titled
‘Government Policy – India: Budget provides broad support;
fiscal consolidation prospects still weak’ has increased
India’s nominal Gross Domestic Product (GDP) growth at
~17% for FY 22 from earlier 14.3%. The projection has been
made on the basis of a ‘pro-growth’ budget. This forecast is
higher than 14.4% estimated in the Union Budget 2021-22.
Ecowrap report of the FY 21 Contract by 7%(-7%)
State Bank of India (SBI) On February 10, 2021 Ecowrap report of the State Bank of
India (SBI) has estimated that India’s Gross domestic
Product(GDP) for FY 21 will contract by 7%(-7%) from -
7.4% projected earlier. The GDP growth in FY22 will remain
at 11%.
India Ratings and FY22 10.4%
Research (Ind-Ra)Ltd On February 10, 2021 India Ratings and Research (Ind-Ra)
Ltd estimated that India’s real Gross Domestic Product(GDP)
will bounce back to 10.4% in FY22, primarily based on the
base effect. The GDP growth of Q1 to Q3 of FY 21 was
negative, the agency expects that the growth will be positive
in Q4 at 0.3% .Earlier, Ind-Ra had projected the GDP for FY
21 as -7.8%.
Nomura FY22 13.5%
In accordance with Nomura, India’s GDP will grow at
13.5% in FY22 as Nomura India Business Resumption
Index (NIBRI) increased to 98.1 for the week ending
February 14, 2021 from 95.9% in the preceding week. The
real GDP to contract by 6.7% in FY21 and grow by 13.5%
in FY22. On the other hand, India Ratings & Research (Ind-
Ra) projected aggregate fiscal deficit of States for FY22 at
4.3% of GDP compared to 4.6 %(Revised) in FY21. In this
regard, the agency has revised the outlook on State
finances for FY22 from stable to negative.
Moody’s FY 22 13.7%
Moody’s projected India’s growth at 13.7% for FY 22. Earlier
it was estimated at 10.8%.The revision has been made due to
normalisation of activity and growing market confidence in

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the market with the introduction of COVID-19
vaccines.Moody’s also projected that Indian economy will
contract by 7%(-7%) in FY21, which is lower than the
previous estimate of -10.6%.ICRA Limited (formerly
Investment Information and Credit Rating Agency) expects
the Indian economy to contract by 7%(-7%) in FY 21. The
growth will be rebounded to 10.5% in FY 22.

BUSINESS NEWS
Reliance Jio Becomes World’s 5th Strongest Brand: Brand Finance’s Global 500 2021
As per the Global 500 2021, an annual report on the most valuable and strongest global brands of Brand
Finance, Reliance Jio has been ranked in 5th position as world’s strongest brand with a Brand Strength
Index (BSI) score of 91.7 out of 100 and AAA+ brand strength rating. Reliance Jio enters the ranking for
the 1st time. The list is topped by WeChat followed by Ferrari. Russian bank Sber is spotted in 3rd rank.
• In the list of Top 500 most valuable global brands, Apple is ranked 1st. Among the Indian brands
Tata Group(77th rank) topped in the 500 Most Valuable Global Brand 2021.
• In the list of top 100 CEOs in Brand Finance Brand Guardianship Index 2021, Mastercard’s Ajay
Banga secures the 1st rank.From India, 5th rank- Rajesh Gopinathan(TCS).

PFC raises USD 500 Million: Largest Tenor Bond Issuance from India in 2021
Power Finance Corporation (PFC) has successfully raised USD 500 Million through issuance of USD
Denominated Bonds under ‘Reg S route’. The Bonds have a Fixed Coupon of 3.35% and will mature on
May 16, 2031 making it the Longest Tenor Bond Issuance from India since the start of 2021.

RIL Gets world’s 1st Carbon-Neutral Oil from Oxy Low Carbon Ventures, US
Reliance Industries Limited (RIL) has received 2 million barrels cargo of ‘carbon-neutral oil’ from Oxy
Low Carbon Ventures (OLCV), a division of US oil major Occidental on January 28, 2021 at Jamnagar,
Gujarat. It is the world’s 1st consignment of carbon-neutral oil and is also the energy industry’s 1st
major petroleum shipment.RIL to become a net zero-carbon company by 2035.

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2021 Economy & Business – March
GDP & GROWTH RATE
ORGANIZATION
National Statistical Office
(NSO)
Organisation for
Economic Co-operation
and Development (OECD)
CRISIL
UNCTAD
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YEAR RATE
Q3FY21 0.4%
(October- In accordance with the National Statistical Office (NSO),
December, Ministry of Statistics and Programme Implementation
2020) (MoSPI) second advanced estimate, the growth of India’s
Gross Domestic Product (GDP) is estimated at 0.4% in
Q3FY21 (October-December, 2020) stating India’s exit from
technical recession. GDP at Constant (2011-12) Prices in Q3
of 2020-21 is estimated at Rs 36.22 lakh crore, as against Rs
36.08 lakh crore in Q3 of 2019-20, showing a growth of
0.4%.On the other hand, for FY 2020-21, the gross domestic
product (GDP) would contract by 8%, the sharpest drop in
recorded history.
FY 22 12.6%
On March 10, 2021, Organisation for Economic Co-operation
and Development (OECD) raises the Gross Domestic Product
(GDP) of India to 12.6% for FY 22, the highest among G20
countries. With his projection by OECD, India becomes the
fastest-growing economy in the world. OECD has raised the
GDP Projection by 4.7% from its December, 2020 projection
of 7.9% for FY22. OECD has projected the India’s GDP to
contract 7.4 per cent (-7.4%) in FY21 against the December
2020 forecast of 9.9% contraction (-9.9%).
FY22 11%
On March 09,2021, The report of the rating agency CRISIL
(Credit Rating Information Services of India Limited)
projected India’s GDP to rebound to 11% in FY22(2021-
2022) with base-effect lift in first half and broad-based
growth in the second, after an estimated contraction of 8%(-
8%) inFY21(2020-2021). Corporate revenue growth has V-
shaped recovery in the first nine months of FY21 by
resilience in exports of information technology services and
pharmaceuticals.
2020 Contracted 6.9%(-6.9%)
On March 18, 2021, the United Nations Conference on Trade
and Development(UNCTAD) released its Trade and
Development Report 2020 in which it expected India’s GDP
to have contracted 6.9%(-6.9%) in 2020 and grow 5% in
2021.Title of the trade report 2020 – ‘Out of the frying pan…
Into the fire?’.The report described the year 2020 as “Annus
horribilis” saying although warnings about the spread of
viruses have become more frequent in recent years, “nobody
anticipated the arrival of COVID-19 or its dramatic global
impact.”
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Moody’s 2021 12 %
Moody’s Analytics, a subsidiary of Moody’s Corporation,
predicts India’s GDP to grow by 12 % in 2021 following a
contraction of 7.1%(-7.1%) in 2020, and in an earlier
estimate last November, it had said India’s GDP will grow at
9% in the calendar year 2021. Moody’s reported that most of
the economies will not to return to pre-pandemic activity
levels until 2022.
Fitch Ratings FY22 12.8%
Fitch Ratings, an American credit rating agency in its latest
Global Economic Outlook(GEO)-March 2021 has revised
India’s Gross Domestic Product(GDP) growth estimate to
12.8% for FY22 from 11% due to the stronger carryover
effect, and better virus containment. It expects global GDP to
expand by 6.1%in 2021, which is revised up from 5.3% in
their GEO, December 2020.
S&P Global Ratings FY22 11%
On March 25, 2021, S&P Global Ratings, the US credit rating
agency, raised India's GDP growth forecast for the financial
year 2021-22(FY22) to 11% from 10% with 0.4% growth in
the third quarter (Q3) of FY21 after a contraction in the
consecutive quarters Q1 and Q2.
Growth Forecast about Asia-Pacific group:It has mentioned
the emergence of a three-speed recovery pattern in Asia-
Pacific and raised its growth forecast to 7.3% for 2021, from
its earlier estimate of 6.8%.

ECONOMY NEWS
India attracted total FDI inflow of US$ 67.54 billion during April to December 2020
Due to the reforms made by Government of India in the last six and a half years to facilitate Foreign
Direct Investment (FDI) and in ease of doing business, India saw an increase in FDI inflows in 2020
despite of COVID-19 impact. India is becoming a preferred investment destination amongst global
investors. There was a total FDI inflow of US$ 67.54 billion during April to December 2020. It is the
highest ever for the first ninth months of a financial year and 22% higher as compared to the first ninth
months of FY20 (US$ 55.14 billion).

Wipro Joined World Economic Forum’s Initiative To Advance Social Justice In Business
Initiative
Wipro Limited, has joined the “Partnering for Racial Justice in Business initiative” launched by the
World Economic Forum on 25th January 2021, to promote a culture of diversity, inclusion, equity and
justice for people of all racial backgrounds in the workplace. The initiative is a global coalition of
organisations and their leaders, committed to build an equitable and just workspace for professionals
with ethnic and racial identity.

India became the World’s 4th largest Forex Reserve by surpassing Russia
As per the Reserve Bank of India (RBI) data, India’s Foreign exchange (Forex) reserves to become the
world’s fourth-largest by surpassing Russia.India’s foreign currency holdings fell by $4.3 billion to
$580.3 billion and Russia’s forex holdings were $580.1 billion. As of March 2021, International
Monetary Fund(IMF)table, China has the largest reserves, followed by Japan, Switzerland, India, and

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Russia. Most of the foreign exchange reserves are held in U.S. dollars, as it is the most traded currency in
the world.

BUSINESS NEWS
Tabreed, IFC to invest USD 400 Million in India & Southeast Asia
United Arab Emirates’ (UAE) National Central Cooling Company or Tabreed & International Finance
Corporation (IFC) are set to invest USD 400 Million (~2900 Crore) in Capital deployment in India &
South-East Asian countries for building cooling service infrastructure. The focus areas of Investment
will be district cooling, trigeneration & cooling as a service offering. The Government of India Cooling
Action Plan (ICAP) estimates an eight-fold increase in Cooling service demand through to 2038.

Google.org to support 1 Million Women Entrepreneurs in rural India

Google.org the Philanthropic arm of Google will support 1 Million women entrepreneurs in rural India
by providing them with business tutorials, mentorship & accelerator programmes through Google’s
newly launched ‘Women Will’ web platform. A grant of USD 500, 000 will be provided to NASSCOM
(National Association of Software & Service Companies) Foundation for supporting 1 Lakh women
agriculture workers with digital and financial literacy. Google also launched a global org Impact
Challenge for Women & Girls.

Gautam Adani Becomes World’s Biggest Wealth Gainer in 2021; Beats Jeff Bezos & Elon Musk
On March 16,2021 , Adani Group chairman Gautam Adani become the World’s Biggest Wealth Gainer in
2021, ahead of Jeff Bezos, founder of Amazon, and Tesla CEO, Elon Musk as per the recent Bloomberg
Billionaires Index.Gautam Adani gained USD 16.2 billion & was followed by Google Co-founder Larry
Page, who gained 14.3 billion USD.As per Bloomberg Billionaires Index, now he became the 26th richest
person in the world.

2021 Economy & Business – April

GDP & GROWTH RATE
ORGANIZATION YEAR RATE
UN-ESCAP FY22 7%
On March 30, 2021, The United Nations Economic and Social
Commission for Asia and the Pacific (UN-ESCAP) reported
the survey on economic growth over Asia and the pacific
region the report titled “Economic and Social Survey of Asia
and the Pacific 2021:Towards post-COVID-19 resilient
economies”. The report has forecasted the Indian economy
to grow at 7% in FY22 against a contraction of 7.7%(-7.7%)
in FY21. It reported a “K-shaped recovery” in the economics
of the Asia Pacific region, including India.
World Bank FY22 7.5% to 12.5%
World Bank reported its South Asia Economic Focus report
for the year 2021, titled “Sour Asia Economic Focus Spring
2021: South Asia Vaccinates” and it has estimated India’s
GDP (Gross Domestic Product) growth to be in the range of
7.5% to 12.5% for the Financial year 2021-22 (FY22) and
contraction of 8.5% (-8.5%) for FY21. The World Bank has
increased the GDP growth rate of India by 4.7% to 10.1% for

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FY22, due to private consumption and investment growth. It
has reported a 5.4% growth in its January report.
IMF FY22 12.5%
International Monetary Fund (IMF) in its biannual World
Economic Outlook report has hiked its growth projection of
India for FY22 by 1% from 11.5% of its January 2021
estimation to 12.5% due to the normalization of economic
activity. For FY21, it estimated an 8%(-8%) contraction of
the Gross Domestic Product(GDP) and for FY23 the growth
forecast was revised to 6.9% from 6.8%.
Nomura FY22 12.6%
Nomura, has decreased the India’s gross domestic product
(GDP) growth rate forecasted for FY22 to 12.6 per cent from
its earlier prediction of 13.5 per cent due to the rise in
COVID-19 cases and retail inflation. It also revised the GDP
growth rate projection to 11.5 per cent for the calendar year
2021 from the previous 12.4 per cent.
ICRA FY22 Growth range of 10-10.5 %
Information and Credit Rating Agency of India Limited
(ICRA) reduced India’s GDP growth forecast for FY22 by 0.5
per cent i.e. projected growth to a range of 10-10.5 per cent,
against 10-11 per cent of its earlier estimation due to the
surge in COVID-19 cases and the localized restrictions.It also
mitigated the GDP growth for Q1 FY22 (April-June 2021),
from 27.5 per cent to 20-25 per cent.
Care Ratings FY22 10.2%
Care Ratings has reduced India’s Gross Domestic Product
(GDP) growth forecast for FY22 to 10.2 per cent from its
earlier projection of 10.7-10.9 per cent. In the last 30 days,
this is the third revision by the rating agency due to the
surge in COVID-19 cases and local restrictions (Especially
Maharashtra). On March 24, 2021, Care Ratings projected an
11-11.2 per cent GDP growth based on GVA (gross value
added) growth of 10.2 per cent, and on April 5, 2021, it has
projected the same at 10.7-10.9 per cent.
Ind-Ra FY22 10.1%
India Ratings and Research (Ind-Ra) have reduced India’s
GDP growth forecast of FY22 to 10.1 per cent, from its earlier
projection of 10.4 percent. The agency stated that the
vaccination efforts for the pandemic will cost 12 per cent of
the GDP to the union government and 0.24 per cent to the
state governments. SBI Research also reduced India’s growth
forecast for FY22 to 10.4 per cent from 11 per cent of the
earlier predictions. S&P Global Ratings in its report on Asia-
Pacific Financial Institution projected Indian economy
growth for FY22 at 11 per cent.
ADB FY22 11%
Asian Development Outlook (ADO) 2021 was released by
Asian Development Bank on April 26, 2021. It forecasted the
Indian economy to grow at 11 per cent in FY22 from 8% and

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it also predicted a GDP expansion in FY22 at 7 per cent. It
also pointed out the risk in economic recovery due to an
increase in COVID-19 cases.

ECONOMY NEWS
India’s Fiscal Deficit for FY21(April-February) was about 76% of RE : CGA
Based on the data released by the Controller General of Accounts (CGA) on March 31, 2021, the fiscal
deficit for the 11months of FY21(April – February) stood at Rs 14.05 lakh crore which is about 76% of
the revised estimates(RE)and for FY20 the deficit was about 135.2% of RE. The fiscal deficit projections
for has revised to Rs 18.48 lakh crore (9.5% of the GDP) from the original budget estimate of Rs 7.96
lakh crore (3.5% of the GDP).

India’s debt-to-GDP ratio increased from 74% to 90% during Covid-19: IMF

The International Monetary Fund(IMF) reported an increase in India’s debt to Gross Domestic Product
(GDP) ratio from 74 percent (at the end of 2019) to 90 percent (at the end of 2020) during the COVID-
19 period.Based on the IMF’s baseline forecast, it expects a further drop in India’s ‘Debt to GDP ratio’ to
80 percent due to the recent Indian economy recovery.

FDI Equity Inflows grew 28% to $54.18 billion in April-January 2020-21

As per the Commerce and Industry Ministry data released on April 4, 2021, the Foreign Direct
Investment (FDI) equity inflows into the country during April-January 2020-21(first ten months of
FY21) grew up by 28% to $54.18 billion in comparison with the April-January of FY20 which stood at
$42.34 billion.Total FDI flow (which includes reinvested earnings) during April-January in FY21
increased by 15% to $72.12 billion over the FY20.It is the highest ever for the first ten months of a
financial year.

Retail Inflation Increased to 5.52% in March, 2021: NSO

Based on the data released by the National Statistical Office(NSO), Ministry of Statistics and Programme
Implementation (MoSPI)on April 12, 2021, India’s retail inflation was accelerated to a four-month high
of 5.52 per cent in March, 2021 due to an increase in food rates. Due to demand and increase in
commodity prices the Core inflation was also increased to a 29-month high of 5.96 percent in March
2021 from 3.95 per cent in 2020 and 5.88% in February 2021.

Cost of vaccinating India's entire population above 18 years 0.36% of GDP: Ind-Ra
India Ratings and Research (Ind-Ra) recently said the estimated cost to vaccinate all the Indians of age
18 years will be Rs 67,193 crores. This is 0.36% of the GDP of the country. With this, the total size of the
population eligible for vaccination is 84.19 crores.

BUSINESS NEWS
GE Power India Signs Maintenance Contract With Reliance Bangladesh LNG & Power
GE Power India had signed a 22-year maintenance services agreement with Reliance Bangladesh LNG &
Power Ltd for the upcoming 718-megawatt (MW) combined cycle power plant at Meghnaghat,
Narayanganj, Bangladesh. Reliance Bangladesh LNG & Power Ltd, a joint venture between India’s
Reliance Power Limited and Japan’s JERA Co., Inc.It is expected to start in early 2023 and the plant will
utilize re-gasified liquified natural gas to generate the equivalent electricity needed to supply more than
850,000 homes in Bangladesh.

L&T Construction bags order to set up 1.5 GW Solar Plant in Saudi Arabia
Renewables arm of Larsen & Toubro’s Power Transmission & Distribution Business has bagged a
Turnkey EPC (Engineering, Procurement & Construction) contract to set up Sudair Solar Photovoltaic

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(PV) Project of 1.5 GigaWatt (GW) in Riyadh Province of Saudi Arabia. It will be the largest solar plant in
Saudi Arabia with a Power Purchase Agreement (PPA) signed & will also be one of the largest such
plants in the World.The total cost is estimated to be between INR 5000-7000 Crore in value.

ReNew Power pledged to achieve net Zero Emission by 2050

ReNew Power, a Clean Energy firm of India has pledged to achieve net-zero emission by 2050. This is in
line with the United Nations Framework Convention on Climate Change(UNFCCC)’s Race to Zero
Campaign, the largest global alliance committed to achieve net-zero carbon emission.It aims to address
the global climate crisis and lead the world’s transition to low carbon economy.

BPCL partnered with Accenture for its Digital transformation in Sales Network
On April 13,2021 Accenture made a partnership with Bharat Petroleum Corporation Ltd (BPCL) to
transform the sales and distribution network of the oil and gas company digitally.
Accenture will be using its capabilities in artificial intelligence (AI) and cloud technologies to build,
design and implement a digital platform, called IRIS for BPCL.

Facebook Initiates Renewable Energy Purchase Agreement in India

Facebook made an agreement to buy renewable energy in India, the company’s first deal in South Asian
nations.It will purchase from a 32-megawatt wind power project, located in Karnataka. Facebook and
Mumbai-based CleanMax joined hands on for supplying renewable power into India’s electrical grid.The
projects will be owned by CleanMax and Facebook will acquire the power off the grid using
environmental attribute certificates, or carbon credits.

Flipkart Partners With Adani Group to Strengthen its Presence in India

Flipkart, an e-commerce marketplace, made a strategic two-prong partnership with Adani Group to
strengthen its supply chain and technology infrastructure. Under the two-prong partnership one with
Adani Logistics Limited for forming fulfilment centre and the other with Adaniconnex Private Limited
for data centres creation.

LT Foods becomes 1st Company to be certified by UN-backed Sustainable Rice Platform

India-based LT Foods Limited became the 1st company at the global level to be certified with the
highest level of verification – L3, by UN-backed Sustainable Rice Platform (SRP) ecolabel. It will enable
the company to use the Sustainable Rice Platform (SRP) verified logo on packs of Rice produced by
verified 1, 000+ farmers growing sustainable rice.

JNPT Hired ‘SBI Caps’ as a Transaction Advisor for Privatization of JNPCT

Jawaharlal Nehru Port Trust (JNPT) has hired SBI Capital Markets Ltd. (SBI Caps), subsidiary of State
Bank of India (SBI) to act as transaction advisor for the privatization of the J N Port Container Terminal
(JNPCT). JNPT has appointed SBI Caps as the transaction advisor for the PPP project which is estimated
to cost Rs.863.31 crores.

Adani Group Became 3rd Indian Conglomerate To Cross 100 Billion USD mcap
Adani Group became the 3rd Indian conglomerate to cross 100 billion USD in market
capitalization(mcap). On 6th April the total mcap of the 6 listed companies of Adani Group at the close
of trading was Rs.7.84 lakh crore(106.8 billion USD).
The other 2 Indian conglomerates to cross 100 billion mcap are Tata Group and Reliance Industries
limited.

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South Korea’s LG Electronics closes down mobile phone business
South Korea’s LG Electronics has announced that it is closing down its mobile phone business unit
worldwide after nearly six years of losses totalling $4.5 billion. The decision was approved by its board
of directors on 5 April 2021.

Wipro Became 3rd Largest Indian IT Firm & sets to Reach Net-zero GHG Emissions by 2040
Wipro Ltd regained its position as the third-largest Indian IT services company by market
capitalization(market-cap) of Rs 2.65 trillion by surpassing Noida-headquartered HCL Technologies’ Rs
2.62 trillion market cap. TCS remains at the top of the list of IT companies. Wipro announced its plan to
achieve Net-Zero Greenhouse Gas (GHG) emissions by 2040 during World Earth Day and committed an
intermediate target to achieve a 55 per cent reduction in GHG emissions by 2030 compared to its base year
of 2016-17 (April-March).

GA Questions Asked in Exams

• GA Questions asked in RRB PO Mains Exam 2021 – Jan 30

• GA Questions asked in SBI PO Mains 2021 – Jan 29
• SBI Clerk Mains 2020
• IBPS RRB Officer Scale II GBO Exam 2020
• RBI Assistant Mains 2020
• GA Questions Asked in IBPS Clerk Mains Exam 2020 – 90% Questions Covered by AC
• GA Questions asked in SBI PO 2019 Main Exam
• GA Questions asked in SBI Clerk Main Exam 2019
• GA Questions asked in IBPS PO Main Exam 2019
• GA Questions asked in RBI Grade B Prelims Exam 2019
• GA Questions asked in IBPS RRB Clerk Mains Exam 2019
• GA Questions asked in IBPS RRB PO Mains Exam 2019

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