Economy Related Important Data : Daily Current Affairs

1. UNEMPLOYMENT RELATED

7.75% unemployment rate in 2021; highest since 1991

7.38% in urban areas

7.91% in rural areas

According to the Centre for Monitoring of Indian Economy (CMIE)

the monthly jobless rate for March 2020 was 8.75 per cent, which rose to 23.52 per cent in April 2020, then came down a little to 21.73 per cent in May and in June 2020, it was 10.18 per cent.

The unemployment rate fell to 4.8 per cent in 2019-20.

The Covid-19 pandemic hit the economy hard in March-April 2020 and made the unemployment worse.

2. MANUFACTURING RELATED

Quarterly exports

crossed $100 bn mark 1st time since Corona pandemic

Government target: $400 bn for 2021-22 and $1 tn by 2027.

$526 bn for 2019-20

Indian Exports form 18% of the Indian GDP
India's rank is 18th in exports in the world
Most exports in following category:

Petroleum products

Pearls and semi-precious stones

Gold and precious metals

Iron and steel

Most exports to the following countries

USA (17%)

UAE (9%)

China (5%)

MSMEs contribute to 30% of the GDP, 40% of the exports and 45% of the manufacturing output.

3. AGRICULTURE RELATED

Total Agricultural Production: FY20= 296.65 mn tonnes
Agricultural Infrastructure Fund= ₹1 lakh crore, Loans upto ₹2 Cr.
Sub-mission on Seeds and Plantation:

4.3 lakh seed villages created

75% subsidy on certified seeds

2023 has been declared to be recognised as 'International Year of Millets'
$46 bn rice production in 2019-20.
Total production of food grains increased from 51 million tonnes in 1950-51 to 252 million tonnes in 2015-16
In 2020-21, $41.8 bn has been summed as agricultural exports with 18% growth from the previous fiscal year.
₹2250 crores has been allocated for Mission for Integrated development of Horticulture
The agriculture sector employs nearly half of the workforce in the country. However, it contributes to 17.5% of the GDP (at current prices in 2015-16).
The agriculture sector’s contribution to the Gross Domestic Product (GDP) decreased from 54% in 1950-51 to 15.4% in 2015-16, while that of the services sector increased from 30% to 53%.

4. HUMAN DEVELOPMENT RELATED

According to Human Development Report,

0.431 was India's score in 1990

In 2018, the score increased to 0.647

131st rank out of 189 countries in 2020

According to Global Hunger Index,

India's rank here is 101 in 116 countries

According to the report published by the United Nations Development Programme on December 15, India’s gross national income per capita fell to $6,681 in 2019 from $6,829 in 2018 on purchasing power parity (PPP) basis.
Since 1990

Life expectancy at birth in India increased by 12 years.

Mean and expected years of schooling in India increased by 3.5 years and 4.5 years respectively.

GNI per capita of India increased by 274%

India's score in Inequality-adjusted HDI or IHDI is 0.475.
Gender Development Index of India in 2020 is 0.820; even less than average for South Asian countries and less than medium HDI countries
Gender Inequality Index for India in 2020 came out to be 0.488 with a rank of 123 amongst 162 countries.

5. FOOD PROCESSING RELATED

India is bestowed with about 11.2 per cent of total arable land in the world.
India Food Processing Industry is estimated at $135 billion industry which is growing at about 8% annually.
According to a report by the Government of India, released in 2019,

India is largest producer of Pulses, Mangoes, Banana, Milk, ginger, Buffalo meat.

2nd largest producer of rice, wheat, potato, garlic, cashew nut, groundnut, dry onion, green peas, pumpkin, gourds, cauliflowers, sugarcane, and tea in the world.

17 percent of the global total of vegetables are produced in India and 14 percent in the case of fruits.

About 40 percent of the world’s mangoes and 30 percent of the world’s bananas and papayas are produced in India

It is also the sixth largest food and grocery market in the world.
Food & Grocery retail market in India amounts up to 65% of the total retail market in India.
By 2025, India’s food processing industry is expected to be worth over half a trillion dollars
The government has sanctioned 41 food parks funded under the Mega Food Parks Scheme of which 38 have final approval; 22 are operational as of 1 August 2021.
Indian agriculture is infested with post-harvest wastage problem. In category of fruits and vegetables it is about 30-40%. Overall, cost of wastage is estimated at about 18% ranging from 50000 crores to 1 lakh crore

6. ENERGY RELATED

Total installed energy in India = 369 GW
Total Renewable energy = 136 GW
India's target to achieve 40% non-fossil energy by 2030, will be achieved earlier than the designated time, i.e. by 2022

New target- 450 GW by 2030

Coal= 56% power generation; 70% electricity
National Solar Mission

100GW by 2022, but only 8 GW achieved till date

First Geothermal Energy Project in Puga village, Ladakh

10,000 MW potential

E20 petrol target (Ethanol 20%) by 2025, E10 by 2022

7. RAILWAYS RELATED

Dedicated freight corridor

East DFC- Punjab to W. Bengal

West DFC- NCR to Maharashtra

67% revenue by freight
RDSO declared, by WTO, to be the First Standard Developing Organisation.
Rail asset monetisation plan - ₹1.55 lac crore.
National Rail Plan

Increase freight to 40% by 2024

100% electrification (66% achieved)

Zero emissions by 2030

8. ANIMAL REARING RELATED

Approximately, 20.5 million Indians depend upon livestock for their livelihood.
Livestock contributes to 16% to the income of small farm households.
It also provides employment to about 8.8 % of the population in India.
Livestock sector is 4.11% of the GDP and 25.6% of total Agriculture GDP.
India is

World’s highest livestock owner at about 535.78 million

First in the total buffalo population in the world - 109.85 million buffaloes

Second in the population of goats - 148.88 million goats

Second largest poultry market in the world

Second largest producer of fish and also second largest aquaculture nation in the world

Third in the population of sheep (74.26 millions)

Fifth in in the population of ducks and chicken (851.81 million)

Tenth in camel population in the world - 2.5 lakhs

(Source : 20th Livestock Census)

9. SUBSIDIES RELATED

According to a report by the GOI, 3.77 lakh crore rupees annually is the expenditure on subsidies.
The subsidies from the Government of India are Rs. 70,000 crores towards fertilizers, Rs. 20,000 crores towards farm credit, Rs. 6500 crores towards crop insurance, Rs. 24,000 crores towards MSP totalling Rs. 120,500 crores.
A similar support from State Governments of Rs. 90,000 crores towards electricity power subsidies, Rs. 17,500 crores towards irrigation subsidies, Rs, 6500 crores towards crop insurance subsidies totalling Rs. 1,14,000 crores.

10. LPG RELATED

Positive outcomes of the LPG reforms

GDP growth rate increased year by year and in 2015-16 it was estimated to be 7.5% by IMF from a mere 1.1% in 1990-91

FDI equity inflows in India in 2019-20 stood at US$ 19.33 billion.

Now, 25 years later, forex reserves are at a record high. In 1991, it stood at just $5.8 billion. In 2016,the country’s forex reserves are at $360.8 billion.

Exports have increased and stood at USD 26.38 billion as of October, 2019.

Per capita income, employment, purchasing power etc has increased significantly.

Negative outcomes

Share of agriculture in the GDP has gone down drastically to 18 percent from 29.02 percent in pre-reform years.

LPG policies have lead to widening income gaps within the country

Destruction of the local and traditional Indian market and products due to open economy and increasing competition.

Sources