Even the most critical commentators were muted in their response to the Budget 2021. Besides the obvious – increase in capital expenditure, the headline for us was the deliberate use of the word privatization, including in the banking sector and FDI of 74% in Insurance (albeit with some riders). It communicates to the investor community (domestic but most importantly foreign) that India is committed to reform, even in the face of stiff opposition to farm reforms, which most agree is good for the country, even if they disagreed with the manner it was brought in or the challenges it will have in its implementation.
This ASSOCHAM-Primus report is an attempt to understand the Gig economy, focusing on the impact of COVID-19 on the Gig segment in India. It presents the means to address the challenges and pursue the opportunities created by the pandemic to enable a forward-looking work culture that results in large-scale employment, income generation and fuels the ambitious national goal of becoming a 5 trillion-dollar economy by 2025.
Transformation in energy systems in fossil-fuel- reliant developing countries like India is costly and challenging. It also involves everything from energy conservation and efficiency push to replacing retiring fossil-fuel-powered electricity generation mechanisms with an overall transition to renewables.
The Chemical industry was mostly untouched in the 2021 budget. The perceptions that Covid-19 relatively less impacted the chemical industry, and there was a considerable export potential by replacing China made chemicals.
While the budget could have been more generous, the momentum generated by orders to private industry need to be continued. 2021 has begun on solid footing for the indigenous industry in India. A $6.5bn contract for 83 LCA Tejas aircraft - the largest order for indigenous procurement was signed during Aero India 2021 earlier this month. A $20mn order for indigenous SWITCH tactical drones was awarded to an Indian company. Policy regulations have been relaxed including performance guarantee rules for defence contracts.
The Reserve Bank of India (RBI) has kept key policy rates unchanged, for the fourth consecutive time, followed by the Union Budget 2021, which focussed on a significant borrowing plan. The repo rate stands at 4 per cent and reverse repo rate at 3.35 per cent. Besides, the marginal standing facility rate and the bank rate remain unchanged at 4.25 per cent.
Destruction of war potential and economic resources are the modern dictum of war as compared to the erstwhile strategy of 'occupation of territory'. Advanced countries, across the world, are evolving their extensive conventional destruction capabilities with flexible means of delivery.
The Indian economy was already witnessing subdued growth, which was further exacerbated due to the unforeseen outbreak of the COVID-19 pandemic. The unavoidable economic losses due to the ongoing COVID-19 pandemic were felt in H1FY21, but there have been green shoots of recovery. Such macroeconomic issues posed heightened challenges to the Union Budget 2021-22, and in this regard, this budget has charted a medium-term growth path, by taking a pragmatic view to tide over the crisis. It is expected that the steps taken will lead to growth and good jobs, lifting the bottom half of India’s citizens and restore their growth path.
The essential lockdown imposed in late March, to contain the exponential spread of the coronavirus, brought economic activity in the country to a staggering halt. The disruption in trade and economic activity led the April-June quarter GDP to contract by 23.9 per cent year-on-year (YoY).
India’s V-shaped recovery would support road to Aatmanirbharta (Self Reliance). As the world dealt with an unprecedented health emergency, which soon transformed into an economic crisis, India focused on saving lives and livelihoods. The country’s early, intense lockdown helped save lives, and preserve livelihoods and the Government’s support package aided economic recovery in the medium to long- term, with a mix of fiscal support and structural reforms.
BW Business World e-Book January 2021 in association with Primus Partners.
To reduce dependency on imports, India has set investment target of US$ 2.86 billion in the upstream Oil and Gas production, with a target to double natural gas production to 60 bcm (billion cubic meter) and drill more than 120 exploration wells by 2022.