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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The Ministry of Statistics and Programme Implementation released the First Advance Estimates (FAE) for the current financial year.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s gross domestic product (GDP) will contract by 7.7 percent in 2020-21. It is the total value of all final goods and services produced within the country in one financial year.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For any financial year, the MoSPI provides regular estimates of GDP. The first such instance is through the FAE. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Their significance lies in the fact that they are the GDP estimates that the Union Finance Ministry uses to decide the next financial year’s Budget allocations.</span></span></p>
</li>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Calculating FAE</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The FAE are derived by analysing the available data. The approach for compiling the Advance Estimates is based on Benchmark-Indicator method.</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The sector-wise estimates are obtained by using indicators such as:</span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Index of Industrial Production (IIP) of first 7 months of the financial year</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Financial performance of listed companies in the private corporate sector available up to quarter ending September, 2020</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 1st Advance Estimates of crop production,</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The accounts of central & state governments,</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Information on indicators like deposits & credits, passenger and freight earnings of Railways, passengers and cargo handled by civil aviation, cargo handled at major sea ports, sales of commercial vehicles, etc.</span></span></p>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Key observations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the context of recent history, the 7.7 percent contraction in GDP is a sharp one considering that India has registered an average annual GDP growth rate of 6.8 percent since the start of economic liberalisation in 1992-93.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s real GDP, GDP without the influence of inflation in 2020-21 will be lower than the 2018-19 level at Rs 134.4 lakh crore.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the overall real GDP will fall by 7.7 percent, per capita real GDP will fall by 8.7 percent. Per capita GDP is a better variable if one wants to understand how an average India has been impacted.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s real Gross Value Added level will fall below the 2018-19 level. The Gross Value Added provides a picture of the economy from the supply side. It maps the value-added by different sectors of the economy such as agriculture, industry, and services.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">GFCF (or the investment demand in the economy) has fallen even below 2016-17 level. Gross Fixed Capital Formation measures all the expenditures on goods and services that businesses and firms make as they invest in their productive capacity.</span></span></p>
</li>
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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The Ministry of Statistics and Programme Implementation released the First Advance Estimates (FAE) for the current financial year.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s gross domestic product (GDP) will contract by 7.7 percent in 2020-21. It is the total value of all final goods and services produced within the country in one financial year.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For any financial year, the MoSPI provides regular estimates of GDP. The first such instance is through the FAE. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Their significance lies in the fact that they are the GDP estimates that the Union Finance Ministry uses to decide the next financial year’s Budget allocations.</span></span></p>
</li>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Calculating FAE</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The FAE are derived by analysing the available data. The approach for compiling the Advance Estimates is based on Benchmark-Indicator method.</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The sector-wise estimates are obtained by using indicators such as:</span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Index of Industrial Production (IIP) of first 7 months of the financial year</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Financial performance of listed companies in the private corporate sector available up to quarter ending September, 2020</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The 1st Advance Estimates of crop production,</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The accounts of central & state governments,</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Information on indicators like deposits & credits, passenger and freight earnings of Railways, passengers and cargo handled by civil aviation, cargo handled at major sea ports, sales of commercial vehicles, etc.</span></span></p>
</li>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Key observations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the context of recent history, the 7.7 percent contraction in GDP is a sharp one considering that India has registered an average annual GDP growth rate of 6.8 percent since the start of economic liberalisation in 1992-93.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s real GDP, GDP without the influence of inflation in 2020-21 will be lower than the 2018-19 level at Rs 134.4 lakh crore.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While the overall real GDP will fall by 7.7 percent, per capita real GDP will fall by 8.7 percent. Per capita GDP is a better variable if one wants to understand how an average India has been impacted.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India’s real Gross Value Added level will fall below the 2018-19 level. The Gross Value Added provides a picture of the economy from the supply side. It maps the value-added by different sectors of the economy such as agriculture, industry, and services.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">GFCF (or the investment demand in the economy) has fallen even below 2016-17 level. Gross Fixed Capital Formation measures all the expenditures on goods and services that businesses and firms make as they invest in their productive capacity.</span></span></p>
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