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Economy Overview- Prelims Crash Course Video Lecture - Crash Course for UPSC aspirants

FAQs on Economy Overview- Prelims Crash Course Video Lecture - Crash Course for UPSC aspirants

1. What is the current state of the Indian economy?
Ans. The Indian economy has been hit hard by the COVID-19 pandemic. The GDP contracted by 7.7% in 2020-21, however, the economy showed signs of recovery in the last quarter of 2020-21, with a growth of 1.6%. The government has taken various measures to revive the economy, such as the Aatmanirbhar Bharat Abhiyan, and is focusing on boosting domestic demand and increasing public investment.
2. What is the impact of the pandemic on the Indian job market?
Ans. The COVID-19 pandemic has significantly impacted the Indian job market. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in India reached a record high of 23.5% in April 2020. Although the rate has come down since then, it is still higher than pre-pandemic levels. The pandemic has also resulted in job losses, especially in the informal sector.
3. How has the Indian government responded to the economic impact of the pandemic?
Ans. The Indian government has taken several steps to mitigate the economic impact of the pandemic. It announced a stimulus package of Rs 20 lakh crore ($266 billion) under the Aatmanirbhar Bharat Abhiyan, which focused on providing relief to various sectors such as MSMEs, agriculture, and infrastructure. The government also announced a Rs 1.7 lakh crore ($23 billion) relief package for the poor and vulnerable sections of the society.
4. What is the current state of inflation in India?
Ans. The inflation rate in India has been on the rise in recent months. The Consumer Price Index (CPI) inflation rate rose to 6.3% in May 2021, which was higher than the RBI's target range of 2-6%. The rise in inflation has been attributed to the increase in food and fuel prices, supply chain disruptions due to the pandemic, and other global factors.
5. How has the Indian government planned to boost infrastructure development in the country?
Ans. The Indian government has announced various measures to boost infrastructure development in the country. The National Infrastructure Pipeline (NIP) was launched in 2019 with a target of investing Rs 111 lakh crore ($1.5 trillion) in infrastructure projects across various sectors by 2025. The government has also announced plans to monetize assets of various public sector enterprises to fund infrastructure development. Additionally, the government has announced plans to set up a development finance institution to provide long-term financing for infrastructure projects.
179 videos|119 docs|4 tests
179 videos|119 docs|4 tests

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