Lok Sabha Question No. 2081 (UNSTARRED), answered on 2021-08-02
Subject: 5 Trillion Dollar Economy
Ministry: FINANCE
Asked by: Malook Nagar

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA

## UNSTARRED QUESTION NO. 2081

TO BE ANSWERED ON MONDAY, AUGUST 2, 2021 / SRAVANA 11, 1943 (SAKA)

## '5 TRILLION DOLLAR ECONOMY'

2081:   SHRI MALOOK NAGAR:

Will the Minister of FINANCE be pleased to state:

- (a) the details of country's economy before the Corona pandemic when the target of a 5 trillion dollar economy was sent to be achieved;
- (b) the details of country's economy in trillion dollar at present;
- (c) whether the economy of the country has been affected/declined; and
- (d) if so, the measures being taken by the Government to improve the country's economy and make it a 5 trillion dollar economy?

## ANSWER MINISTER OF STATE (FINANCE) (SHRI PANKAJ CHAUDHARY)

- (a) to  (c):  As  per International  Monetary  Fund's World  Economic  Outlook  Database,  April  2021, India's Gross domestic product (GDP) at current prices in US Dollar Trillion is given below.

| Fiscal Year                          |   2018-19 |   2019-20 |   2020-21 |   2021-22 (Projections) |
|--------------------------------------|-----------|-----------|-----------|-------------------------|
| GDP at current prices (US$ Trillion) |       2.7 |       2.9 |       2.7 |                       3 |

The  National  Statistical  Office,  Ministry  of  Statistics  &  Program  Implementation  has  estimated India's nominal Gross Domestic Product (GDP) to have contracted, in rupee terms, by 3.0 per cent during FY 2020-21 as compared to growth of 7.8 per cent in FY 2019-20. This reflects unparalleled effect of the COVID-19 pandemic and the containment measures taken to control the pandemic.

- (d):  The National Infrastructure Pipeline has been launched with a projected outlay of Rs 111 lakhcrore  to  cover  7400  projects  (revised)  by  2025.    Atmanirbhar  Bharat  Packages  (ANB)  involving  a total  amount  of  Rs.29,87,641  crores  (including  PM  Garib  Kalyan  Package/PM  Garib  Kalyan  Anna Yojana and measures announced by RBI) were announced on 13 th  to 17 th May, 2020, 12 th October, 2020 & 12 th   November, 2020 to combat the impact of the COVID-19 pandemic and to make the country self-reliant, which included introduction of ten new Production Linked Incentive Schemes (besides  three  schemes  announced  in  March  2020)  aimed  at  creating  national  manufacturing champions and generating employment opportunities in Electronic/Technology Products, Pharmaceuticals drugs, Telecom & Networking Products, Food Products, White Goods (ACs & LED), High-Efficiency Solar PV Modules, Automobiles & Auto Components, Advance Chemistry Cell (ACC) Battery, Textile Products (MMF segment and technical textiles) and Specialty Steel.   In the Union Budget  2021-22,  measures  to  support  broad-based  and  inclusive  economic  development  were announced, including a 34.5 percent increase in capital expenditure and 137 percent increase in health expenditure.  A relief package of Rs. 6.29 lakh crore was announced by the Government on 28 th June 2021 to strengthen public health and provide impetus for growth and employment.

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