Impact of Covid-19 on Indian Economy

1. Department of Agricultural Economics
University of Agricultural Sciences-Bengaluru
SEMINAR-1
IMPACT OF COVID-19 ON INDIAN ECONOMY
Seminar Teachers:
Dr. G.M Gaddi
Dr. Mahin Sharif
Chairman:
Dr. Sreenivasa Murthy. D
ICAR-IIHR-Bengaluru
Presented by:
Harish Kumar H.R
II Ph.D (Agricultural Economics)
UAS-GKVK-Bengaluru

2. 1
• INTRODUCTION
2
• SECTOR WISE GDP IN INDIA (2019-20)-AT A GLANCE
3
• IMPACT ON AGRICULTURE SECTOR
4
• IMPACT ON INDUSTRY INDUSTRY
5
• IMPACT ON SERVICE SECTOR
6
• OVERALL IMPACT ON INDIAN ECONOMY
7
• MEASURES TO OVERCOME
8
• CONCLUSION
Flow of Presentation
2

3. INTRODUCTION
 Coronavirus disease 2019 (COVID-19) is a contagious disease caused by severe acute respiratory
syndrome coronavirus 2 (SARS-CoV-2).
 The first case was identified in Wuhan, China, in December 2019. (In India 30 January 2020)
 Symptoms of Covid-19 are variable, but often include fever, cough, fatigue, breathing difficulties, and
loss of smell and taste.
 By mid-May 2020, six cities accounted for around half of all reported cases in the country Mumbai,
Delhi, Ahmedabad, Chennai, Pune and Kolkata
 On 10 June, India's recoveries exceeded active cases for the first time. Infection rates started to drop
significantly in September, and the number of daily new cases and active cases started to decline
rapidly.
 India has over 30 anti-COVID vaccines in various stages of development and a national vaccination
drive was started on 16 January 2021.
 India began the world's largest Covid vaccination drive on January 16 and in 18 days the country has
successfully vaccinated over 4.1 million healthcare workers. 3

4. Covid-19 Situation in India
4

5. Effect of Covid-19
 Loss of Human Lives
 Affects Mental Health
 Increases the fear of death (Rumors, quarantine)
 Leads to Imposition on Nation wide Lockdown
Phase 1 (25 march-14 April) Unlock 1.0 (1-30 June)
Phase 2 (15 April-3 May) Unlock 2.0 (1-31 July)
Phase 3 (4-17 May) Unlock 3.0 (1-31 August)
Phase 4 (18-31 May) Unlock 4.0 (1-30 September)
Unlock 5.0 (1-31 October)
Unlock 6.0 (1-30 November)
 Disruptive in Economic activates
 Job loss
 Decreased the household income
5

6. Twin Economic Shocks by the Pandemic
The pandemic has been a unique economic shock that has triggered both supply and demand side shocks which
increased uncertainty, lower confidence, loss of incomes, weaker growth prospects, fear of contagion, curtailment
of spending options due to closure of all contact-sensitive activities, the triggering of precautionary savings, risk
aversion among businesses and resultant fall in consumption and investment – leading to the demand shock.
 The supply chain disruptions caused by closure of economic activity and restricted movement of labour lead to
the first order supply shocks.
 The initial supply shock, resulting in wage and income loss, could impact aggregate demand and impair
productive capacity leading to supply shocks 6

7. Sector wise GDP in India (2019-20) Sector GVA in 2019-
20 (Rupees in
Crore)
Share
(%)
Agriculture Sector 3,257,443 17.76
Agriculture and allied sectors 3,257,443 17.76
Industrial sector 5,040,100 27.48
Mining & quarrying 393,102 2.14
Manufacturing 2,775,587 15.13
Electricity, gas, water supply &
other utility services
486,516 2.65
Construction 1,384,895 7.55
Services Sector 10,045,694 54.77
Trade, hotels, transport,
communication and services
related to broadcasting
3,316,653 18.08
Financial, real estate & prof
services
3,842,524 20.95
Public Administration, defense
and other services
2,886,517 15.74
Total 18,343,237 100
Source: Ministry of Statistics and Programme Implementation
GVA (Gross Value Added): GVA is the measure of the value of goods and services produced in an area, industry or sector of an economy
(GVA= GDP+ Subsidies on products-Taxes on products)
7

8. Effect of Covid-19 on Agriculture sector
8

9. Given the expectation of a bountiful kharif
harvest, the food grain production target
has been set at 301 million tonnes for the
2020-21 crop year, up by 1.5 per cent
from the record output achieved in 2019-
20
This indicates that agricultural activities
for rabi harvesting and kharif sowing
were largely unaffected by the covid-
19induced lockdown.
Source: Ministry of Agriculture, Department of Food and Public Distribution
Note: Production figures for 2020-21 are estimates
Effect on Agriculture Production
9
For the year 2020-21, Horticulture
production is estimated to 303 million
tonnes. However, it was 285 and 297 million
tonnes for 2018 and 2019 respectively.

10. 147.92
141.56
135.65134.5
130 130
135.6 138
148
135.9
95.5
62.5
0
20
40
60
80
100
120
140
160
May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
• 2.2 lakh farmers
• 400 crore broilers
• 9,300 crore eggs
• Growth 6-8 per cent per annum
• Rumours and fears
• Price crash
• liquidating the stocks at lowest (Rs.20 or free at
the end of march 2020)
• Hatching costs Rs. 18-19/ piece
• Pre- COVID: Rs. 20-25 / piece
• Post- COVID: Rs. 5-7 / piece
• 37 per cent maize price low
• Rs. 1,700 to 1,100 per quintal
• loss of ₹100-130 on every bird
End of May chicken prices rises i,e Rs. 240/kg (dressed) & Rs. 170/ Kg (live bird)
Effect of on Poultry Sector
Source: www.indexmundi.com
Rs/Kg
10

11. 56
58
60
62
64
66
68
70
72
74
0
100
200
300
400
500
600
Feb-20 Mar 1-15 (2020) March 16-31 (2020) April 1-7 (2020) April8-14 (2020)
Total Milk Procured Liquid milk Sale Liquid milk sale as per cent of procurement (RHS)
• Largest producer of milk in the world
(508 lakh liter/ day)
• 16.90 million farmers (70% Small farmers)
• 1,90,500 village dairy cooperatives
• 245 milk unions and 22 federations
IMPACT
• 30% Demand Dip for fresh milk
• Fallen procurement rates (Rs. 31 to 27)
• Disruption in supply chain
• Ice cream: fear of infection (dip 50-60%
turnover)
MEASURES
• Buying extra milk just to help –farmers
(KMF: 7-8 lakh liter/ day)
• New ways to reach their customers
• Doubled- skimmed milk powder
• 80% rise in demand (gee, paneer etc.,)
Effect on Dairy Sector
Source: www.financiaexpress.com April 26 2020
11

12.  India is the second largest fish producing country in the world and accounts for 7.58 per
 cent of the global production
 The fish production in India has reached an all-time high of 14.16 million metric tons during 2019-20.
 The fisheries sector contributes 1.24 per cent to the GVA and 7.28 per cent to the agricultural GVA
 The export of marine products stood at 12.9 lakh metric tons with a value of ` 46,662 crores during
2019-20
 The livelihood opportunities provided by this sector have been instrumental in sustaining incomes of
over 28 million people in India
 Harvest and post harvest supply chain system has been affected
 Slump in demand in major export countries (US, Europe and China etc.,)
 Rise in demand for dry fish but difficulty in sourcing the raw material
 Monthly loss of US $896-million (ICAR-CIFT)
 Lack of workers (migrant from east cost)
 Domestic market are unorganised
Effect on Fisheries sector
12

13. Source: Economic Survey 2020-21
Agriculture and Allied sectors
In 2020-21, the growth
rate is estimated to be 3.4
per cent.
Contribution of the sector
to Gross Value Added
(GVA) declined from
18.3% to 17.8% between
2014-15 and 2019-20
It is estimated to Increase
19.9% in 2020-21
Agriculture is set to cushion the shock of the COVID-19 pandemic on the Indian economy in 2020-21. 13

14. Growth of GVA of Economy and Agriculture &Allied sectors
 The growth in GVA of agriculture and allied sectors has been fluctuating over time.
 However, during 2020-21, while the GVA for the entire economy contracted by 7.2 per cent, growth in
GVA for agriculture maintained a positive growth of 3.4 per cent.
Source: Economic Survey 2020-21
14

15. Effect of Covid-19 on Industry Sector
15

16. Year Natural
gas
Cement Crude oil Refinery
products
Steel Fertilizer Electricity Coal Overall
2019-20 -3.1 0.01 -5.9 -1.1 6.7 4.0 0.8 -5.4 0.3
2020-21 -12.1 -19.5 -6.0 -14.9 -19.4 3.8 -4.7 -2.6 -11.4
Eight Core Index: The monthly Index of Eight Core Industries is a production volume Index. It measures collective and individual performance
of production in selected eight core industries.
It was released by ministry of commerce and industries. It comprise 40.27 per cent of the weight of items included in the index of Industrial
production (IIP)
 Index of Industrial production
(IIP) is an index for India which
details out the growth of various
sectors in an economy such as
mining, electricity and
manufacturing
 It is compiled and published
monthly by the National Statistics
Office (NSO), Ministry of Statistics
and Programme Implementation.
IIP and Eight Core growth from Jan-2019 to Nav-2020 (Per cent)
16

17. 4.4
9.6
-1.3
-26.9
-20.4 -19.5
-12.7 -8.7
1.4 -1.3
-7.3
1.8
3.8
-22.8
-66.6
-37.8
-17
-11.4
-7.6
-0.2 4.1
-1.7
3.1
11.5
-8.2
-22.9
-14.9
-10
-2.5
-1.8
4.9
11.2
3.5
2.2
5.2
-18.7
-57.3
-33.4
-16.6
-10.5
-7.1
0.5
4.2
-1.9
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Mining Manufacturing Electricity Overall
Mining: 29 minerals are tracked here. (Weight= 14.4 %)
Manufacturing: 809 items are tracked in this sector. (Weight= 77.6 %)
Electricity: Total electricity generated in country is tracked here. (Weight= 8 %)
Growth of different components of IIP from Jan 2020 to Nov 2020 (Per cent)
Source: Ministry of Statistics and programme implementation
17

18. Share of Industry and its components to GVA (Per Cent)
*Electricity, gas, water supply and utility services
Source: Ministry of statistics and programme Implementation Overall, industrial sectors
contributes to 25.8 per cent to
India’s GVA. 18

19. FDI Equity flow to Manufacturing and Non-Manufacturing sector
Source: Department for promotion of Industry and Internal Trade
 FDI is a one of the major sources of
investment and investment financing
that drives the economic growth in
the country.
 The FDI flows are also associated
with the enhancement of productivity,
skills and technology development in
the country.
 The proactive policy measures and
improvement in the ease of doing
business in the country resulted in
massive improvement in FDI inflows.
(63rd rank in World Bank’s Ease of
doing Business in 2019)
• During FY20 (2019-20), total FDI equity inflows were US$49.98 billion as compared to US$44.37 billion during
FY19 (2018-19). The similar number for FY21 (up to September-2020) was US$30.0 billion.
• The bulk of FDI equity flow is in the non-manufacturing sector leading to a reduction in the share of
manufacturing in the FDI flows
• Within the manufacturing sector, industries like automobile, telecommunication, metallurgical, non-
conventional energy, chemical (other than fertilizers),food processing, and petroleum & natural gas get the bulk
of FDI equity flows. These industries together accounted for about 67 per cent of FDI equity flows into the 19

20. Source: Economic Survey 2020-21
Note: Q1 and Q2
 The Industrial sector is
estimated to decline by 9.6 per
cent in 2020-21.
 Within the sector highest
decline is estimated in
construction (12.6%) and
mining (12.4%)
The contribution of the Industrial
sector to the GVA (Gross Value
Added) is declined from 32.50 per
cent in 2011-12 to 25.80 per cent
in 2020-21
Effect of Covid-19 on Industrial sector
20

21. Effect of Covid-19 on Service sector
21

22. Growth in Rail Freight Traffic
 Rail freight traffic growth nosedived to (-) 35.3 per cent YoY in April 2020 rising back sharply to 15.5 per cent
in September 2020, The growth momentum has continued till December 2020.
 Indian Railways loading was 118.13 million tonnes in December 2020, which is 8.54 per cent higher
compared to last year’s loading (108.84 million tonnes) for the same period.
Indian Railways has so far incurred
87% loss in passenger revenue, down
from ₹53,000 crore last year to just
₹4,600 crore, owing to the COVID-19
pandemic.
 Indian Railways is among the
world's largest rail network
 Route length network is spread over
1,23,236 kms, with 13,523
passenger trains and 9,146 freight
trains.
 Plying 23 million travellers and 3
million tonnes (MT) of freight daily
from 7,349 stations
22

23. Growth in Air Passenger Traffic
According to Directorate General of Civil Aviation (DGCA), 63.54 lakh domestic passengers travelled by air in
November, which was 20.54 per cent higher than the passenger traffic in October when 52.71 lakh passengers
flew. The domestic air traffic, however, stands 50.93 per cent lower in November howeverer 2020 as compared
to November 2019, wherein 1.3 crore passengers had flown. wherein 1.3 crore passengers had flown.
23

24. Growth in Foregin Tourist arraivals to India Growth in Tourism Foregin Exchange Earning
Source: Ministry of tourism
 International arrivals fell by 72 per cent globally over the first ten months of 2020
 India ranked 23rd in the world in terms of international tourist arrivals in 2019
 The country accounts for 1.23 per cent of world’s international tourist arrivals and 4.97 per cent of Asia & Pacific’s
international tourist arrivals
 India ranks 12th in the world and 7th in Asia & Pacific in terms of tourism foreign exchange earnings (2 % of world
tourism FEE)
24

25. Commodity group Share (Per
cent )
Growth (Per cent) Year over Year (YoY)
2019-20 2018-19 2019-20 2020-21 (April-
september)
Total Services Exports 100 6.60 2.50 -7.89
Travel 14.10 0.30 5.50 -73.49
Transportation 9.80 11.60 7.80 -2.34
Insurence 1.10 6.20 -8.70 -2.99
Software services 43.70 7.90 11.50 3.55
Business Services 18.80 4.70 16.90 2.48
Financial Services 2.30 -5.90 -2.60 -20.35
Communication 1.20 22.10 6.30 2.44
Total Services Import 100 7.30 1.80 -13.95
Travel 17.20 11.20 1.40 -55.09
Transportation 18.90 16.60 18.30 -25.90
Insurence 1.40 5.30 -2.90 -5.80
Software services 6.60 13.10 45.50 15.60
Business Services 36.50 10.30 16.00 4.22
Financial Services 2.30 -37.00 -16.30 94.80
Communication 1.00 18.40 14.70 3.24
Service trade performance by Sub-Sectors
 Significant drop in foreign
tourist arrivals owing to the
mobility restrictions imposed
worldwide.
 Slowdown in trade activity
and supply chain disruptions
led to the decline in
transportation recepits.
 majority of software
companies which had
reported negative revenue
growth in Q1 of FY2020-21,
have shown signs of rebound
in Q2 with positive sequential
growth.
Source: https://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=30 25

26. The service sector accounts for
(53.66%) of India’s GVA of Rs.
137.51 Lakh crore. (In 2019)
Service sector is estimated to
contract by -8.8 % (With trade
and hospitality contracting the
most (21.4%))
Software services was the only
sub sector with positive growth
in the period of April-September
(2020)
Effect of Covid-19 on service sector
Source: Economic Survey 2020-21
26

27. -100
-80
-60
-40
-20
0
20
Small trades and laburers Entrepreneurs Salaried employees Farmers
STATES MGNRGA work
demand in
March2020
Rural job demand in
May 2020
Per cent raise in
demand
Bihar 12,44,491 16,94,496 26.55
Chhattisgarh 22,99,126 42,20,136 45.52
Andhra Pradesh 42,67,455 66,28,938 35.62
Gujrath 2,71,296 4,54,658 40.38
Madhya Pradesh 14,77,337 33,71,539 56.18
Maharashtra 7,13,164 12,27,708 41.91
Uttar Pradesh 17,40,211 49,34,269 64.73
Rajasthan 22,06,063 43,32,526 49.08
Other states/UTs 12,60,48,623 198284653 36.43
Total 153412893 253013193 40.82
Source: nrega.nic.in 2020-21
Demand for Jobs under MGNREGA
Effect on Employment
27

28. Inflation Situation in India Dec-2016- Dec 2020
28

29. 29
23, march, 2020= 25,981 (-13.15%)
12, March, 2020=32778 (8.18%)
Company Share
price on
23march
2020 (Rs.)
Share
price on
16 march
2021 (Rs.)
Percentage
increased
Reliance 875.72 2100.75 139
SBI 181.60 378.90 108.64
GAIL 78 143.35 83.78
SAIL 22.95 74.85 226.14
Tata steel 271.15 724 167
Tata
Motors
66.20 319 381.87
JSW 144.40 427.15 195.81
Jindal steel
and power
ltd
89 322.20 262.02
Effect of Covid-19 on Indian stock market

30. Projection of Real GDP for 2020-21
Source: Economic Survey 2020-21
Note: India’s Real GDP growth (2020) for Q1 and Q2 and Q3 is -23.9%, -7.5 % and 0.4% respectively.
30

31. 31
Measures taken to overcome for recession

32. -100%
-50%
0%
50%
100%
150%
200%
250%
300%
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Growth in Capital Expenditure Growth in Revenue Expenditure
Central Government Expenditure
ONSET OF PANDEMIC: India’s policies focused purely on ensuring necessities
 80 Crore given free food; emergency credit and liquidity measures, forbearance
 Optimal- given the uncertainty and the resultant precautionary motives to save as well as the economic
restrictions during the lockdown
UNLOCK PHASE : Calibrated demand side measures announced Atma Nirbhar 2.0 and 3.0 announced
enhanced capital expenditure, wage subsidies, PLI Schemes
Demand side Policies
Source: Ministry of statistics and programme Implementation
Policies taken by Government for Economic Recovery
32

33. Supply side Policies
 Disruption in the labour markets and financial distress of firms could lead to loss of production
capacity.
 A slew of structural reforms announced to enhance supply in the medium-to-long run => avoid
loss of productive capacity
 Reforms primarily focus on
Strengthening the potential of primary and secondary sector
To create jobs and thereby enable aggregate demand
 Streamlining of Labour Laws
 Broad based Reforms in Agriculture, MSMEs, Services (BPO), Power, Mineral sector, Space,
Defence.
 Strategic PSUs Policy
33

34. Fiscal stimulus by Government of India
In order to facilitate a resilient recovery of the economy from the impact of COVID-19 pandemic and
the following lockdown Government of India and RBI together announced a total stimulus worth Rs.
29.87 lakh crore, which is 15% of national GDP. Out of this, stimulus worth 9% of GDP has been
provided by the Government under Atma Nirbhar Bharat Package
This stimulus was provided in the following tranches:
a. Special economic and comprehensive package, announced from 13-17 May 2020.
b. Measures to stimulate consumer spending in the economy announced on 12 October 2020.
c. Measures under Atma Nirbhar Bharat 3.0 announced on 12 November 2020.
Major Announcements for Agriculture and Food Management under the Atma Nirbhar Bharat
Abhiyan
 Rs. 1 lakh crores Agri Infrastructure Fund
 Rs. 10,000 crores scheme for Formalisation of Micro Food Enterprises (MFE)
 Rs. 20,000 crores for fisherman through Pradhan Mantri Matsya Sampada Yojana (PMMSY)
 Animal Husbandry Infrastructure Development Fund - ` 15,000 Crores
 From ‘TOP’ to TOTAL
 PM Garib Kalyan Ann Yojana
 One Nation One Ration Card Scheme 34

35. 8%
4%
88%
March 2020 (Rs. 1,92,800 crore)
Health Revenue Forgone Poor (Food/Livelihood)
30%
6%
37%
12%
15%
May-June 2020 (Rs. 11,85,561 crore)
Agriculture(crdit/infra)
Demand boosting
Liquidity support to firms
Food/livelihood
Other liquidity measures
51%
49%
October 2020 (Rs. 73,00 crore)
Investment boosting
Consumption boosting
3%
59%
7%
0%
25%
6%
November 2020 (Rs. 2,65,080 Crore)
Liquidity measures
Investing boosting
Housing sector
Health
Agriculture
Livelihood
Mix of Stimulus measures announced in response to Covid-19
35

36. Note:
Red colour indicates
negative YoY and QoQ
growth
Brown colour indicates
positive YoY or QoQ growth
Green colour indicates
positive YoY and QoQ
growth.
For indicators like CPI and
G-Sec yield decline is
Movement of High Frequency Indicators (V Shaped Economic Recovery )
Source: Ministry of statistics and programme
Implementation
36

37. Trends in GST collection during 2020-21
Source: Department of Revenue
37

38. Medical Epi Curves V/S Economic Recession curves
Source: Adapted from Gourinchas, P-O (2020) 38

39. 39
Case Study-1
Impact of covid-19 on Indian Agriculture System: A 10-point strategy for post-pandemic
recovery
Adeeth Cariappa, A.G., KAMALESH KUMAR ACHARYA., CHAITANYA ASHOK ADHAV.,
SENDHIL, A AND RAMASUNDARAM, P. 2021
Methodology
Data type: Primary data
Study area: India
Statistical tools: Descriptive statistics
Objective: Impact of covid-19 on the Indian agriculture system:
Production, marketing and consumption

40. 40
Results
Agriculture system Category Effect
Production
(n=225)
High growth (Tamil Nadu, Punjab, Haryana, Uttar pradesh) Shortage of labour in Punjab, Haryana and Tamil nadu (100%)
Reverse migration in Uttar Pradesh
Fear of infection to perform farm operations
Low growth (Maharastra, Karnataka Odisha, puducherry) Disruption to input supply (100%)
Reverse migration in Maharashtra
Fear o f infection to perform farm operation
Marketing
(n=225)
Persishables Logistic disruption (100%)
Classical lossednd throwaway prices
Distress sale in Odisha
Limited sale points
Semi/non-perishables Logistric disruption(100%)
Relatively less loss in comparision to perishables
Restricted movement
Consumption Red
(n=322)
45.7% has no access to market
72.7% perceived increase in food prices
91% changed their shopping behaviour
38.6% experienced income shocks
78.8% changed their consumption baskets
Orange
(n=276)
51.7% has no access to market
79.4% perceived increase in food prices
94.2% changed their shopping behaviour
47.1% experienced income shocks
78.3% changed their consumption baskets
Green
(n=131)
33.7% has no access to market
73.3% perceived increase in food prices
90.8% changed their shopping behaviour
41.2% experieced income shocks
77.9% changed their consumption baskets
A pan-India online survey conducted via google form across three regions (post-stratification) as per the intensity of COVID-19 incidence viz., red, orange and green. Red indicates the high rate of COVID-19
incidence, Orange indicates the moderate rate of COVID-19 incidence and Green represents the low rate of COVID-19 incidence or no incidence (classification as per the Government of India).

41. 41
Case Study-2
Income and Employment changes under Covid-19 lockdown: A study of Urban Punjab
INDERVIR SINGH., JAGDEEP SINGH AND ASHAPURNA BARUAH., 2021
Methodology
Data Type: Primary data
Study area: Mansa city in Punjab state
Statistical tools: Gini coefficient and Descriptive
statistics
Sample size: 55 households
Objective: To Analyze the coping strategies of people in response to
fall in their income

42. 42
Results
Demographic Features of the Surveyed Household
Percentage of workers who could not work during the Lockdown

43. 43
Average per day income of the workers during the
lockdown
Percentage fall in average per day income of the
workers during the lockdown
Results

44. 44
Results
Status of savings before the Lockdown and after phase IV Borrowings of the households due to loss of income
during lockdown

45. CONCLUSION
45
 The risk of a global recession due to COVID-19 in 2020 and 2021 would be extremely high, as it has been
observed globally that the shutdown of all economic activities—production, consumption and trade-to
control the spread of COVID-19 is imminent.
 The nature of shutdown is unique in case of COVID-19 due to a supply shock, a demand shock and a
market shock. The recovery in economy depends on the timings and magnitude of government support as
well as the level of corporate debt and how the companies and markets cope with lower demand.
 Government assistance to those most in need (largely constituted of unorganised sector, migrants and
marginalised communities) is a critical measure to save many lives.
 However, every crisis brings about a unique opportunity to rethink on the path undertaken for the
development of a human being, community and society.
 The COVID-19 pandemic has a clear message for the Indian economy to adopt sustainable developmental
models, which are based on self-reliance, inclusive frameworks and are environment friendly.

46. THANK YOU
46

47. 47
In fiscal year 2020, the ratio of India's total exports and imports of goods to the GDP stood at 27.8 percent,
down from about 31.5 percent in fiscal year 2019. About half of the country's GDP was generated by the services
sector during that time period.