World Bank1 and IMF2 projected a contraction of 5.2% and 3% in global economy during calendar year (CY) 2020 due to COVID pandemic
World Bank and IMF continue to be optimistic for CY 2021 and envision growth of 4.2% and 5.8% respectively for the global economy
India’s GDP3 growth during FY 2020 estimated at 4.2%, as compared to 6.1% in FY 2018-19
On the trade front, exports in rupee terms declined by 3.52% and imports by 7.98% during FY 2020 with exports to USA and China declined by 19.35% and 32.21% respectively in March 20204
During the first quarter of FY 2021, economic activity remained subdued, with exports shrinking by 29.98% in March and 56.39% in April 2020. Imports also came down by 23.72% and 54.59% in March and April 2020 respectively4
MSMEs
Provide employment to
people
Contribute
of the national GDP during FY 20195
Contribute
6 of all- India exports in the first three quarters of FY 2020 (up to Dec 2019)
As per MSME Pulse Report - April 2020, credit to MSMEs (credit exposure up to ₹50 crore) stood at ₹17.75 lakh crore as of January 2020.
Relief measures under the Atmanirbhar Bharat Abhiyan or Self-Reliant India Mission to help MSMEs during COVID pandemic.
