The current state of the Indian GDP. When you consider it with other advanced and world indicators, India is not in the worst stage yet. However, when you compare the Indian GDP in the year 2008 and 2020, a few things are clear:
1. The GDP growth rate in 2008 was 3.9. In 2020, it has reached an unprecedented low by going down to 1.9%.
2. The GDP drop in 2008 was steep. However, in the case of 2020, the GDP decline is gradual.
3. Moody’s predictions for India pre-pandemic mapped GDP to grow between a 2.5-5% rate. But, COVID-19 has pushed this down to 1.9%.
4. Even though the Indian GDP growth rate was 3.9% in 2008, it skyrocketed to 8.5% within one year (2009).That is something that cannot be said about 2020.As per Moody's predictions , India’s growth rate should rebound to 5.8% in2021. A 2.7% gap is estimated if one compares with 2008’s situation.
What do these statistics and numbers tell us about the Indian economic condition in 2021? The economy will improve from what it is now, but not the way it did in 2009 and will have a direct effect on the placements of students.
The best we can all do right now is :-
We all need to mentally prepare ourselves for the possibility that many of us may or may not get placed on an immediate basis. The best we can do at this time is work on improving our profile, probably take part in research or learn something new, to keep ourselves industry-ready when the time comes and this is where Exim Guild can support you
Economic crisis or not, highly skilled individuals are always picked. Apart from your usual knowledge and specialised domain, acquiring Export-Import management skill can give you an advantage in the job market of 2021. We have extensive courses which you can pursue and put yourself in a better position in the job race of 2021. So, let's use this time to grow, nurture our knowledge and learn while staying safe!
India has begun work on a continuity plan to kick-start exports once the country emerges from the shadows of the Covid-19 pandemic. The plan includes cutting down import dependence, especially from China, by focussing aggressively on substitution while improving safety compliance and quality goods to gain global market share.
The commerce and industry ministry are mulling setting up groups to draw up strategies for sectors where China has vacated space and countries are looking to diversify. “There are geographical issues of some countries because they don’t want to put all their eggs in one basket, which is China. We are looking at sectors where we can improve capacity and reduce costs especially where dumping is happening,”
As part of the strategy, India will look at areas where it has capability but continues to import and focus on the areas of core competence. Piyush Goyal on Wednesday told exporters that with shortage of food items in several countries due to supply chain disruptions, it is a good opportunity for export of agricultural and processed food items. He told exporters that incentives can be given, but they have to be “justified, reasonable, and WTO compliant’. India’s Goods exports shrank 35% in March, the biggest contraction in almost a decade while full-year shipments declined in 2019-20 for the first time after 2015-16, at 4.8% to $314.31 billion in FY20 from $330.08 in FY19. The Government of India has announced a stimulus and suggested forming groups on the way forward after the pandemic for world dominance with a humanitarian approach. You have a big role to play.