Decline in the economic activities reflected in the negative growth in two consecutive quarters at minus 23.9 per cent in the first quarter? the measures taken by the Government to rescue the economy by increasing the level of expenditure in the context of falling growth, demand and investment during the next financial year?

whether it is a fact that decline in the economic activities reflected in the negative growth in two consecutive quarters at minus 23.9 per cent in the first quarter and minus 7.5 per cent in the second quarter, is set to post a negative growth of minus 7.7 per cent (approx) for the financial year 2020-21; (b) if so, the measures taken by the Government to rescue the economy by increasing the level of expenditure in the context of falling growth, demand and investment during the next financial year?

(a) As per the 2nd Advance Estimates of National Income for 2020-21 and Quarterly Estimates of Gross Domestic Product (GDP) released by National Statistical Office (NSO), M/o Statistics and Program Implementation, India’s GDP growth contracted by 24.4 percent in the first quarter (Q1) and 7.3 percent in second quarter (Q2) of FY 2020-21. GDP growth is estimated to contract by 8.0 percent in FY 2020-21. (b) In FY 2020-21, Government announced a special economic and comprehensive package under AtmaNirbhar Bharat including measures taken by RBI amounting to about Rs. 27.1 lakh crores – more than 13 per cent of India’s GDP– to combat the impact of the COVID-19 pandemic and to revive economic growth. The package included, among others, in-kind and cash transfer relief measures for households, employment provision measures under Pradhan Mantri Garib Kalyan Rojgar Abhiyaan, increased allocation under MGNREGS, credit guarantee and equity infusion-based relief measures for MSMEs and NBFCs and regulatory and compliance measures. Structural reforms were also announced as part of the AtmaNirbhar Bharat Package which, inter alia, included deregulation of the agricultural sector, change in definition of MSMEs, new Public Sector Enterprises policy, commercialization of coal mining, higher FDI limits in defence and space sector, development of Industrial Land/ Land Bank and Industrial Information System, revamp of Viability Gap Funding scheme for social infrastructure, new power tariff policy and incentivization of States to undertake sector reforms. The implementation of the package is reviewed and monitored regularly. The Union Budget 2021-22 has also announced a number of measures to support broad-based and inclusive economic development under six pillars listed as under: (i) Health and Wellbeing Key measures include a holistic approach to strengthen healthcare with focus on three areas- Preventive, Curative, and Wellbeing, Rs. 35,000 crore for COVID-19 vaccine, roll out of Made-in-India Pneumococcal Vaccine across the country, launching of a new centrally sponsored scheme PM AtmaNirbhar Swasth Bharat Yojana in addition to National Health Mission, Mission Poshan 2.0, Universal Coverage of Water Supply, Urban Swachh Bharat Mission 2.0, Clean Air, Scrapping policy, etc. (ii) Physical & Financial Capital, and Infrastructure Key measures include Production Linked Incentive scheme (PLI) in 13 Sectors, Mega Investment Textiles Parks (MITRA), 7 Textile Parks, expansion of National Infrastructure Pipeline (NIP) to 7,400 projects, creation of institutional structures for Infrastructure Financing, National Monetization Pipeline, sharp increase in Capital Budget, economic corridors, flagship corridors/expressways, National Rail Plan for India (2030), future dedicated freight corridor projects, strengthening of urban infrastructure, launching of National Hydrogen Energy Mission 2021-22, extension of Ujjwala Scheme to cover 1 crore more beneficiaries, development of a world class Fin-Tech hub, increasing FDI limit in insurance sector from 49 percent to 74 percent, setting up of Asset Reconstruction Company Limited and Asset Management Company, recapitalization of PSBs easing compliance requirement of small companies, amendments to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961, decriminalization of the Limited Liability Partnership (LLP) Act, 2008, promoting start-ups and innovators by incentivizing the incorporation of one person companies, strengthening NCLT framework, new policy for Strategic Disinvestment, Government Financial Reforms such as universal application of Treasury Single Account (TSA) System, rationalization of Centrally Sponsored Schemes, development of Multi-State Cooperatives, etc. (iii) Inclusive Development for Aspirational India Key measures include ensuring Minimum Support Price at minimum 1.5 times the cost of production across all commodities, extension of SWAMITVA Scheme to all States/UTs, enhancing agricultural credit and infrastructure funds, investments to develop modern fishing harbours and fish landing centres, One Nation One Ration Card, Rs. 15,700 crore budget allocation to MSME Sector, etc. (iv) Reinvigorating Human Capital Key measures include qualitative strengthening of 15000 schools under National Education Policy, setting up of 100 new Sainik Schools, Higher Education Commission of India, Central University in Leh, 750 Eklavya model residential schools in tribal areas, revamped Post Matric Scholarship Scheme for welfare of SCs, measures to enhance skilling like realignment of existing National Apprenticeship Training Scheme (NATS), etc. (v) Innovation and R&D Key measures include Rs. 50,000 crore outlay under National Research Foundation (NRF), Rs. 1,500 crore for financial incentives to promote digital modes of payment, PSLV-CS51 launch, Gaganyaan mission activities, launching of Deep Ocean Mission, etc. (vi) Minimum Government and Maximum Governance Key measures include reforms to rationalize the functioning of Tribunals, National Commission for Allied Healthcare Professionals Bill in Parliament to ensure transparent and efficient regulation of the 56 allied healthcare professions, National Nursing and Midwifery Commission Bill to bring transparency, efficiency and governance reforms in the nursing profession, setting up of a Conciliation Mechanism for quick resolution of contractual disputes, Rs. 3768 crores for India’s first digital census, Rs.1000 crores for the welfare of tea workers especially women and their children in Assam and West Bengal, etc.