The economy had witnessed a sharp contraction of 24.4 per cent in Q1 and 7.3 per cent in Q2 of fiscal 2020-21.
The major reforms undertaken under Atmanirbhar package include Credit guarantee for MSME loans, sectoral structural reforms.
Industrial sector performance during 2020-21 declined considerably by 8.4 per cent, primarily due to nationwide closure of industries beginning March 2020 onwards. The manufacturing sector declined by 9.6 per cent, according to a press release from the ministry of commerce and industry.
The cumulative index of industrial production (IIP) for April-October 2020 had declined by 17.3 per cent. However, various government measures helped the economy to revive early and a 20 per cent surge in IIP for the same period in 2021 was witnessed. The manufacturing sector registered a growth of 21.2 per cent during the same period.
Recognised start-ups have made deep inroads into tier-II and tier-III cities. Start-ups are now spread across 633 districts in 30 states and union territories with start-up policies in place. Start-ups recognized by the department for promotion of industry and internal trade (DPIIT) recognised start-ups have reported creation of close to 2 lakh jobs in 2021, the highest in four years. DPIIT is continuously making efforts to improve ease of doing business in the country.
India registered its highest ever annual foreign direct investment (FDI) inflow of $81.97 billion (provisional figures) in fiscal 2020-21, the press release said.
The One District One Product (ODOP) initiative is being expanded now. Its phase-1 consisted of 106 products from 103 districts and the current phase-2 would comprise more than 739 products covering 739 districts.
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