Look back 2021: 9 events that defined the Indian economy in 2021
By Lokmat English Desk | Published: December 30, 2021 03:31 PM2021-12-30T15:31:52+5:302021-12-30T18:04:42+5:30
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As the year 2021 is ending here's the top 9 major Indian economic events that created a storm in the country.
1. Withdrawal of farm laws
The three agriculture laws which were established for farmers are finally got withdrawn because of one year's farmer protest. These farm laws were going to do a huge benefit to the country, but none the less it didn't go well with the country's citizens.
2. The liquidity deluge
The economy trash from rupees 6 trillion to almost 8 trillion of the liquidity in the system. And now the problem with this plenty is that how to drain it out.
3. The deal of Air India by Ratan Tata
The homecoming of Air India Airlines made everyone happy, the Tatas prevailed and paid rupees 60,000 crores including cash of rupees 2,700 crores, to re-buy their Airlines. Everyone was so happy to see Air India back in the country including the government.
4. Hike in GST (Goods and service tax)
The pickup in GST prices was the biggest shock for the country, it seems like the target of rupees 1.1 trillion will go up to rupees 1.4 trillion. It seems like the Modi government is earning all from GST now. The government has also got a supplementary demand for ₹3 trillion expenditure outside the budget.
5. Stock Market's U-turn
The IPO shares showed us the dreams drastically fallen in an endless stream. The sense which was climbed up to heights gone so down. Now almost 50% of the IPOs are going down from the issue price.
6. Baning the Cryptocurrency
The news of the Indian government panel recommended banning all private cryptocurrencies, with a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies created a sensation in the country, the prices of crypto fell drastically minute after the announcement.
7. Rise in Petrol and Diesel prices
The decision of the centre government in rising of petrol and diesel prices shocked everyone, the prices which hike up to 100 per liter and more in the country, really change the Indian economy and it is still baffling in the country.
8. Growth of GDP
In FY20 the GDP grow up to 4% while in FY21 it was -7.3% and this drastic change made headlines in the following year.
9. RBI's 9.5% stance
Inflation was 6.2% last year and has averaged 5.2% so far. While the RBI believes the economy is taken off, but the RBI maintains its 9.5% stance. Now the question is that when will RBI raise rates.