EconomicSurvey 2021-22

Government of IndiaMinistry of Finance

Department of Economic AffairsEconomic Division

North BlockNew Delhi-110001

E-mail: cordecdn-dea@nic.inJanuary, 2022

CONTENTS

Chapter No. Page No. Name of the Chapter

1 State of the Economy 3 Introduction 4 Sectoral Trends 9 Demand Trends 14 Barbell Strategy, Safety Nets and Agile Response 24 Vaccination 26 Macroeconomic Stability 33 Supply Side Reforms 38 Growth Outlook

2 Fiscal Developments 44 Introductions 45 Fiscal Policy Strategy in the Aftermath of the Pandemic Outbreak 48 Performance of Fiscal Indicators during 2021-22 54 Long-Term Trends in Government Finances: Centre, States & General Government 72 PolicyMeasurestoenhancetheEfficiencyofGovernmentSpending

3 External Sector 86 Global Economic Environment 88 Developments in India’s Merchandise Trade 98 Trade in Services 100 Private Transfers 100 Invisibles 101 Current Account Balance 102 Capital Account/ Financial Account 104 BOP Balance and Foreign Exchange Reserves 105 Movement in Exchange rate 107 Net International Investment Position 107 External Debt

4 Monetary Management and Financial Intermediation 118 Monetary Developments 122 Liquidity Conditions and its Management 124 Developments in G-Sec Market 125 Banking Sector 129 Monetary Transmission – Bank Lending and Deposit Rates 132 Bank Credit Growth 135 Non-Banking Financial Companies (NBFCs) Sector 138 Development in Capital Markets

142 Investment by Foreign Portfolio Investors (FPIs) 143 Indian Benchmark Indices 144 Insurance Sector 147 Pension Sector 150 Insolvency and Bankruptcy Code

5 PricesandInflation 160 GlobalInflation 161 DomesticInflation 162 CurrentTrendsinInflationanditsDrivers 188 Housing Prices 193 Pharmaceutical Pricing 194 Long Term Perspective for Management of Supply Side Factors

6 Sustainable Development and Climate Change 197 India’s Progress on Sustainable Development Goals 203 State of the Environment 220 Climate Change 229 Finance for Sustainable Development 231 India’s Initiatives at the International Stage 232 Conclusion

7 Agriculture and Food Management 235 Introduction 236 Gross Value Added (GVA) in Agriculture 248 Situation Assessment Survey 250 Allied Sectors: Animal Husbandry, Dairying and Fisheries 253 Fisheries 254 Agricultural Research & Education 255 Food Processing Sector 258 Food Management 262 Fertilizers 263 Conlusion

8 Industry and Infrastructure 265 Introduction 267 Index of Industrial Production (IIP) 270 Eight Core Index (IC) 273 Gross Fixed Capital formation 274 Credit in Industry 275 FDI in Industries 277 Performance of Central Public Sector Enterprises 278 Corporate performance 279 Sector Wise Performance and Issues in Industry

288 Infrastructure 311 Conclusion

9 Services 314 Introduction 314 Impact of COVID-19 and Sequential Recovery 316 Trends in High Frequency Indicators 319 Services Sector share at the State and UT level 321 FDIInflowsintoServicesSector 322 Trade in Services Sector 324 Major Services: Sub-Sector Wise Performance and Recent Policies

10 Social Infrastructure and Employment 344 Introduction 344 India’s Health Sector Response to the COVID-19 351 Trends in Social Sector Expenditure 353 Education 361 Skill Development 365 Trends of Employment 376 Health 382 Drinking Water and Sanitation 386 Rural Development

11 Tracking Development through Satellite Images and Cartography

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Acknowledgment

TheEconomicSurvey2021-22istheresultofateameffort.TheSurveyhasbenefittedfromthecommentsandinsightsof theHon’bleFinanceMinisterSmt.NirmalaSitharaman.Thesurveysincerelyacknowledges thesupport fromtheHon’bleMinistersofStateforFinanceShriPankajChaudharyandDr.BhagwatKishanraoKarad,FinanceSecretaryDr.T.V.Somanathan,SecretaryDEAShriAjaySethandRevenueSecretaryShriTarunBajaj.

ThecontributorstotheSurveyfromtheEconomicDivisionandOfficeofthePEAinclude:RajivMishra,ChandniRaina,ManishaSensarma,SajuK.Surendran,AbhishekAcharya,JitenderSingh,T.Gopinath,SunilKumarGupta,PrernaJoshi,DharmendraKumar,AakankshaArora,M.Rahul,HarishKumarKallega,TulsipriyaRajkumari,GurvinderKaur,DeepikaSrivastava,NehaSingh,AmitSheoran,ShreyaBajaj,ManojKumarMishra,DeekshaSupyaalBisht,AnshumanKamila,RitikaBansal,VijayKumarMann,Md.AftabAlam,PradyutKumarPyne,NarendraJena,MritunjayKumar,RajeshSharma,AmitKumarKesarwani,ManishSinghPanwar,VishalGori,Mahima,NaveenBali,LavishaArora,SonaliChowdhry,AbhishekMalhotra,SurabhiSeth,YashRawat,BharadwajAdiraju,DipimaSengupta.

The Survey has benefitted from the comments and inputs from several officials and experts, specifically B.V.RSubrahmanyam,AmritLalMeena,AmitYadav,AnantSwarup,AmitabhaPradhan,Dr.M.Angamuthu,GauravMasaldan,DrC.Vanlalramsanga,IshtiyaqueAhmed,RenuLata,RishikaChoraria,Dr.MridulSaggar,RajivJain,SoumasreeTewari,DeepikaRawat,SukhbirSingh,YashwantSigh,J.P.Singh,JitenderSokal,Ranjeev,SamirKumar,DhrijeshKumarTiwari,SumanPatel,DrVeenaDhawan,DrSuhasDhandore,VDhanya,SakshamSood,BhanuPratapSingh,SanjayKumarSingh,DalipKumar,DineshKapila,AmitShreeansh,JasvinderSingh,NareshPalGangwar,NeeleshKumarSah,ArunKumar,RajasreeRay,SonamaniHaobam,Dr.UnmanaSarangi,Dr.SubrataBose,PritiSingh,SanyuktaSamaddar,ShishirSeth,KamalKishore,MonaChhabraAnand,AshokKumar,AbhayBakre,RajivRanjanMishra,BinodKumar,SharmiPalit,R.K.Sinha,DrNandakumaranP,KamalPandey,BrijRaj,AmitKumar,IshitaSharma,PawanChowdhary,VishalPratapSingh,KusumMishra,AdityaKumarGhosh,RupaDutta,SudhansuSekharDas,AparnaS.Sharma,AwadheshKumarChoudhary,AnimeshBharti,AjithKumarN,SanjoyRoy,SujoyMitra,J.RajeshKumar,PadmakumarSankaranNair,JitheshJohn,GorityalaVeerMahendar,AlokChandra,PreetiNath,ArvindChaudhary,GauravKumar,ShakilAlam,RajibKumarSen,NanditaMishra,AshwiniKumar,AnshumanMohanty,UshaSuresh,PiyushSrivastava,SimmiChaudhary,ArunKumar,KuntalSensarma,VishalKapadia,SunilKumarGarg,G.S.Panwar,H.KHajong,MedhaShekar,SushantaKumarDas,KuldipNarayan,PeeyushKumar,BaldeoPurushartha,AjitRatnakarJoshi,N.K.Santoshi,DeepakSingh,KalpanaDhawan,SubhashChand,NaveenSirohi,ArpitBhargava,ArzooArora,RohanVerma,RamSingh.

Apart from the above, various ministries, departments and organisations of the Government of India contributed in their respective sectors. We also received help from several industry bodies, public institutions and private sectorentities such as MapmyIndia, NASSCOM, ISRO, FSI, NSO, RBI, SEBI, National Housing Bank, Central Electricity Authority, IBBI, IRDA, PFRDA, NPPA, ISA, NMDA, CDRI, BEE, NMCG.Able administrative support was givenbyMeera Swarup,Anu P.Mathai, RavinderKumar, Jasbir Singh,Amit Srivastava, SureshArora, Sushil Sharma andother staff members of the Economic Division. Hindi translation of the survey was done by Niharika Singh, PuranSingh from Hindi Section, DEA and Gautam Sharma, Manish Bhatnagar, Ajay Kumar Chaudhary, Dhruv NarayanAzad, Binod Kumar Sah from Central Translation Bureau. Hindi version of the survey was typed by Roopa Gupta,Meena Pant, Sashipal Singh Rawat,Yatender Kumar from Directorate of Printing, Minto Road. The cover page forthe Survey was designed by India Brand Equity Foundation. Izzur Rahman, DeepakAggarwal, SamirAhemed and GoutamHalderfromSignaturePrinters(P)Ltd.didpagesettingoftheEnglishandHindiversionsoftheSurvey.

Last but not the least, the Economic Survey owes deep gratitude to the families of all those involved in its preparation for theirpatienceandsupport.Thisisalwaysimportant,butwasespeciallytruethisyearastheEconomicSurvey2021-22waspreparedunderthecloudoftheOmicronwave.

Sanjeev Sanyal(Principal Economic Adviser)

Ministry of Finance Government of India

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Preface

For secondyear running, theEconomicSurveywaswrittenunder thecloudof theCovid-19pandemic.Thesehavebeendifficult timesfor theworldeconomy.It isnot justabout the immediatedisruptionsanduncertaintycaused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate change and a host of other factors.Not only are these individual factors difficult to forecast, the impact of their interactions arefundamentallyunpredictable.ThethemeofthisEconomicSurvey,therefore,relatestotheartandscienceofpolicy-makingunderconditionsofextremeuncertainty.

The default mode of policy-making in India and most of the world has traditionally been to rely on a pre-determined “Waterfall”approach–anupfrontanalysisoftheissue,detailedplanningandfinallymeticulousimplementation.Thisis theframeworkthatunderpinsfive-yearplansandrigidurbanmaster-plans.Theproblemisthat therealworldisacomplexandunpredictableplacebuffetedbyallkindsofrandomshocksandunintendedconsequences.The response of traditional economics was to create ever more detailed plans/regulations, and elaborate forecasting modelsdespitemorethanadequateevidencethatthisdidnotimproveoutcomes.InhisNobelPrizeacceptancespeech,economistFriedrichHayekdubbedthis“ThePretenceofKnowledge”.

This Economic Survey sets out to explain the alternative “Agile” approach that informed India’s economic response to theCovid-19shock.This framework isbasedon feed-back loops, real-timemonitoringofactualoutcomes,flexible responses, safety-net buffers and so on. Planningmatters in this framework but mostly for scenario-analysis, identifying vulnerable sections, and understanding policy options rather than as a deterministic prediction oftheflowofevents.ThelastEconomicSurveydidbrieflydiscussthisapproach,butthistimeitisacentraltheme.

Some form of feedback loop based policy-making was arguably always possible, but the Agile framework is particularlyrelevanttodaybecauseoftheexplosionofreal-timedatathatallowsforconstantmonitoring.Suchinformation includes GST collections, digital payments, satellite photographs, electricity production, cargo movements, internal/external trade, infrastructure roll-out, delivery of various schemes, mobility indicators, to namejustafew.Someofthemareavailablefrompublicplatformsbutmanyinnovativeformsofdataarenowbeinggeneratedbytheprivatesector.Short-termpolicyresponses,therefore,canbetailoredtoanevolvingsituationratherthanwhatamodelmayhavepredicted.

The same recognition of uncertainty informs the longer-term supply-side strategy: the combination of policies that encourage economic flexibility through innovation, entrepreneurship and risk-taking on one hand, andsimultaneouslyinvestsinresilientinfrastructure,socialsafety-netsandmacro-economicbuffersontheother.Thus,it is hoped that readers will be able to see the links between seemingly disparate policies ranging from deregulation, process simplification, privatization, foreign exchange reserves accumulation, inflation-targeting, housing-for-all, green technology, the Insolvency andBankruptcyCode, health insurance for the poor, financial inclusion,infrastructurespending,directbenefittransfersandsoon.Theyareallaboutprotectionfromortakingadvantageofanuncertainfuture.

As readers would have noticed, this Economic Survey has shifted from the two-volume format of recent years toasinglevolumeplusaseparatevolumeforstatisticaltables.Inthiscontextitisworthwhilelookingatabriefhistoryofthedocument.TheSurveywasfirstpublishedin1950-51andwasinitiallypartoftheBudgetdocuments.The document was less than 50 pages in the 1950s and contained a brief outline of economic developments of the previousyear.Forexample,theSurveyof1957-58hadjust38pages.Itwasprimarilydescriptiveandcontainedlittleinthewayofanalysisandpolicyprescriptions.

From1958-59,thelengthofthesurveystartedincreasingwiththeintroductionofmorechartsandtables.AHinditranslationalsoseemstohavebeeninitiatedaroundthistime.Theambitionofthedocumentincreasedsignificantlyinthesixties.TheSurveyof1962-63wasdividedintotwopartswherethefirstpartfocusedonbroadereconomic

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developmentswhilethesecondpartgaveabasicanalysisofdifferentsectors.Thefollowingyear,theEconomicSurveywasseparatedfromthebudgetandwaspresentedadayearlierasastand-alonedocument.ThiswasthefirstSurveythatsawtheintroductionofastatisticalappendix.Thesixtiesalsosawseveralexperimentswiththeformat.Insomeyears,thesectionsweredonebythemessuchRecessionandMeasuresofRevival,Controlofinflation,andFoodShortage.Inotheryears,itwasdonebysectoralsectionssuchasIndustry,AgricultureandPrices.

By1970,thelengthoftheEconomicSurveyhadalreadycrossed150pageswithadetailedlistoftables.Theformatwasfurtherrefinedintheseventiesandeightieswithsectionsbeingtransformedintochapters.Thisisthephasethatdevelopedtheformatthatisbroadlyrecognizabletoday.The1980ssawaconsistentriseinthelengthofthedocumentwiththeintroductionofnewchapters.By1990,thelengthoftheEconomicSurveyhadreachedcloseto250pagesincludingthestatisticalappendix.

The Indian economy went through a major crisis and subsequent reforms in 1991, and the Economic Survey of 1991-92waseagerlyawaited.Thiswas thefirstsurvey thatwasbroughtout in twovolumesalthough thefirstvolume was a short booklet of 27 pages that highlighted the macroeconomic problems facing the country while the secondvolumereviewedthevarioussectorsindetail.Insubsequentyears,thesurveyrevertedtoonevolumewithafewmodificationsinthenumberofchapters.Thebeginningofthe21stcenturysawanothertransformationoftheEconomicSurveywithintroductionofbettergraphicsandbrightercolors.Thelengthofthesurvey,meanwhile,crossed380pagesbytheearly2000s.

In 2007-08 and 2008-09, in themiddle of a global financial crisis, an analytical chapterwas added about thecountry’smedium-termchallengesandmacro-economicprospects.Fromhereonwards,morethematicchapterswere includedeachyear. In2011-12,documentwas485pagesspreadover thirteenchaptersand thestatisticalappendix. In 2013-14, the statistical appendix was separated out and published as a separate volume. In thefollowing year, the Survey was presented as two volumes: Volume 1 had a number of chapters addressing topical policyconcerns,whileVolume2carriedthetraditionalEconomicSurveyalongwiththestatisticalappendix.Thisformatwascontinuedtilllastyearwiththelengthofdocumentsteadilygoingup.Moreover,anattemptwasmadein the last three Surveys to ensure that the Volume 1 chapters adhered to a broad theme rather than appeared as stand-alonepapers.TheEconomicSurvey2020-21consistedof335pagesinVolume1,368pagesinVolume2anda statistical appendix of 174 pages - a total of 877 pages!

Asonecansee,theEconomicSurveyhasgonethroughagreatdealofevolutionoverthedecades.Thetwovolumeformat did allow space for bringing in new ideas and themes but, at almost 900 pages, it was also becoming unwieldy.ItwasalsofeltthatthethematicchaptersofVolume1werenotadequatelylinkedtothesectoralchaptersofVolume2.Therefore,thisyear’sSurveyrevertstoasinglevolumeplusaseparatevolumefortheStatisticalAppendix.Alongwiththesectoralchapters,anewchapterhasbeenaddedthatdemonstratestheuseofsatelliteandgeo-spatial images to gauge various economic phenomenon – urbanization, infrastructure, environmental impact, farmingpracticesandsoon.Theideaofhavingaseparatevolumeforthestatisticalappendixistogiveitadistinctidentityastheone-stopsourceofauthenticdata.Itishopedthatitwillevolveinthenextfewyearstoincludenewkindsofsocio-economicdatainlinewiththeemphasisonafeedbackloopapproach.

ThepublicationoftheEconomicSurveyisateameffort.ItisonlypossiblebecauseofinputsfromMinistriesandinstitutionsacrosstheGovernmentofIndia,industrybodies,think-tanksandindividualexperts.TheofficersandconsultantsoftheEconomicDivision,DepartmentofEconomicAffairs,putinmonthsofefforttowrite,compile,andedit thedocument.Doing it in themiddleof apandemicadded special constraints.Nonetheless,wehopethatthereaderswillfindthisyear’sdocumenttobealucidandinsightfulassessmentofthecountry’seconomictrajectory.

Sanjeev SanyalPrincipal Economic Adviser

Ministry of FinanceGovernment of India

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Cover Pages of previous Economic Surveys

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ABBREVIATIONS

AAI Airports Authority of India+A2:A24 ABDM Ayushman Bharat Digital Mission (erstwhile NDHMAB-HWCs Ayushman Bharat Health and Wellness CentresAB-PMJAY Ayushman Bharat Pradhan Mantri Jan Arogya YojanaABRY Atmanirbhar Bharat Rojgar YojanaACC Advance Chemistry Cell AE Advance Estimates AEOs Authorized Economic OperatorsAGR Adjusted Gross Revenue AIPA Apex Committee for the Implementation of Paris AgreementAISAM Air India Specific Alternative Mechanism AISATS Air India SATS (Singapore Airport Terminal Services) Airport Services Private LimitedAIXL Air India Express Ltd. AMI Agricultural Marketing InfrastructureANB Atma Nirbhar BharatAPEDA Agricultural & Processed Food Products Export Development AuthorityAPI Active Pharma Ingredients APMC Agricultural Produce Market CommitteeARHC Affordable Rental Housing ComplexesASEEM Aatmanirbhar Skilled Employees Employer MappingASER Annual Status of Education ReportASHA Accredited Social Health ActivistATMP Assembly, Testing, Marking and Packaging AUM Assets Under ManagementAWC Anganwadi CentreAWW Anganwadi WorkerAYUSH Ayurveda, Yoga and Naturopathy, Unani, Siddha and HomeopathyB&R Bridge and Roof Co. (India) LimitedB2B Business to BusinessBBBP Beti Bachao Beti PadhaoBCD Basic Custom DutyBCM Billion Cubic Meters BE Budget EstimateBEI Business Expectation Index BEML Bharat Earth Movers LimitedBFSI Banking Financial Services and InsuranceBG Bank Guarantees BISAG Bhaskaracharya National Institute of Space Applications and Geo Informatics, Gujarat BiSAG-N Bhaskaracharya National Institute for Space Applications and GeoinformaticsBoP Balance of PaymentsBPCL Bharat Petroleum Corporation LimitedBPKP Bharatiya Prakritik Krishi Paddhati ProgrammeBps basis points

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BRR Business Responsibility ReportBRSR Business Responsibility and Sustainability ReportBS Bharat StageBSE Bombay Stock ExchangeBSNL Bharat Sanchar Nigam LimitedBUR Biennial Update ReportsCAAQMS Continuous Ambient Air Quality Monitoring StationsCAD Current Account Deficit CAF Customer Acquisition Forms CAP Cover and PlinthCAPEX Capital Expenditure CBIC Central Board of Indirect Taxes & CustomsCCAP Climate Change Action ProgramCCEA Cabinet Committee on Economic Affairs CDP Crop Diversification ProgrammeCDSL Central Depository Services LimitedCDRI Coalition for Disaster Resilient InfrastructureCECA Comprehensive Economic Cooperation Agreement CEL Central Electronics LimitedCEPA Comprehensive Economic Partnership AgreementCFPI Consumer Food Price IndexCGA Controller General of AccountsCGD City Gas Distribution Network CGF Clean Ganga FundCGST Central Goods and Service TaxCHC Custom Hiring CentreCIP Central Issue PriceCIP Compliance Information PortalCIS Competitiveness Incentive Support ckm circuit kilometer CNG Compressed Natural GasCO2 Carbon DioxideCoO Certificate of OriginCOP Conference of the PartiesCOVID 19 Coronavirus diseaseCoWIN Covid Vaccine Intelligence WorkCPHC Comprehensive Primary Health CareCPI-AL Consumer Price Index-Agricultural LabourersCPI-C Consumer Price Index-CombinedCPI-IW Consumer Price Index-Industrial WorkersCPI-RL Consumer Price Index-Rural LabourersCPO Crude Palm OilCPSE Central Public Sector EnterpriseCPSEs Central Public Sector Enterprises CRAR Capital to Risk-weighted Asset Ratio

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CRR Cash Reserve RatioCSO Central Statistics OfficeCTDP Comprehensive Telecom Development PlanCTS Craftsman Training SchemeCU Capacity utilization CWC Central Warehousing CorporationDAC&FW Department of Agriculture Cooperation and Farmers WelfareDAISY Digitally Accessible Information SystemDAP Di-ammonium PhosphateDARE Department of Agricultural Research and EducationDAY-NRLM Deendayal Antyodaya Yojana – National Rural Livelihoods MissionDBT Direct Benefit TransferDBTL Direct Benefit Transfer for LPG consumersDCIL Dredging Corporation of India LimitedDCP: Decentralized ProcurementDDU- GKY Deen Dayal Upadhyaya Grameen Kaushalya YojanaDEPCs District Export Promotion Committees DFI Development Finance InstitutionDFI Doubling Farmers’ IncomeDFPD Department of Food & Public DistributionDIPAM Department of Investment and Public Asset ManagementDMI&SP Domestically Manufactured Iron and Steel Products DoP Department of PharmaceuticalsDPCO Drug Price Control OrderDPD Direct Port DeliveryDPIIT Department for Promotion of Industry and Internal TradeDTH Direct To HomeEBR Extra Budgetary ResourcesECB External Commercial BorrowingsECBs External Commercial Borrowings ECCE Early Childhood Care and EducationECGC Export Credit Guarantee Corporation of India Ltd. ECLGS Emergency Credit Line Guarantee SchemeECTS Electronic Cargo Tracking SystemEIC Export Inspection CouncilEMC Electronics Manufacturing Clusters EMDEs Emerging Markets and Developing EconomiesEME Emerging market economiese-NAM Electronic National Agriculture MarketENT Ear, Nose and ThroatEOUs Export Oriented UnitsEPABX Electronic Private Automatic Branch ExchangeEPCG Export Promotion Capital GoodsEPF Employees Provident FundEPFO Employees Provident Fund Organisation

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e-scrip Electronic ScripESDM Electronics System Design and Manufacturing ESG Environmental, Social and GovernanceESIC Employees’ State Insurance CorporationETC Electronic Toll CollectionEU European Union e-VIN Electronic Vaccine Intelligence NetworkEXIM Bank Export-Import Bank of India FAME Faster Adoption and Manufacturing of Hybrid and Electric vehicleFAO Food and Agriculture OrganisationFAR Floor area ratioFCI Food Corporation of IndiaFD Fiscal DeficitFDI Foreign Direct Investment FFS Fund of funds for StartupsFHTC Functional Household Tap ConnectionFIDF Fisheries and Aquaculture Infrastructure Development FundFIIs Foreign Investment InflowsFMD Foot and Mouth DiseaseFPI Foreign Portfolio Investment FPOs Farmers Producers OrganizationsFRL Fiscal Responsibility LegislationFRP Fair and Remunerative PriceFSI Floor Space IndexFTA Free Trade AgreementGB gigabyte GCA Gross Cropped AreaGCF Gross Capital FormationGDP Gross Domestic ProductGEC Green Energy Corridor GeM Government e-MarketplaceGER Gross Enrolment RatioGFR General Financial RulesGFCF Gross Fixed Capital FormationGGI –OSOWOG Green Grids Initiative-One Sun One World One GridGI Geographical IndicationGIM National Mission for a Green IndiaGIS Geographic Information System GNPA Gross Non Performing AssetsGP Gram PanchayatsGPIs Grossly Polluting IndustriesGSA Gram Swaraj AbhiyaanGSDP Gross State Domestic ProductG-Sec Government SecuritiesGSR General Statutory Rules

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GST Goods and Services TaxGSTN Goods and Services Tax NetworkGSTR Goods and Services Tax ReturnGSVA Gross State Value AddedGT Gross tonnage GTR Gross Tax RevenueGVA Gross Value AddedGVC Global Value ChainGW Ground Water / GigawattHFIs High Frequency IndicatorsHFR Health Facility RegistryHMT Hindustan Machine ToolsHPCL Hindustan Petroleum Corporation LimitedHPI Housing Price IndexHPR Healthcare Professionals RegistryHSCC Hospital Services Consultancy Corporation LimitedHUDCO Housing and Urban Development Corporation LimitedHYVs High Yielding VarietiesIBC Insolvency and Bankruptcy CodeIBP Indo-Bangladesh Protocol ICAR Indian Council of Agricultural ResearchICDS Integrated Child Development ServicesICEDASH Indian Customs EDI DashboardICETRAK Indian Customs Enquiry for Trade Assistance and KnowledgeICI Index of Eight Core Industries ICMR Indian Council of Medical ResearchICP Integrated Check PostICU Intensive Care UnitICWF Indian Community Welfare FundIDBI Industrial Development Bank of IndiaIFS Integrated Farming SystemIFSC Indian Financial System CodeIGGL Indradhanush Gas Grid Limited IHMCL Indian Highways Management Company LimitedIIP Index of Industrial Production IIP International Investment PositionIISC India International Skill CentreIIT Indian Institutes of TechnologyIMC Inter-Ministerial Committee IMF International Monetary FundIMPS Immediate Payment ServiceIMR Infant Mortality RateINSPACe Indian National Space Promotion and Authorization CentreInvIT Infrastructure Investment trustIPA Indian Ports Association

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IPOs Initial Public OfferingIPR Intellectual Property RightsIR Indian railways IRCTC Indian Railway Catering and Tourism CorporationIRIS Infrastructure for Resilient Island StatesISA International Solar AllianceIT/BPO Information Technology/Business Process OutsourcingITA International Tourist ArrivalsITAT Income Tax Appellate TribunalITBPM Information Technology- Business Process ManagementJHBDPL Jagdishpur-Haldia -Bokaro-Dhamra Gas Pipeline JSS Jan Shikshan SansthanKCC Kisan Credit CardKMS Kharif Marketing SeasonKRCL Konkan Railway Corporation Ltd. KSM Key Starting Materials KVK Krishi Vigyan KendraKW KilowattKYC Know Your Customers LAF Liquidity Adjustment FacilityLCS Land Customs StationsLDCs Least-Developed CountriesLeadIT Leadership Group for Industry TransitionLED Light Emitting DiodeLF License Fee LFPR Labour Force Participation RateLIC Life Insurance CorporationLIFE Lifestyle For EnvironmentLMT Lakh Metric TonneLMT Lakh Metric TonnesLPG Liquefied Petroleum GasLPG Liquified Petroleum GasLSA Licensed Service Areas LSB Long Span BridgesLTEO Long Term Ecological ObservationsMAI Market Access InitiativesMBS Mortgage-Backed SecuritiesMCF Million-Plus Cities Challenge FundMCLR Marginal Cost of Funds based Lending Rate MDGs Millennium Development GoalsMEIS Merchandise Exports from India schemeMFN Most Favoured NationMGNREGA/S Mahatma Gandhi National Rural Employment Guarantee Act / SchemeMIDH Mission for Integrated Development of HorticultureMIF Micro Irrigation Fund

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MITEA Mega Integrated Textiles region and apparel park MIV2030 Maritime India Vision 2030 MLD Millions of liters per dayMMF Man Made Fiber MMT Million Metric TonneMoPNG Ministry of Petroleum and Natural GasMoSPI Ministry of Statistics and Programme ImplementationMoU Memorandum of UnderstandingMPC Monetary Policy CommitteeMPI Multidimensional Poverty IndexMoRTH Ministry of Road Transport and Highways of IndiaMRO Maintenance, Repair and Overhaul MRP Maximum Retail PriceMSE-CDP Micro Small Enterprises- Cluster Development Programme MSMEs Micro, Small and Medium Enterprises MSMEsMSP Minimum Support PriceMT Metric TonneMTFP Medium Term Fiscal PolicyMTNL Mahanagar Telephone Nigam LimitedMTOE Million Tonne of Oil EquivalentMTPA Million Tonnes Per AnnumMVA mega volt ampere MW MegawattNABARD National Bank for Agriculture and Rural DevelopmentNAFCC National Adaptation Fund on Climate ChangeNAPCC National Action Plan on Climate ChangeNAPS National Apprenticeship Promotion SchemeNARS National Agricultural Research SystemNASSCOM National Association of Software and Services CompaniesNBB National Bee BoardNBC Net Borrowing CeilingNBE National Board of ExaminationNBHM National Beekeeping and Honey MissionNBS Nutrient Based SubsidyNCAP National Carbonaceous Aerosols ProgrammeNCAP National Clean Air ProgrammeNCDEX National Commodity and Derivatives ExchangeNCERT National Council of Educational Research and TrainingNCEUS National Commission for Enterprises in Unorganized SectorNCIVE National Committee for the Integration of Vocational EducationNCLT National Company Law TribunalNCR National Capital RegionNDC Nationally Determined ContributionNDEAR National Digital Education ArchitectureNDRF National Disaster Response Fund

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NDS OM Negotiated Dealing System-Order MatchingNEER Nominal Effective Exchange Rate NEGVAC National Expert Group on Vaccine Administration for COVID-19NEIA National Export Insurance AccountNEP National Education PolicyNER North-Eastern RegionNERAMAC North Eastern Regional Agricultural Marketing Corporation Ltd.NFHS National Family Health SurveyNFSA National Food Security ActNFSM National Food Security MissionNGFS Network for Greening the Financial SystemNGO Non-Government OrganisationNGPEs Non-government/private entitiesNH National Highways NHA National Health AuthorityNHB National Housing BankNIF National Indicator FrameworkNIP National Infrastructure Pipeline NITI National Institution for Transforming IndiaNLMC National Land Monetisation CorporationNMCG National Mission for Clean GangaNMEEE National Mission for Enhanced Energy EfficiencyNMEO-OP National Mission on Edible Oils - Oil PalmNMP National Master PlanNMP National Monetisation PipelineNMP National Monetization Plan NMR Neonatal Mortality RateNMSH National Mission on Sustainable HabitatNMSKCC National Mission on Strategic Knowledge for Climate ChangeNNPA Net Non-Performing AssetsNOC No Objection CertificateNPCC National Projects Construction Corporation LimitedNPCL National Payments Corporation of IndiaNPE National Policy on Electronics NPPA National Pharmaceutical Pricing AuthorityNPS National Pension SchemeNPV Net Present Value NRI Non-Resident IndianNRI Non-Resident IndianNRM Natural Resource ManagementNRP National Rail Plan NSDC National Skill Development CorporationNSE National Stock Exchange of India LtdNSIL New Space India LimitedNSM National Solar Mission

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NSO National Statistical OfficeNSSF National Small Savings FundNSSO National Sample Survey OfficeNW National WaterwayNWM National Water MissionODF Open Defecation FreeODL Open Distance LearningODOP One District One ProductOEA Office of the Economic AdviserOECD Organisation for Economic Cooperation and DevelopmentOFC Optical Fiber Cable OFS Offer For SaleOMSS(D) Open Market Sale Scheme-DomesticOMSS Open Market Sale SchemeONORC One Nation One Ration CardOPD Out Patient DepartmentOPEC+ Organization of the Petroleum Exporting Countries and its alliesOSH & WC Occupational Safety, Health and Working ConditionsOSP Other Services ProvidersPA Provisional ActualsPAT Perform Achieve and TradePBBY Pravasi Bharatiya Bima YojanaPD Primary DeficitPDM Potash Derived from MolassesPDS Public Distribution SystemPE Provisional EstimatesPEG Private Entrepreneurs GuaranteePFMS Public Finance Management SystemPIB Press Information BureauPIBO Producer, Importer and Brand OwnerPIO Person of Indian OriginPKVY Paramparagat Krishi Vikas YojanaPLFS Periodic Labour Force SurveyPLI Production-Linked IncentivePM CARES Prime Minister’s Citizen Assistance and Relief in Emergency SituationsPM DAKSH Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi YojanaPM POSHAN Pradhan Mantri Poshan Shakti NirmanPM Particulate MatterPM-GKRA Pradhan Mantri Garib Kalyan Rojgar AbhiyaanPM-ABHIM PM-Ayushman Bharat Health Infrastructure MissionPM-ASBY Pradhan Mantri Atma Nirbhar Swasth Bharat YojanaPMAY Pradhan Mantri Awas YojanaPMEGP Prime Minister Employment Generation Programme PMFBY Pradhan Mantri Fasal Bima YojanaPM-FME Prime Minister-Formalisation of Micro Food Processing Enterprises

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PMGKY Pradhan Mantri Garib Kalyan YojanaPMGSY Pradhan Mantri Gram Sadak YojanaPMI Purchasing Manager’s IndexPM-KISAN Pradhan Mantri Kisan Samman NidhiPMKK Pradhan Mantri Kaushal KendrasPMKSY Pradhan Mantri Kisan SAMPADA YojanaPMKSY-PDMC Pradhan Mantri Krishi Sinchayee Yojana – Per Drop More CropPM-KUSUM Pradhan Mantri Kisan Urja Suraksha evam Utthaan MahabhiyanPMKVY Pradhan Mantri Kaushal Vikas YojanaPMMSY Pradhan Mantri Matsya Sampad YojanaPMP Phase Manufacturing PlanPMRUs Price Monitoring and Resource UnitsPMSSY Pradhan Mantri Swasthya Suraksha YojanaPM-SYM Pradhan Mantri Shram Yogi Maan-DhanPMUY Pradhan Mantri Ujjwala YojanaPNGRB Petroleum and Natural Gas Regulatory Board POL Petroleum, Oil and LubricantsPoS Point of SalePOSHAN Prime Minister’s Overarching Scheme for Holistic NutritionPPE Personal Protective EquipmentPPP Public Private PartnershipPPPAC Public Private Partnership Appraisal Committee PPPs Public Private Partnerships PSE Public Sector Enterprise POSOCO Power System Operation Corporation Limited PSU Public Sector Undertaking PTA Preferential Trade AgreementPTD Price to DistributorPV PhotovoltaicQCBS Quality-cum-Cost Based SelectionQCO Quality Control Order QE Quantitative EasingQRR Quarterly Revenue Recovery R&D Research and DevelopmentRBA Reserve Bank of AustraliaRBI Reserve Bank of IndiaRCH Reproductive & Child HealthRCPLWEA Road Connectivity Project for Left Wing Extremism Affected AreasRD Revenue DeficitRDG Retail Direct GiltRE Revised EstimateREC Rural Electrification Corporation LimitedREER Real Effective Exchange RateRES renewable energy resource RFID Radio Frequency Identification

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RKVY Rashtriya Krishi Vikas YojanaRMS Risk Management SystemROA Return on AssetsRoC Registrar of CompaniesRoDTEP Remission of Duties and Taxes on Exported ProductsROE Return on EquityRPL Recognition of Prior LearningRSETIs Rural Self Employment Training InstitutesRTE Right To EducationS&DT Special and Differential Treatment SACFA Standing Advisory Committee on Radio Frequency AllocationSAGY Sansad Adarsh Gram YojanaSAP State Advised PriceSAPCC State Action Plan on Climate ChangeSAS Situation Assessment SurveySATS Air India (AI) Singapore Airport Terminal Services SAUBHAGYA Pradhan Mantri Sahaj Bijli Har Ghar YojanaSBSTA Subsidiary Body for Scientific and Technological AdviceSCAMHP Standing Committee on Affordable Medicines and Health ProductsSDG Sustainable Development GoalsSDGs Sustainable Development GoalsSDMF State Disaster Mitigation FundSDR Special Drawing RightsSDRF State Disaster Response FundSDRMF State Disaster Risk Management FundSEZ Special Economic ZonesSFURTI Scheme of Fund for Regeneration of Traditional Industries SH State-Highways SHGs Self Help GroupsSIAM Society of Indian Automobile ManufacturersSIDS Small Island Developing StatesSISFS Startup India Seed Fund SchemeSLDE Secured Logistics Document ExchangeSoP Standard Operating ProcedureSPECS Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors SPSE State Public Sector EnterpriseSPV Special Purpose VehicleSRS Sample Registration Based SystemSSAP State Specific Action PlanSTL Seasonal-Trend Decomposition Procedure based on LoessSTT Securities Transaction TaxSTT Short Term TrainingSUC Spectrum Usage Charge SWC State-Warehousing CorporationTCS Tax Collected at Source

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TDS Tax Deducted at SourceTFR Total Fertility RateTHDC Tehri Hydro Development Corporation LimitedTIES Trade Infrastructure for Export SchemeTLTRO Targeted Long Term Repo OperationsTMA Transport and Marketing AssistanceTMA Tractor and Mechanization AssociationTOP Tomato, Onion and PotatoTPDS Targeted Public Distribution SystemTRIPS Trade-Related Aspects of Intellectual Property RightsTRT Turnaround TimeTSP Telecom Service Providers U5MR Under five Mortality RateUAN Universal Account NumberUDISE Unified District Information System for EducationUED Union Excise DutiesUK United KingdomUPI Unified Payments InterfaceULB Urban Local BodiesUNCITRAL United Nations Commission on International Trade LawUNESCAP United Nations Economic and Social Commission for Asia PacificUNFCCC United Nations Framework Convention on Climate ChangeUR Udyam Registration UR Unemployment RateUSA United States of AmericaUSD United States DollarUT Union TerritoryUW Unorganised WorkersVAP Village Action PlanVAT Value Added TaxVGF Viability Gap Funding VIX Volatility IndexVRRR Variable Rate Reverse RepoVWSC Village Water & Sanitation CommitteeWACR Weighted Average Call rateWALR Weighted Average Lending RateWATDR Weighted Average Domestic Term Deposit RateWEO World Economic OutlookWHO World Health OrganisationWPI Wholesale Price IndexWPR Worker Population RatioWSA World Steel Association WTO World Trade OrganizationXV-FC Fifteenth Finance CommissionYoY Year on Year