Page 432 - ES 2020-21_Volume-1-2 [28-01-21]

Fiscal Developments 59

Figure 5: Above the line measures (as a percent of GDP) - upto September 2020

18.0
16.0
14.0 3.9 4.9
12.0 0.1
10.0 0.2 2.9
8.0 0.0
6.0 10.3 11.6 10.3 2.5 0.9
7.6 1.6
4.0 7.7 7.4 0.0 0.4
2.0 1.5 1.5 1.0 4.6 4.5 0.4 0.5 0.2 4.9
0.9 0.6 0.7 0.9 0.1 1.6 0.5 2.2 0.2 2.2 0.4
0.0 0.2 0.2
United United Canada Japan France Germany Brazil China India Indonesia Mexico Russia South
States Kingdom Africa
Health sector Non-health sector Accelerated spending / deferred revenue
Source: IMF Fiscal Outlook, October 2020.
Includes key fiscal measures announced by the governments in response to the COVID-19 pandemic as of
September 11, 2020
Table 3: Liquidity Support measures (as a percent of GDP) - upto September 2020

Below the line measures: Contingent Contingent
equity injections, loans, liabilities- liabilities-
asset purchase or debt Guarantees Quasi-fiscal
assumptions. operations
United States 0.3 2.2
United Kingdom 0.0 16.5
Canada 0.2 4.0
Japan 3.0 20.7
France 0.9 14.8
Germany 6.0 24.8
Brazil 1.0 5.3
China 0.4 0.9
India 0.3 4.5 0.5
Indonesia 0.2 0.9
Mexico 0.2 0.3
Russia 0.1 0.5 0.5
South Africa 4.1 0.1
Source: IMF Fiscal Outlook, October 2020.

Box 2: Fiscal Stimulus by Government of India

In order to facilitate a resilient recovery of the economy from the impact of COVID-19 pandemic and
the following lockdown, Government of India and RBI together announced a total stimulus worth
` 29.87 lakh crore, which is 15% of national GDP. Out of this, stimulus worth 9% of GDP has been
provided by the Government under Atma Nirbhar Bharat Package. This stimulus was provided in the
following tranches:

a. Special economic and comprehensive package, announced from 13-17 May 2020.
b. Measures to stimulate consumer spending in the economy announced on 12 October 2020.
c. Measures under Atma Nirbhar Bharat 3.0 announced on 12 November 2020.