Government of India presents its Economic Survey and Annual Budget for 2020


Belgrade Security Forum Discussion: To Remain Committed To Values Amid Crisis

This year the Belgrade Security Forum titled...

Is Roger Federer Allowed To Play Under Different Rules?

Roger Federer has been dragged into the...


Brose To Invest €180m In Serbia

Prime Minister Ana Brnabic talked today with Urlich Schrickel, Chief Executive Officer of the Brose Group, which started the...

Deyana Kostadinova Is The New UNICEF Representative In Serbia

Ms. Deyana Kostadinova is the new UNICEF Serbia Representative. Prior to this assignment, she was the Permanent Representative of the...

Coronavirus Digest: Europe Tightens Restrictions To Control Spread Of COVID-19

The Netherlands is going into a partial lockdown for at least four weeks. Meanwhile, Italy has imposed new restrictions...

Belgrade Security Forum Discussion: To Remain Committed To Values Amid Crisis

This year the Belgrade Security Forum titled “No trust – No Peace” is happening under very specific circumstances, deprived...

H.E. Subrata Bhattacharjee, Ambassador of India to Serbia presented highlights of Economic Survey and Annual Budget for 2020 to senior officials of the Serbian Government, representatives of the Foreign Investors Council, Serbian Chamber of Commerce, Serbian Development Agency, Chamber of Commerce and Industry of Vojvodina, and leading Serbian companies including Yugoimport, MK Group, Agrounija, Delta Holding. 

India is the world’s fifth-largest economy after the USA, China, Japan and Germany. Presently, it is a USD 3 trillion economy. India has set itself the target of USD 5 trillion by 2024. India has achieved the average economic growth of 6.9% over the last five years.

While the growth of 5% is estimated for 2019-2020, the projection for growth in 2020-21 stands at 6-6.5%. There has been a very strong focus on growth revival in the Budget 2020.

Government of India presents its Economic Survey and Annual Budget for 2020
Fundamentals of India’s economy remain very strong with structural reforms, inclusive growth and well-contained inflation. As per the World Bank, India is ranked 3rd globally according to the number of newly created firms. India has received USD 284 billion in FDI between 2014-2019. In the previous five years, i.e. 2008-2013, India received USD 190 billion in FDI. There was a 15% jump in FDI inflow to USD 26.1 billion during the first half of 2019-2020. Services and ICT sectors were the main beneficiaries of these FDI inflows. India has also been a major beneficiary of remittances. It received USD 38.4 billion in remittances from overseas Indians during the first half of 2019-20, which was 50% higher than in the previous year.

The clean-up of public sector banks, recapitalization of banks, and facilitation of exit for companies through the newly created Insolvency & Bankruptcy Code (IBC) are underway. The historic reform and introduction of Goods and Services Tax (GST) have integrated India economically.

Government of India presents its Economic Survey and Annual Budget for 2020

In the Budget 2020-21, there has been a very strong focus on agriculture, irrigation and rural development. The sum of USD 28.18 billion has been allocated for this purpose. Social welfare programs for education, health, skill development, nutrition, and cleanliness continue to get large allocations. Infrastructure is another high priority area.

The Government of India launched the National Infrastructure Pipeline under which USD 1.4 trillion will be invested during the next five years.

The Ambassador also highlighted that there are possibilities for Serbia to benefit from India’s economic growth. In 2019, India’s annual global imports stood at USD 514 billion. India’s imports are driven by consumer needs of a growing middle-class numbering over 200 million (comparable with the size of the EU market). India’s import items that could be of interest to Serbia are agricultural products (annual import: USD 16.9 billion). The list also includes fresh fruits like apples, edible oil, paper and paper pulp, wood etc.

India is also a major foreign investor. India’s outward FDIs in equity, loan and guarantees issue was USD 12.6 billion (the financial year 2018-19). Major sectors of India’s investment abroad are automobile, IT, pharmaceuticals, hydrocarbon exploration, steel, tyre, hospitality etc. India’s investments in Serbia are present in sectors like tractors (TAFE acquired IMT); food processing (CG Group); IT parks (Embassy Group); and aluminium panels (Mulk Holding).

There have been some technology tie-ups as well. Mahindra and Sonalika tractors are being assembled in Serbia under technology tie-ups. Similarly, there has been a very recent technology tie-up between Indian Oil Corporation Ltd. (IOCL) and Naftna industrija Srbije (NIS) for INDMAX refining technology.

The Ambassador also enumerated potential areas for imports from India and technology tie-ups with India. These areas are agriculture machinery (India’s participation in the International Agricultural Fair in Novi Sad in 2019 and 2020); information technology; pharmaceuticals; food processing (scope for use of Serbian technology in India –
Serbia’s participation in the World Food India 2017). Particularly, during the current slowdown and disruption in global supply chains, India can be a reliable partner.
Indians are also major foreign travellers. In 2019, 26 million Indians travelled abroad for tourism and leisure.

Traditional destinations of Indian tourists going abroad are Europe, North America, South-East Asia. Visa-Free entry to Serbia for Indian tourists has created new possibilities with over 37,000 Indians visiting Serbia in 2018 and 2019.

Focus on group tourism, tourism/conference package for senior management/dealers/corporations, combining Serbia in the packages for Greece, Turkey, Switzerland, Italy and other popular tourist destinations in Europe could substantially increase Indian tourists to Serbia.

Ayurveda and herbal treatment are other emerging areas for cooperation. Ayurveda is recognized in Serbia as traditional medicine. Herbal treatments in India enjoy global recognition. The application of Indian herbal treatments in Serbian spas could open up new avenues for holistic health care at a very reasonable price. Ayurveda clinics in
Serbia can facilitate similar growth.

In recent years, the shooting of Indian films in Serbia has set a new trend among Indian filmmakers. Bollywood is the world’s largest film producer with about 3000 films produced in 2019. It is generating revenues of over USD 2 billion.

India’s thriving film industry also includes regional films (Tamil, Telugu, Bengali etc.), with around 1600 films produced every year. Traditionally, London, Paris, Switzerland, the USA, South-East Asia, Mauritius used to be popular destinations for Indian filmmakers. Recently, Indian filmmakers have shot some films in Serbia. These are Uri, (Hindi), Chekka Chivantha Vaanam (Tamil), Soorma (Hindi), Baghi-3 (Hindi). The Serbian economy can benefit from the shooting of Indian films in Serbia. This would benefit film shooting equipment, crew, hotel and travel industries.


Related Articles

Celebration Of Sixth International Day Of Yoga In Serbia

The Embassy of India in Belgrade in coordination with the City of Belgrade, yoga centres and instructors, organised a celebration of the sixth International...

Yoga Day 2020: Ambassador Of India Subrata Bhattacharjee Announces This Year’s Event

Exclusively for CorD Magazine in this video, Ambassador of India to Serbia H.E. Subrata Bhattacharjee announced the marking of the International Yoga Day to...

India, Ireland, Mexico And Norway Win Seats On UN Security Council

Four countries were elected to two-year terms on the U.N. Security Council in the first major vote held at the world body amid the...

International Day Of Yoga In Serbia

The Embassy of India in coordination with the City of Belgrade, yoga centres and instructors, will host a celebration of International Day of Yoga...


Embassy Of The Republic Of India

H.E. Mr. Subrata BHATTACHARJEE Ambassador Extraordinary and Plenipotentiary Address: Djordja Radojlovića 7a, Belgrade Tel: +381 11 2440 472 +381 11 2447 039 E-mail: Website: Social:


Prime Minister Modi Extends Nationwide Coronavirus Lockdown Until 3 May

Indian Prime Minister Narendra Modi has extended the country’s nationwide lockdown until 3 May in a bid to contain the continued spread of the...

H.E. Subrata BHATTACHARJEE, Ambassador of India

Prime Minister Modi Leads India’s Fight Against COVID-19 Pandemic

On 30 January 2020, the World Health Organization (WHO) declared Coronavirus/COVID-19 a “Public Health Emergency of International Concern”. This was indeed a matter of...

The World Has a Plan to Fight Coronavirus

Tomas Šib ambasador Nemačke u Srbiji Entoni Godfri​ ambasador Amerike u Srbiji ambasador SAD u Srbiji ambasador u Srbiji Diplomacy in Serbia
WordPress Image Lightbox