Manufacturing, auto sales and other consumer activity have revived to above pre-pandemic levels.
Reserve Bank of India on Wednesday expectedly left interest rates unchanged and maintained an accommodative stance as the economy faces a renewed threat.
Premier Li also set a target for urban unemployment rate of around 5.5 per cent, with a goal of more than 11 million new urban jobs, up from nine million last year.
The economy would have been even worse if not for the country's technology exports, which saw increased demand driven by personal computers and servers.
On Friday, the BSE Sensex had crashed 1,939.32 points or 3.80 per cent to end at 49,099.99 – its worst one-day fall since May 4 last year.
The economy expanded 1 per cent in the fourth quarter, a second consecutive quarter of growth.
Excluding these two items, fiscal deficit could have been lower by 0.5-1.0 per cent in fiscal 2021 and 0.6 per cent in fiscal 2022, the rating agency's research report said.
The projection is in line with the estimates in the Union Budget 2021-22 presented in Parliament earlier this week.
Even in the best of times, a vast majority of Indian artists struggle to find patrons for their art and earn a decent income. During the lockdown - with art galleries closed and no projects - many artists were forced to sit at homes, while the future looked gloomy.
Q4 2020 was a particularly challenging quarter for many OEMs, especially those who manufacture devices for the prepaid and lower price band markets," Jeff Fieldhack, US Mobile Devices and Carrier Strategies Director at Counterpoint
Amid exceptional uncertainty, the global economy is projected to grow 5.5 per cent in 2021 and 4.2 per cent in 2022.
The decline in FDI inflows was concentrated in developed countries, where fund flows fell by 69 per cent to an estimated USD 229 billion.
Bajaj Fiserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank and Axis Bank.