Economic Survey 2020-21
The budget session of the parliament has begun with President Kovind’s address to the Joint Session of Parliament. Union Finance Minister Nirmala Sitharaman tabled Economic Survey 2020-21 in the Parliament on January 29, 2021. The survey is generally presented a day before the Union Budget. This year, the survey is being presented earlier because the day-before-budget is a Sunday.
Highlights of Economic Survey 2020-21
Theme of Economic Survey 2020-21
- Real growth rate for FY21 is taken as -7.7 per cent (MoSPI) based on IMF estimates.
- The real growth rate for FY22 is assumed as 11.5 per cent based on IMF estimates.
- India’s real GDP is projected to record a growth of 11.0 per cent in 2021-22 and nominal GDP by 15.4 per cent.
- The survey projected a V-shaped recovery: While the lockdown resulted in a 23.9 per cent contraction in GDP in Q1, the recovery has been a V-shaped one as seen in the 7.5 per cent decline in Q2 and the recovery across all key economic indicators.
- Despite the hard hitting economic shock created by the global pandemic, India is witnessing a V-shaped recovery with a stable macroeconomic situation aided by a stable currency, comfortable current account, burgeoning forex reserves, and encouraging signs in the manufacturing sector output.
- Together, prospects for robust growth in consumption and investment have been rekindled with the estimated real GDP growth for FY 2021-22 at 11 per cent.
- India’s mature policy response to this “once-in-a-century” crisis thus provides important lessons for democracies to avoid myopic policymaking and demonstrates the significant benefits of focusing on long-term gains.
- Based on trends available for April to November 2020, there is likely to be fiscal slippage during the year.
- India expected to witness current account surplus during the current financial year after a gap of 17 years.
- India’s sovereign credit ratings do not reflect its fundamentals, the Survey says.
- An Asset Quality Review exercise must be conducted immediately after the forbearance is withdrawn.
- Economic growth has a far greater impact on poverty alleviation than inequality. Therefore, given India’s stage of development, India must continue to focus on economic growth to lift the poor out of poverty by expanding the overall pie.
- Reforms in tax administration have set in motion a process of transparency, accountability and more importantly, enhancing the experience of a tax-payer with the tax authority, thereby incentivising tax compliance.
- This Economic Survey is dedicated to all COVID warriors who upheld India. It also captures the resilience of the Indian economy. Keeping with the times, this year’s Survey is being delivered in e-book format, with an official app for it. Chapter 1 is about India’s policy response to COVID-19 and Saving Lives And Livelihoods amidst a once-in-a-lifetime crisis.
- India’s policy response to COVID-19 was guided by the realization that GDP growth will come back, but not lost human lives. Early intense lockdown saved lives, helped faster recovery. Both on COVID-19 cases & deaths, India has done really well.
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