Budget 2021 | Early Lockdown Saved Many Lives, Helped Speedy Recovery, Reveals Economic Survey 2021
Budget Economic Survey 2021 HIGHLIGHTS: Ahead of the crucial Economic Survey which was tabled by Finance Minister Nirmala Sitharaman in Lok Sabha, Parliament kicked-started the Budget session with President Ram Nath Kovind's joint address to both the Houses. During his speech, President strongly defended the three contentious agri laws and slammed as "very unfortunate" the violence during the farmers' tractor parade on Republic Day. Soon after arriving at the Parliament, PM Modi spoke to reporters and said the first session of this decade is very important for the bright future of India. Meanwhile, President's address was boycotted by over 20 opposition parties in support of the demand of protesting farmers that the three laws be repealed. Keep refreshing this page to get all LIVE UPDATES from Budget Session of the Parliament:
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Background
Budget Economic Survey 2021 HIGHLIGHTS: With Parliament's Budget session all set to kickoff, Finance Minister Nirmala Sitharaman will table the Economic Survey 2020-21 on Friday amid massive uproar by the Opposition parties over host of issues including the ongoing farmers' protest, recession, job losses, government's handling of Covid-19 crisis and others.
Generally the Economic Survey is presented a day before Union Budget, but this year as the Budget will be presented on February 1 (Monday - following a weeked), the survey is being presented earlier than usual.
The Economic Survey is a detailed report of state of economy in the last financial year which is prepared by the Economic Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Adviser. The entire Budget session will be held in two parts - January 29 to February 15 and March 8 to April 8 and will have a total of 33 sittings.
Post President's address, the Economic Survey will be presented by Finance Minister Nirmala Sitharaman in the Parliament. As the Budget session has gone paperless this year, all the documents of Economic Survey will be made available soon the official copies are presented on the Table of the House. The copy of the Economic Survey can be downloaded from www.indiabudget.gov.in.
This is also the first time when the members of both the Houses will be seated in three different locations - chambers of both houses and the Central Hall. This session will be held as per COVID-19 protocols, with Rajya Sabha and Lok Sabha meeting in shifts of five hours each -- with the upper house meeting from 9 AM to 2 PM and the lower house in the evening from 3 PM to 8 PM.
Om Prakash Birla Chairs All-Party Meeting
Economic Recovery Due To Timely, Stringent Lockdown: Economic Survey
"Learning from this experience, India implemented an early and stringent lockdown from late March to May to curb the pace of spread of Covid-19. With the economy brought to a standstill for two complete months, the inevitable effect was a 23.9 per cent contraction in GDP as compared to previous year's quarter," CEA said while explaining Economic Survey.
India's Projected GDP Growth
"After an estimated 7.7 per cent pandemic-driven contraction in 2020-21, India's real GDP is projected to record a growth of 11.0 percent in 2021-22 and nominal GDP by 15.4 per cent. These conservative estimates reflect upside potential that can manifest due to the continued normalisation in economic activities as the rollout of COVID-19 vaccines gathers traction," the Economic Survey revealed.
Highlights Of Economic Survey 2021
1. GDP estimated to contract 7.7 pc in current fiscal year ending March 31.
2. Farm sector growth remains silver lining; services, manufacturing, construction hit hardest.
3. India expected to witness current account surplus during the current financial year after a gap of 17 years.
4. India's lockdown strategy prevented 37 lakh COVID-19 cases, 1 lakh deaths.
5. India's real GDP is projected to record a growth of 11.0 percent in 2021-22 and nominal GDP by 15.4 per cent.
Economic Survey On Lockdown
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