Economic Survey 2021: India Set For 'V-Shaped Recovery' As GDP Growth Pegged At 11% In FY22

Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 in Parliament on Friday, which projected a contraction of 7.7 per cent for the current fiscal and 'V-shaped recovery' in the next fiscal.

(File Photo/ Getty)

India GDP Growth Rate Predictions: Ahead of the annual Budget to be presented on February 1, Union Finance Minister Nirmala Sitharaman released the Economic Survey 2020-21 in Parliament on Friday, which projected a contraction of 7.7 per cent for the current fiscal and V-shaped recovery in the next fiscal. The survey also indicated GDP growth is seen expanding by 11 per cent in 2021-22 fiscal (April 2021 to March 2022).

The Economic Survey 2020-21, has been prepared under the guidance of Chief Economic Adviser Krishnamurthy Venkata Subramanian and his team. It mentions the state of the economy and the impact of Covid on various sectors including the reforms be implemented to promote growth.

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The annual survey usually focuses on the trends in infrastructure, agricultural and industrial production, employment, prices, exports, imports, money supply, foreign exchange reserves and other factors that have an impact on the Indian economy and the budget.

Here are key highlights of Economic Survey 2020-21

• GDP growth is seen expanding by 11.5 per cent in 2021-22 fiscal (April 2021 to March 2022).
• Besides fulfilling the domestic requirements, India has provided necessary medicines to more than 150 countries. India is also committed to ensuring the availability of vaccines on a global scale: President Ram Nath Kovind.
• "In the last six years, the government has attempted a positive change in every system of agriculture sector from seed to market, so that Indian agriculture can become modern and agriculture can also expand. My government had also decided to give MSP one-and-a-half times more than the cost, following the recommendations of the Swaminathan Commission. Today my government is not only purchasing record quantity on MSP but also increasing the number of procurement centres," he said.
• "In this fight against the pandemic, we lost many citizens. Former President Pranab Mukherjee passed away in this Corona period. Six MPs left us untimely due to COVID. I pay my tribute to all of them," President Ram Nath Kovind added.
• Defending agri laws, President said, "My government would like to clarify that the rights and facilities that were available before the formation of the three farm laws have not been cut short, in fact with these new agricultural reforms the Govt has provided new facilities and rights to farmers.
• "Small and marginal farmers are also a priority for my government. To support such farmers in their small expenses, around Rs 1,13,000 crores have been transferred directly to their accounts, under PM-Kisan Samman Nidhi," President said further in his speech.
• The first session of this decade commences today. This decade is very important for the bright future of India. Keeping in mind this decade, there should be discussions, presentations of different views in this session, said Prime Minister Narendra Modi ahead of the Budget 2021 session.
• This is the Budget Session. For the first time in India's history, in a way, the Finance Minister had to present 4-5 mini budgets in 2020 in the form of different packages. So this Budget will be seen as a part of those 4-5 mini budgets, I believe this: PM Modi at the Parliament.

(With inputs from ANI)