Economic Survey 2021 Highlights
GDP growth is projected at 11pc in 2021-22; India witnessing V-shaped recovery.
Based on trends available for April to November 2020, there is likely to be fiscal slippage during the year.
GDP estimated to contract 7.1pc in current fiscal year ending March 31.
India's lockdown strategy prevented 37 lakh covid-19 cases, 1 lakh deaths.
Farm sector growth remains silver lining; services, manufacturing, construction hit hardest.
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 reflects its fundamentals.
Economic growth has greater impact on poverty alleviation than inequality and India needs to focus on growth to lift poor out of poverty.
Reforms in tax administration have begun a process of transparency as well as accountability and has incentivized tax compliance.
The increase in public healthcare spending from 1% to 2.5% - 3% of GDP can decrease out-of-pocket expenditure on health.
Asset quality review exercise must be conducted immediately after withdrawal of forbearance.
The Economic Survey of India is an annual document of the Ministry of Finance, Government of India. The Department of Economic Affairs, Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser of India. This document is presented to both Houses of Parliament during the Budget Session.
The first Economic Survey of India was presented in 1950-51 as part of the Union Budget. After 1964 it was separated from the Budget and presented each year during the Budget Session before the presentation of the budget. The document is non-binding. Nevertheless, is constructed and presented each year due to its significance.
The document is the Ministry's view on the state of the economy of the country. This document of the Ministry, the Economic Survey of India reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
The Economic Survey 2020–21 was tabled during the Budget Session of the Parliament on 29 January 2021 by Nirmala Sitharaman, Minister of Finance. The survey was prepared under Krishnamurthy Subramanian, the Chief Economic Advisor (CEA) to the Government of India. The CEA also presents the survey during a press meet after it is tabled in Parliament.
The 2020-21 survey has been conducted in the background of the COVID-19 pandemic and the economic impact of the COVID-19 pandemic in India. A foundational theme of a survey as a result of the pandemic has been "Saving Lives and Livelihoods". The survey goes on to outline epidemiological and economic research related to lockdowns and minimizing losses when uncertainty is very high, in this case the loss being the loss of human life. The survey also notes how a "healthcare crisis can get transformed into an economic and social crisis".
The survey has quotes and explanatory anecdotes from Mahabharata, Rabindranath Thakur, Raghuvansham, A.P.J.Abdul Kalam, Mohandas K. Gandhi, The Jungle Book (look for the bare necessities, the simple bare necessities), a recent India versus Australia cricket match, Tirukkuṟaḷ, 3 Idiots, Malgudi Days and Martin Luther King Jr.