The survey, also regarded as the official report card of the union government, gives a roadmap for the country's economy and spells the way forward.
During the last economic survey (Economic Survey 2018-19) the government Thursday projected the country's GDP growth for 2019-20 at 7 percent, up from five-year low of 6.8 per cent, on the back of anticipated pickup in investment and consumption. However, in the wake of the COVID-19 Pandemic, the course of the Indian economy took a downward slope with the country's GDP falling to -23.9 percent in the first quarter.
India's Q1 (Q1 of 2020- 21) GDP Growth
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation releasing the estimates of GDP for the first quarter (April-June) Q1 of 2020-21, both at Constant (2011-12) and Current Prices said, "GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2020-21 is estimated at Rs 25.53 lakh crore, as against Rs 33.08 lakh crore in Q1 of 2019-20, showing a contraction of 22.8 percent".