Synopsis
Govt sees FY22 GDP growth at 11 per cent, and nominal GDP (which accounts for inflation) at 15.4 per cent. This would mark the strongest growth since India liberalised its economy in 1991, and the highest nominal growth since India s independence in 1947.
Economic Survey 2020-21 decoded for you
The economic survey tabled on Friday sees a robust growth of 11% for the fiscal year beginning on April 1 on the back of the nationwide vaccination and a rebound in consumer demand.
India, which the International Monetary Fund singled out as a global bright spot only a few years ago, is set to contract 7.7% in this fiscal year, to March 31, the deepest contraction in four decades, the government said in the survey.
Economic Survey 2021 | Timely stringent lockdown ensured V-shaped recovery
The government ensured sectors like MSMEs and policies like PMGKY get fiscal stimulus for ensuring food security through public distribution system, direct benefit transfers to widows, pensioners and women, additional funds for MGNREGS, and debt moratoria and liquidity support for businesses, adds Economic Survey 2021. January 29, 2021 / 04:42 PM IST
Inefficient bank boards and the failure of auditors to understand the ‘ever-greening’ problem added to bad-loan mess, says the survey.
Finance Minister Nirmala Sitharaman, on January 29, tabled the Economic Survey 2021 in Parliament. In the survey, the government elaborated on the V-shaped economic recovery due to timely stringent lockdown amid COVID-19.
CEA KV Subramanian presented Economic Survey 2021 in form of an e-book.
NEW DELHI: Chief economic adviser (CEA) Krishnamurthy Subramanian on Friday presented the Economic Survey 2020-2021 and dedicated it to all the Covid warriors who upheld the country during once-in-a century crisis. He also likened India s economic recovery to the resilience shown by the Indian cricket team in the recently concluded series in Australia.
The survey said the V-shaped economic recovery is due to mega vaccination drive, robust recovery in the services sector, and robust growth in consumption and investment.
Earlier in the day, finance minister Nirmala Sitharaman had tabled the survey both in Lok Sabha and Rajya Sabha.
Economic Survey: Need to revamp CPSE boards for greater transparency
January 29, 2021
Joining the chorus for revamping the boards of the Central Public Sector Enterprises (CPSEs) and re-organise their structure for better functioning is also the Economic Survey, thus raising expectations on some announcement on this front in the Union Budget to be presented on Monday.
“While disinvestment and rationalisation of some of the CPSEs is being planned, there is also a need to strengthen the ones that would be retained in their respective sectors so as to fully meet with the expectations of the government. An important step in this direction would be to completely revamp the Boards of the CPSEs to reorganise their structure, enhance their operational autonomy coupled with strong corporate governance norms including listing on stock exchanges for greater transparency,” the Survey has pointed out in the Chapter dealing with Industry and Infrastructure.
India s economy is likely to grow by 11 per cent in the fiscal year beginning April 1 as a vaccine drive and rebound in consumer demand help it emerge from the carnage inflicted by a strict coronavirus lockdown, the Economic Survey said on Friday. The rebound will follow an estimated 7.7 per cent contraction in the Gross Domestic Product (GDP) in the current financial year ending March 31, the document an annual report card on the economy tabled in Parliament by Finance Minister Nirmala Sitharaman said. This is the steepest annual contraction of the economy in the history of independent India. The economy had last witnessed its last annual contraction of 5.2 per cent in the fiscal year 1979-80.