Economic Survey 2020-21: Union Finance Minister Nirmala Sitharaman has presented an Economic Survey in Parliament today. In this survey, the estimate of economic growth for the financial year 2021-22 has been estimated at 11 percent. The Economic Survey is prepared by the Chief Economic Advisor and his team.
New Delhi. The budget session has started in Parliament from today. Finance Minister Nirmala Sitharaman has put an economic survey on the floor of the Lok Sabha. In this time’s economic survey, the economic growth for the financial year 2022 has been estimated at 11 percent. Economic growth rate is expected to shrink by 7.8 percent in FY 2021. For FY 2022, nominal GDP has been estimated at 15.4 per cent. We Shaped Recovery in the economy is projected. The Economic Survey of this time is special in many respects. The economy suffered a major setback due to the Corona virus epidemic. There are many such information and statistics related to the economy in the survey, which will be looked at by many people.
The Economic Survey estimates GDP growth for the next financial year also matters because it gives information about how fast the government expects the economy to recover. The survey also has a roadmap for the Indian economy. Also, in order to become a 5 trillion dollar economy, many things have been given special attention.
What is Economic Survey?
The Economic Survey is an official report on the country’s economy. It is usually presented a day before the general budget. Finance Minister Nirmala Sitharaman presented it in Parliament on Friday. The Chief Economic Advisor and his team are responsible for preparing the Economic Survey. The present Chief Economic Advisor is Krishnamurthy Subramaniam.
What happens in the Economic Survey?
In this, complete information about the condition of the economy is given in detail. It is also told that what are the prospects regarding the future and what challenges will have to be faced on the economic front. It contains information about various sectors and in them, reforms and measures are also mentioned. Looking at the outlook of this survey, policies are made in the future. Apart from the estimates in the Economic Survey, it is also said that why should it be believed that according to this estimate, the economy will see growth or decline. It is also often told that due to which reforms, economic growth can be increased.
IMF expects V-Shaped recovery
In its advance assessment released this month, the Central Statistics Office (CSO) has stated that economic growth will be -7.7 percent for 2020-21. The International Monetary Fund (IMF) says that India’s economy will be 11.5 percent in 2021 and in 2022 it will be around 6.8 percent. It is considered to be the best scenario for the Indian economy. Actually, it refers to V-Shaped Recovery. In this, the faster the economy rolls, the faster it recovers. Demand increases rapidly due to government incentives and policies. Income and output increases, demand increases and people spend more. Companies expand their capacity and employ more people.
