Economic Survey 2020-21 Updates: India becomes leading country for flexi-staffing, platform workers

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Updated: January 29, 2021 10:47:15 pm

Economic Survey of India 2021, Budget Economic Survey 2020-21: FM Nirmala Sitharaman has tabled the Economic Survey 2020-21 in the Lok Sabha.

Economic Survey of India 2021 Live, Budget Economic Survey 2020-21 LiveEconomic Survey of India 2021 Live: Will the economic survey this time, hold out hopes on economic recovery backed by strategies and ideas to manage it well?

Economic Survey 2021 India Updates: The budget session of the parliament has begun with President Kovind’s address to the Joint Session of Parliament. Nirmala Sitharaman has tabled the Economic Survey 2020-21 in the Lok Sabha. GDP growth is seen expanding by 11% in the 2021-22 fiscal. The gross domestic product (GDP) contracted by a record 23.9 per cent in April-June and by 7.5 per cent in the second quarter. For the full fiscal year 2020-21, the survey projected a contraction of 7.7 per cent. The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year. The economic scars that the Indian economy is currently having to cope with run rather deep and are fairly challenging. For the first time, there was de-growth. The economy is technically in a recession having been witness to a contraction in the Gross Domestic Product (GDP) for the last two consecutive quarters.

Watch: Economic Survey 2020-21: Press Conference by Chief Economic Advisor Dr KV Subramanian

Experts hope the attempt to assess the health of the Indian economy and measures required to revive it will not just look at ways to rebound from the de-growth but also come up with big ideas. These need to be around driving the economy onto a high growth path while also ensuring it recovers the lost ground. There may also be sections devoted to agriculture reforms, health care, banking and the MSMEs (Micro Small & Medium Enterprises).

Read More: What is Economic Survey?

Like most economic surveys every year, the Economic Survey 2020-21 has presented a picture of the economic health of the country and giving a sneak peek into what to reasonably expect from the Union budget that finance minister Nirmala Sitharaman will present on February 1. Financial Express Online brings to you the latest on the Economic Survey 2020-21. Stay tuned for LIVE updates:

Live Blog

Economic Survey 2021: Indian Budget Economic Survey 2021 Announcements, Economic Survey 2021 India Updates

Highlights

    22:41 (IST)29 Jan 2021
    India’s debt levels to reduce even in low-growth scenario, says CEA K V Subramanian

    Chief Economic Adviser K V Subramanian on Friday said economic growth leads to debt sustainability and even if India were to have real GDP growth rate as low as 3.8 per cent each year from 2022-23 to 2028-29, the country’s debt levels will still come down. Subramanian further said India has a track record of having adopted expansionary fiscal policy focused on infrastructure spending. READ MORE

    21:01 (IST)29 Jan 2021
    India emerges as leading country for flexi-staffing, platform workers: Eco Survey 2021

    India has emerged as one of the largest countries for flexi-staffing or gig and platform workers, as e-commerce platforms created massive opportunities amid the pandemic, according to the Economic Survey 2020-21. “The lockdown period also saw the growth of the gig economy and increasing work from home in the organised sector,” the survey tabled in Parliament said on Friday.

    According to the policy document, the nature of work has been changing with the change in technology, the evolution of new economic activities, innovation in organisation structures and evolving business models. READ MORE

    20:23 (IST)29 Jan 2021
    Economic Survey 2021 Live: Improved monetary policy transmission brings down interest rate for borrowers

    The Economic Survey on Friday said that the monetary policy transmission has improved resulting in fast lowering of interest rate for borrowers. Despite reduction in rates by 250 basis points since February 2019, credit growth of banks slowed down to 6.7 per cent as on January 1, 2021. I READ MORE

    20:16 (IST)29 Jan 2021
    Economic Survey 2021 Live: Rising Bangladesh exports hold lessons for India

    The Economic Survey 2021 on Friday suggested that India can take some “lessons” from Bangladesh, a strong exporting nation, and focus on specialising in products in which it is competitive. It said that Bangladesh seems poised to emerge as a dominant exporter as its outbound shipments posted an impressive compounded annual growth rate (CAGR) of 8.6 per cent during 2011-2019, compared to 0.9 per cent for India and 0.4 per cent for the world. I READ MORE

     
    20:07 (IST)29 Jan 2021
    Economic Survey 2021 Live: New farm laws will have multiple benefits for farmers, says Chief Economic Adviser K V Subramanian

    Amid the ongoing controversy over the three new farm laws, Chief Economic Adviser K V Subramanian on Friday said legislations will have multiple benefits for the farmers. Farmers, mainly from Punjab, Haryana and UP, are protesting against the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act, 2020, the Farmers Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, and the Essential Commodities (Amendment) Act, 2020. I READ MORE

    19:59 (IST)29 Jan 2021
    Economic Survey 2021 Live: Indian startup ecosystem has potential to be growth engine in medium to long run

    The Indian startup ecosystem, which defied odds during a pandemic-hit year to create record 12 unicorns, has the potential to be the engine of growth in the medium to long run, according to the Economic Survey 2020-21. |READ MORE

    19:52 (IST)29 Jan 2021
    Economic Survey 2021 Live: Onion prices skyrocket in Aug-Nov every year; govt must review buffer stock policy

    Expressing concern over a sharp rise in onion prices during August-November every year, the Economic Survey recommended review of the government’s buffer stock policy, adding that the key kitchen item should be stored in modern cold storage facilities and distributed timely to reduce wastage of huge quantities. I READ MORE 

    19:40 (IST)29 Jan 2021
    Economic Survey 2021 Live: Fund raising via public equity issuance surges 46 pc to Rs 92,000 crore in Apr-Dec

    Indian companies garnered close to Rs 92,000 crore through public issuance of equity during April-December this fiscal, a 46 per cent jump from the preceding financial year, with rights issue remaining the most preferred route for financing business needs. Companies had raised Rs 62,816 crore in the April-December period of 2019-20, according to the Economic Survey tabled in Parliament on Friday. I READ MORE

    19:33 (IST)29 Jan 2021
    Economic Survey 2021 Live: Expenditure on social services rises 12% to Rs 17 lakh crore in FY21

    The combined expenditure of the Centre and the state governments in the social services sector increased to Rs 17.16 lakh crore during the financial year 2020-21, according to the Economic Survey. At Rs 17.16 lakh crore, the expenditure is 12 per cent higher from Rs 15.31 lakh crore (revised estimate) in the financial year 2019-20. | READ MORE

    19:27 (IST)29 Jan 2021
    Economic Survey 2021 Live: What the Finance Minister should announce in Budget 2021 to promote India’s digital growth

    Covid-19 pandemic gripped the world in year 2020 and shoved it towards a new order of doing things. While the pandemic slowly and steadily spread across the world, it changed a lot of perceptions, touched the life of every one of us in its own way and taught us a decade worth of lessons. It gave us a fast paced peek into the future and while we were scrambling to adjust to the new ways, many people have been left far behind, yet again! I READ MORE

    19:18 (IST)29 Jan 2021
    Economic Survey 2021 Live: Highways construction to regain high pace of pre-COVID level, says Economic Survey

    Highways construction will regain fast-pace of the pre-COVID level on the back of multiple initiatives and unlocking of the economy, the Economic Survey 2020-21 said on Friday. The COVID-19 shock resulted in the decline of road construction to 22 km a day in the current fiscal from 30 km a day in FY19. I READ MORE

    19:11 (IST)29 Jan 2021
    Economic Survey 2021 Live: Need to promote non-discriminatory practices at workplace for women, says Economic Survey

    Economic Survey 2021 India: There is a need to promote non-discriminatory practices at the workplace like pay and career progression, improving work incentives and social security benefits for women to increase the level of female labour force participation rate in India, said the Economic Survey tabled in Parliament on Friday. IREAD MORE

    19:05 (IST)29 Jan 2021
    Economic Survey 2021 Live: Fiscal deficit soars to Rs 11.6 lakh cr at December end

    Union government’s fiscal deficit soared to Rs 11.58 lakh crore or 145.5 per cent of the budget estimate at the end of December 2020, mainly on account of lower revenue realisation. Revenue realisation was hit by disruptions in normal business activities following the coronavirus pandemic and lockdowns. |READ MORE

    18:59 (IST)29 Jan 2021
    Economic Survey 2021 Live: Economic Survey flags high T&D losses in power sector

    India’s transmission and distribution (T&D) losses in the power sector are “substantial” and are very high compared to peer nations, flagged the Economic Survey for 2020-21. The T&D losses represent electricity that is generated but does not reach intended customers. |READ MORE

    18:57 (IST)29 Jan 2021
    Economic Survey 2021 Live: Rapid internet, broadband uptake; reduced data cost could enable affordable access

    Internet and broadband penetration across both urban and rural areas progressed rapidly, and the reduced cost of data could enable the affordable access at a fast pace, the Pre-Budget Economic Survey said on Friday. |READ MORE

    18:47 (IST)29 Jan 2021
    Economic Survey 2021 Live: Eight core industries’ output contracts 1.3% in December 2020

    The output of eight core infrastructure sectors contracted by 1.3 per cent in December 2020 dragged down by poor show by crude oil, natural gas, refinery products, fertiliser, steel and cement sectors. The production of eight core sectors had expanded by 3.1 per cent in December 2019, according to the data released by the Commerce and Industry Ministry on Friday. |READ MORE

    18:39 (IST)29 Jan 2021
    Economic Survey 2021: Calibrated response to deal with pandemic leaves room for more fiscal measures

    The government’s calibrated fiscal response in reviving economic growth hit by the outbreak of COVID-19 pandemic leaves India with a greater elbow room to deploy fiscal resources in the future, the Economic Survey said on Friday. In order to facilitate a resilient recovery of the economy from the impact of COVID-19 pandemic and the following lockdown, Government of India and Reserve Bank of India (RBI) together announced a total stimulus worth Rs 29.87 lakh crore, which is 15 per cent of national GDP. |READ MORE

    18:35 (IST)29 Jan 2021
    Economic Survey 2021 Live: Need to see agriculture as modern biz enterprise; urgent reforms required

    Lauding the farm sector for demonstrating resilience during the pandemic, the Economic Survey on Friday suggested the government to see farm sector as a “modern business enterprise” for which “urgent reforms” are required to enable sustainable and consistent growth. India’s agricultural sector has shown its resilience amid the adversities of COVID-19 induced lockdowns, the Survey noted. |READ MORE

    18:30 (IST)29 Jan 2021
    Economic Survey 2021 Live: Industry reaction — Harsh Jain, Co-founder and COO, Groww

    "The Economic Survey forecasts the GDP growth to be back to 6-7% levels by FY 24. The survey also predicts a GDP growth of 11% in FY 22 based on the economy's inherent strengths and low base effect. The survey has recommended expansionary fiscal policy, increased privatization measures for disinvestment, and lesser regulations in certain sectors. The survey recommended an asset quality review for banks when the Covid related relief measures announced by the RBI end. These are welcome steps, which if implemented, would undoubtedly give the much-needed boost to the economy.": Harsh Jain, Co-founder and COO, Groww

    18:26 (IST)29 Jan 2021
    Economic Survey 2021 Live: Take a look at key highlights of survey

    Following are the highlights of Economic Survey 2020-21, tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday. 

    State of economy amidst once in a century crisis: * Economic contraction projected at 7.7 pc in FY21* 11 pc GDP growth projected in FY22, farm sector remains silver lining* V-shaped recovery supported by COVID vaccination drive* Rebound to be led by low base and continued normalization in economic activities as vaccine rollout gathers traction. |READ MORE

    18:25 (IST)29 Jan 2021
    Economic Survey 2021 Live: Sales of affordable homes improving; signalling recovery in real estate sector

    The COVID-19 pandemic affected the residential property market during the April-June period last year but sales have improved in affordable homes segment since July onwards, reflecting economic recovery in the real estate sector, according to the Economic Survey. |READ MORE

    18:18 (IST)29 Jan 2021
    Economic Survey 2021 Live: India reaping 'lockdown dividend' by saving lives and livelihood

    India is reaping the "lockdown dividend" from the preventive measures it adopted at the onset of the COVID-19 pandemic indicating its willingness to take short-term pain for long-term gain, said the Economic Survey tabled in Parliament on Friday. The document also said despite the hard-hitting economic shock created by the global pandemic, India is witnessing a V-shaped recovery with a stable macroeconomic situation aided by a stable currency, comfortable current account, burgeoning forex reserves, and encouraging signs in the manufacturing sector output. "India is reaping the 'lockdown dividend' from the brave, preventive measures adopted at the onset of the pandemic...," it said in the opening chapter titled 'Saving Lives and Livelihoods Amidst a Once-in-a-Century Crisis'. (PTI)

    18:11 (IST)29 Jan 2021
    Economic Survey 2021 Live: Five things to judge the budget by (Opinion)

    OPINION| Whether finance minister Nirmala Sitharaman can pull off the one-in-a-hundred-year budget she spoke of remains to be seen, but it is clear she has a daunting task. She must spend a lot to take care of the Covid-induced collapse in, especially, the informal part of the economy – without this, the economy will remain sluggish after FY22 – but, at the same time, convince bond markets, and rating agencies, that this is a one-off that will make both debt and deficits reduce over 2-3 years. |READ MORE

    18:08 (IST)29 Jan 2021
    Economic Survey 2021 Live: Economic Survey calls for AQR immediately after withdrawal of forbearance

    An asset quality review (AQR) exercise must be conducted immediately after the forbearance is withdrawn, the Economic Survey 2020-21 has said. Forbearance represents emergency medicine that should be discontinued at the first opportunity when the economy exhibits recovery, not a staple diet that gets continued for years, the Survey, which was tabled in Parliament on Friday, stated. |READ MORE

    18:03 (IST)29 Jan 2021
    Economic Survey 2021 Live: Survey is assessment on Covid management by India

    "The Economic Survey 2021 has focused on an assessment of how the COVID-19 pandemic is being managed, the trade-offs between the differing compulsions of community health protection and economic recovery, with the protection of lives being the paramount consideration; how to manage the dialectical tensions between ramping up growth and reducing inequality; the need for sensible regulations, as well as the centrality of innovation for fostering growth. The Survey also points to the need for ramping up public spending in healthcare as well as in community surveillance and protection; and  the need to revive and fortify investments in infrastructure creation as delineated in the National Infrastructure Pipeline. This focus on accelerating infrastructure creation is expected to yield three-fold benefits: improving people’s ease of living, priming the economy, and absorbing large numbers of the young into non-farm employment. The Economic Survey aims to chart a way out of the pandemic crisis, towards a future of robust growth, as also suggested by the IMF’s World Economic Outlook of January 2021," Arun. M. Kumar, Chairman and CEO, KPMG in India, said.

    17:58 (IST)29 Jan 2021
    Economic Survey 2021 Live: Economic survey suggests change in weightage of food items to gauge true picture of inflation

    The economic survey for 2020-21 has suggested revision in the weightage of food items to gauge the true picture of inflation in the country, and said new sources of price data also need to be incorporated in the wake of increasing retail e-commerce transactions. |READ MORE

    17:56 (IST)29 Jan 2021
    Economic Survey 2021 Live: Improvement in access to bare necessities but disparities continue

    Disparities continue to exist despite improvements in people’s access to ‘the bare necessities’ across India in 2018 from 2012, and appropriate strategy needs to be designed for the country to achieve SDG goals by 2030, according to the Economic Survey 2020-21. |READ MORE

    17:53 (IST)29 Jan 2021
    Economic Survey 2021 Live: Govt data says GDP growth rate for 2019-20 revised downwards to 4% from 4.2% estimated earlier

    GDP growth rate for 2019-20 revised downwards to 4 pc from 4.2 pc estimated earlier: Govt data |READ MORE

    17:53 (IST)29 Jan 2021
    Economic Survey 2021 Live: Internet penetration to rural areas up rapidly

    Internet and broadband penetration across both urban and rural areas progressed rapidly, and the reduced cost of data could enable affordable access at a fast pace, the Pre-Budget Economic Survey said on Friday.

    17:42 (IST)29 Jan 2021
    Economic Survey 2021 Live: Vocational courses to be introduced for classes 9 to 12

    Vocational courses will be introduced phase-wise in schools for classes 9 to 12 to expose students to skill development avenues, as part of the Centre's flagship skilling scheme Pradhan Mantri Kaushal Vikas Yojana 3.0, according to the Economic Survey 2020-21 tabled in Parliament on Friday. The Survey for the financial year ending March said merely 2.4 per cent of India's workforce in the age group of 15-59 years have received formal vocational or technical training, while another 8.9 per cent obtained training through informal sources. "Out of the 8.9 per cent workforce who received non-formal training, the largest chunk is contributed by on-the-job training (3.3 per cent), followed by self-learning (2.5 per cent) and hereditary sources (2.1 per cent) and other sources (1 per cent)," the survey stated. | READ MORE

    17:21 (IST)29 Jan 2021
    Economic Survey 2021 Live: India's exports likely to go down

    India's exports are expected to contract by 5.8 per cent and imports by 11.3 per cent during the second half of the current financial year, though the implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021. |READ MORE

    16:44 (IST)29 Jan 2021
    Economic Survey 2021 Live: Higher charges levied by private hospitals do not necessarily ensure higher quality of care, says Chief Economic Advisor

    "Higher charges levied by private hospitals do not necessarily ensure a higher quality of care, as readmission rates show. Need better regulation of health care," reveals Economic Survey 2021, citing market failure due to information asymmetry.

    16:39 (IST)29 Jan 2021
    Economic Survey 2021 Live: Covid impact on healthcare

    Economic Survey 2021 points to endemic information asymmetry problems that lead to market failures in healthcare. Private hospitals in India charge much higher for the same treatment, as compared to government hospitals, says Chief Economic Advisor.

    16:33 (IST)29 Jan 2021
    Economic Survey 2021 Live: India likely to witness current account surplus after 17 years

    India is expected to witness a current account surplus after a gap of 17 years. Foreign exchange reserves rose to all-time high of US USD586.1 Billion as of January 8, 2021. External debt decreases by USD 2.0 Billion, says Chief Economic Advisor.

    16:30 (IST)29 Jan 2021
    Economic Survey 2021 Live: PMJAY has strong positive impact, says CEA

    The key finding of Economic Survey 2021 reveals a strong positive impact of Pradhan Mantri Jan Arogya Yojana (PMJAY) on health outcomes, says Chief Economic Advisor. |READ MORE

    16:24 (IST)29 Jan 2021
    Economic Survey 2021 Live: Sovereign Credit Rating Methodology needs correction, says Chief Economic Advisor

    "The Sovereign Credit Rating Methodology needs correction, current ratings do not reflect fundamentals, they also affect foreign investment flow in a mechanical manner," Chief Economic Advisor KV Subramanian said.

    16:22 (IST)29 Jan 2021
    Economic Survey 2021 Live: Why did India, China lag in credit ratings?

    "Fifth largest economy has typically been rated 'AAA' except for China (A-) and India (BBB+). Emerging giants are not getting the credit ratings their economic fundamentals demand," according to Economic Survey 2021. 

    16:18 (IST)29 Jan 2021
    Economic Survey 2021 Live: India’s fiscal policy must not beholden to fear of rating downgrade, says Chief Economic Advisor

    "Economic Survey 2021 shows no major adverse impact of past episodes of sovereign credit rating changes for India. India’s fiscal policy must not remain beholden to fear of rating downgrade," Chief Economic Advisor K V Subramanian said.

    16:12 (IST)29 Jan 2021
    Economic Survey 2021 Live: Public health spending must go up to 3 per cent of GDP

    Economic Survey 2021 strongly recommends an increase in public health spending from 1 per cent to 2.5 per cent to 3 per cent of GDP. "Increased healthcare spending can reduce out-of-pocket expenditure from 65 per cent to 35 per cent of overall healthcare spend", as per details provided by Economic Survey 2021. 

    16:08 (IST)29 Jan 2021
    Economic Survey 2021 Live: GDP growth will recover, lost human lives can't be brought back, says Chief Economic Advisor

    India focused on saving lives and livelihoods as it recognized that the GDP growth will recover, lost human lives cannot be brought back. India was the only country to announce structural reforms, said Chief Economic Advisor Krishnamurthy Venkata Subramanian.