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: