Economic Survey 2021: Finance Minister Nirmala Sitharaman presented the Economic Survey 2020-21 in the Lok Sabha on Friday. Economic survey shows what is the health of the country’s economy. What kind of growth is anticipated next? It can be said that the survey also has a complete account of the current financial year. Talking about the survey, the country’s economic growth rate (GDP) is expected to fall by 7.7 percent in the current financial year. At the same time, GDP growth is projected to be 11 percent for the financial year 2021-22. Earlier, the budget session of Parliament began with the address of President Ram Nath Kovind. Know some special things about this survey.
GDP weakest in 4 decades in FY21
The Economic Survey has projected GDP growth rate for the current financial year 2020-21 to be -7.7 percent. If this happens, it will be the worst data in the last 42 years. Prior to this, there was a 5.2 per cent decline in GDP growth in the financial year 1980, which has been the weakest till now. Explain that due to the constraints in economic activity due to COVID 19, the GDP growth rate was -23.9 percent in the April-June quarter of the current financial year. The GDP growth rate in the July-September quarter was -7.5 per cent.
The economy will bounce back in FY22
According to the Economic Survey, the country’s economy will bounce back rapidly in the financial year 2021-22. The country’s real GDP growth rate is expected to be 11 percent in the next fiscal year. It says that the Indian economy will come out of the effects of the coronavirus and bounce back tremendously.
‘V’ shape recovery in the economy
Economic survey has said that we are seeing recovery in the economy of the country in the next financial year. The recovery in growth will be mainly due to strong consumption. The nominal GDP is expected to be 15.4 percent in the next financial year. At the same time, the real GDP growth rate is expected to be 14.2% in the first half of the financial year 2021-22.
Current account surplus
The survey said that India’s current account surplus could be 2% of GDP in this financial year. Let me tell you that IMF also estimated that India’s real GDP growth rate could be 11.5 percent in the financial year 2021-22.
This time the Economic Survey has been presented in the Parliament on 29 January due to the first Sunday of 31 January is the budget on 1 February. It says that the worst effect of coronavirus infection has been on manufacturing and construction. The highest expectations are from the agricultural sector. The decline in growth has stopped due to the increase in government spending and exports. Estimated to be higher than the combined fiscal deficit target for fiscal year 2021.