Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2020-21 in Parliament on Friday. A review of the structure of Parliament before the General Budget, to be presented on February 1, provides detailed information about the state of the economy. A team headed by Chief Economic Advisor Krishnamurthy Venkat Subramaniam has prepared an economic review for 2020-21.
In this, along with providing information about various sectors of the economy, suggestions have been made for further reforms to accelerate economic growth. “Economies affected by the Corona virus epidemic and the ‘lockdown’ imposed for its prevention are expected to recover quickly in the financial year 2021-22,” it said. Economic growth slowed to 23.9 per cent in the first quarter of the current financial year, while it declined to 7.5 per cent in the second quarter. It is projected to decline by 7.7 per cent throughout the financial year. In the next financial year 2021-22, the GDP growth rate is estimated to be 11%.
The Economy Survey estimates V-shaped recovery in the economy. In this, the faster the economy goes down, the faster it goes up. Demand increases rapidly due to government incentives and policies. Income and output increase, demand increases and people spend more. Companies increase their capacity and employ more people.
What is an Economic Survey?
The Economic Survey is a kind of official report on the country’s economy. It is usually presented a day before the general budget. This year, Finance Minister Nirmala Sitharaman presented it three days before the budget. It is the responsibility of India’s Chief Economic Adviser and his team to prepare it. In this, complete information about the state of the economy is given in detail and further estimates are also shown.