India is likely to gain an economic growth of 11% in the fiscal year beginning April 1 predicted its annual economic survey later on Friday. This would be a perfect aid for the sharp recovery from the pandemic induced slump this year.
Finance Minister Sitharaman tabled Economic Survey 2020-21 in Lok Sabha declaring a “V-shaped” economic rebound on the back of its vaccination push and a recovery in demand.
The annual survey analyses the trends in infrastructure, agricultural and industrial production, employment, prices, exports, imports, money supply, foreign exchange reserves and other factors having an impact on the Indian economy and the budget. The survey highlights:
- International Monetary Fund (IMF) singled out as a global bright spot only a few years ago is set to contract 7.7% in the current fiscal year to March 31, the deepest contraction in four decades.
- India will re-energise Asia’s third-largest economy with the GDP growth by 11% in 2021-22 fiscal (April 2021 to March 2022).
- Also, the nominal GDP which includes inflation will rise by 15.4%, the highest since India’s independence in 1947.
Experts hope the attempt to assess the health of the Indian economy and measures required to revive it. 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).
“This is the Budget Session for the first time in India’s history where the Finance Minister had to present 4-5 mini budgets in 2020 in the form of different packages. So this Budget will be seen as a part of those 4-5 mini budgets, I believe this,” said PM Modi at the Parliament.
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.
