Finance Minister Nirmala Sitharaman presented the Economic Survey on Friday detailing the state of the economy for the fiscal year 2022.
Notably, Sitharamam will present the Union Budget on February 1. Economic Surveys are generally presented a day before the budget, but the tradition was broken as the budget follows a weekend this year
The Economic Survey 2020-21, authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.
The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year.
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.
The Economic Survey 2021 is of particular significance as it during the Covid pandemic. As per the First Advance Estimates of the government, the economy may contract by 7.7 per cent. The survey is likely to outline plans to put the economy back on track to achieve the $5 trillion goals that were set in 2019.
For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next.
GDP growth is seen expanding by 11 per cent in 2021-22 fiscal (April 2021 to March 2022).
With PTI inputs
For in-depth, objective and more importantly balanced journalism, Click here to subscribe to Outlook Magazine