Economic Survey 2020-21 Live Updates: Govt sees V-shaped GDP recovery in FY22 even as 7.7% contraction projected this year

January 29th, 11:45am January 29th, 3:35pm

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Economy

Economic Survey 2020-21 Live Updates: 

Following the Covid breakout and lockdown last year, the GDP had contracted by a record 23.9 per cent in the April-June quarter and further by 7.5 per cent in the second quarter. However, a V-shaped recovery is expected in the next fiscal year, according to the Economic Survey 2020-21.

The Budget session is all set to begin today in the Parliament and President Ram Nath Kovind will address a joint sitting of both Houses, where The Economic Survey 2021 will be tabled by Finance Minister Nirmala SItharaman today.

The Economic Survey of India is usually presented a day ahead of the Union Budget but this time it has been preponed to January 29th. The Chief Economic Advisor (CEA) Krishnamurthy Subramanian will be sharing the document with the houses after it has been tabled, and is the main mastermind who reviews the elements of the Indian economy over the financial year.

As per the Cabinet Committee on Parliamentary Affairs (CCPA) recommendation, the Budget Session be held from January 29 to February 15. The Budget itself will be presented on February 1. The second part of the budget session will be held from March 8 to April 8. As per reports, The CEA Krishnamurthy Subramanian has scheduled to hold a press conference at 2:30 pm on January 29.

What is Economic survey:

The Economic Survey is a tradition that was first presented in 1950-51, over the last few years, the pattern has changed but the crux hasn’t- it’s presented in two volumes – Volume I, Volume II and the statistical appendix.

The first volume outlines the challenges in the Indian economy, whereas the second volume is a general broad-based review of the year passed by, it also includes details like major schemes run by the government as well as key policies and their outcomes.

What to Expect from Economic Survey 2021:

As explained above economic survey deals with the challenges faced by the economy and how to get the economy on track so this year we can expect the Economic survey to include details and outcomes of government policies and schemes during the previous 12-month period.

• The document will help in the understanding of what can be expected on the economic front in the months and years to come.
• This year it is likely the economic survey will focus on the novel coronavirus pandemic-triggered lockdown, as it disrupted the economy in whole. Though there have been strong signs of economic recovery, most experts agree that there’s a long way to go.
• Economy watchers will also be closely looking at official numbers presented in the Economic Survey document as it will help forecast what’s in store for the coming year amid the COVID-19 pandemic.

The talks for Budget 2021 and the economic survey will start in a few hours, so till then, stay tuned for more updates on the economic survey and Budget 2021.