Economic Survey 2020-21 Overview
Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey that details the state of the economy ahead of the government’s Budget for fiscal year beginning April 1, 2021.
Indian Economy Expected to Recover Strongly
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.
GDP Contraction During COVID-19 Pandemic
The gross domestic product (GDP) contracted by a record 23.9% in April-June and by 7.5% in the second quarter.
Economic Survey Projects V-Shaped Recovery
For the full fiscal, the survey projected a contraction of 7.7% and V-shaped recovery in the next.
GDP Growth Forecast for FY 2021-22
GDP growth is seen expanding by 11% in the 2021-22 fiscal (April 2021 to March 2022).
