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The rollout of mega vaccination drive against Covid-19 and the expected V-shaped economic recovery post lifting of lockdown will catapult India’s economic growth to 11 per cent growth next year, which will be the strongest growth since India liberalised its economy in 1991, according to the Economic Survey for 2021-22. It sees nominal GDP climbing by a whopping 15.4 per cent.
This real GDP growth forecast is much higher than the 7.7 per cent contraction seen for the current fiscal.
The Economic Survey for 2021-22, tabled in the Parliament by Finance Minister Nirmala Sitharaman, also indicated that fiscal deficit for 2020-21 is projected to overshoot the earlier estimated 3.5 per cent of GDP.
Click here to read the full survey
While calling for greater healthcare spends amid Covid-19 pandemic, the Survey has given indications that Budget 2021-22 will focus on nursing the weak growth while not getting unduly worried about the fiscal deficit. Ignore the rating agencies and act freely, the Survey has advised. The Survey also expects India to witness current account surplus during the current financial year after a gap of 17 years.
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