Economic Survey 2021: Highlights

BL Internet Desk | Updated on January 31, 2021

The Economic Survey 2020-2021 was tabled in the Parliament on Friday.

This comes three days before the Union Budget is presented by Finance Minister Nirmala Sitharman.

The Economic Survey stated the following:

1. GDP growth is projected at 11 pc in 2021-22; India witnessing V-shaped recovery

2. Based on trends available for April to November 2020, there is likely to be fiscal slippage during the year

3. GDP estimated to contract 7.7 pc in current fiscal year ending March 31

4. India's lockdown strategy prevented 37 lakh COVID-19 cases, 1 lakh deaths

5. Farm sector growth remains silver lining; services, manufacturing, construction hit hardest

6. India expected to witness current account surplus during the current financial year after a gap of 17 years

7. India's sovereign credit ratings do not reflect its fundamentals

8. Economic growth has greater impact on poverty alleviation than inequality and India needs to focus on growth to lift poor out of poverty

9. Reforms in tax administration have begun a process of transparency as well as accountability and has incentivised tax compliance

10. The increase in public healthcare spending from 1 per cent to 2.5-3 per cent of GDP can decrease out-of-pocket expenditure on health

11. Asset Quality Review exercise must be conducted immediately after withdrawal of forbearance

Watch the video.

Published on January 31, 2021

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