The 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.
Reacting to the Economic Survey Sumant Sinha CMD, ReNew Power and Sr Vice President, ASSOCHAM said “It is heartening to note that the economic survey recognises the need to continue on the path of sustainable development and climate change mitigation, two issues that will be critical as India comes out of the pandemic and races to achieve double digit GDP growth in the coming fiscal. The government’s strategy of short term pain for long term gain seems to have played out well considering the economy is now in a V shaped recovery. The survey outlines the need to increase our focus and spend on healthcare which will help the nation build resilience against such adverse events in the future.”
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% in April-June and by 7.5% in the second quarter. For the full fiscal, the survey projected a contraction of 7.7% and V-shaped recovery in the next.
GDP growth is seen expanding by 11% in the 2021-22 fiscal (April 2021 to March 2022).
With PTI Inputs