Ahead of the much awaited Union Budget on February 1, 2021, Union Finance Minister Nirmala Sitharaman presented the Economic Surveyin Lok Sabha that details the state of the economy ahead of the government’s Budget for fiscal year beginning April 1, 2021.
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 per cent in April-June and by 7.5 per cent in the second quarter.
For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next. GDP growth is seen expanding by 11 per cent in the 2021-22 fiscal (April 2021 to March 2022).