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29/01/21 17:11 PM IST

Economic Survey 2021

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Nirmala Sitharaman has tabled the Economic Survey 2020-21 in the Lok Sabha

Key points
  • GDP growth is seen expanding by 11% in the 2021-22 fiscal.
  • 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 year 2020-21, the survey projected a contraction of 7.7 per cent.
  • The survey projected a V-shaped recovery: While the lockdown resulted in a 23.9 per cent contraction in GDP in Q1, the recovery has been a V-shaped one as seen in the 7.5 per cent decline in Q2 and the recovery across all key economic indicators.
  • India expected to witness current account surplus during the current financial year after a gap of 17 years.
  • Reforms in tax administration have set in motion a process of transparency, accountability and more importantly, enhancing the experience of a tax-payer with the tax authority, thereby incentivising tax compliance.
  • Economic Survey highlights potential of public investment, especially in a slowdown.
  • Further, it calls for fiscal policy to support growth and need for rethink in fiscal rules.
Economic Survey

Like most economic surveys every year, the Economic Survey 2020-21 has presented a picture of the economic health of the country and giving a sneak peek into what to reasonably expect from the Union budget that finance minister Nirmala Sitharaman will present on February 1.

Source: Economic Times

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