Economic Survey 2020-21: Economy will take 2 years to go past pre-pandemic level
Economic Survey 2020-21: These projections are in line with IMF estimate of real GDP growth of 11.5 per cent in 2021-22 for India and 6.8 per cent in 2022-23
BusinessToday.In | January 29, 2021 | Updated 16:43 IST
Economic Survey 2020-21: Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 in Parliament on Friday
The Indian Economy will take two years to reach and go past the pre-pandemic level, according to the Economic Survey 2020-21. These projections are in line with IMF estimate of real GDP growth of 11.5 per cent in 2021-22 for India and 6.8 per cent in 2022-23. India is expected to emerge as the fastest growing economy in the next two years as per IMF, the Survey predicts.
India reaping lockdown dividend by saving lives and livelihood
India s economy is likely to rebound with a 11 per cent growth in the next financial year as it makes a “V-shaped” recovery after witnessing a pandemic-led carnage, the Pre-Budget Economic Survey said on Friday.
The Gross Domestic Product (GDP) is projected to contract by a record 7.7 per cent in the current fiscal ending March 31, 2021.
India witnessed its last annual contraction of 5.2 per cent in fiscal year 1979-80.
The Economic Survey 2020-21 said the agriculture sector is the only silver lining while services, manufacturing and construction were most hit by the lockdown that was imposed to curb the outbreak of the COVID-19 pandemic.
India s pandemic response, focused on saving lives and livelihoods, restricted the COVID-19 spread by 37 lakh cases and saved more than 1 lakh lives, as per the Economic Survey 2020-21.
The pre-budget document noted that in the absence of a potent cure or a preventive vaccine, the interplay of network structures in densely populated areas, and a high case fatality rate (CFR), India weighed the costs and opportunities strategically. By estimating the natural number of cases and deaths expected across countries based on their population, population density, demographics, tests conducted, and the health infrastructure, we compare these estimates with actual numbers to show that India restricted the COVID-19