Economic Survey 2021: Union Finance Minister Nirmala Sitharaman on Friday, January 29, presented the Economic Survey that comprises details of the state of the economy ahead of the government’s Budget for the fiscal year beginning April 1, 2021. The economic survey projects a ‘V shaped’ economic recovery for the country. The Economic Survey 2020-21 is authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian and details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth. The government forecast a robust economic recovery of 11 per cent for fiscal 2021-22 in the annual economic statement, on the back of the roll out of a massive vaccination drive.
The economy is projected to contract 7.7 per cent in the current financial year ending March 31, after economic activity was hit by the pandemic, leading to job losses for millions of workers, particularly employed by small businesses.
The economic survey, which comes just ahead of the union budget for the new fiscal year that Finance Minister Nirmala Sitharaman is set to present on Monday, also forecast a “V-shaped” economic recovery.