New Delhi: Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Parliament, detailing the state of the economy ahead of the government’s Budget for fiscal year beginning April 1, 2021.
Finance Minister Nirmala Sitharaman will present the Union Budget at 11 a.m. on February 1. 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.
Government has forecast a robust economic recovery of 11% for fiscal 2021-22 in the Economic Survey 2021-22, on the back of the roll out of a massive vaccination drive. India`s economy is projected to contract 7.7% 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 Budget Session commenced on Friday with President Ram Nath Kovind`s address to the joint sitting of Parliament. Following tradition, the President began Budget Session 2021 with his address at 11 a.m. at the Central Hall of Parliament highlighting the government`s plan, policy and vision for the next financial year as well as the steps taken during pandemic.
18 opposition parties boycotted the event against the government on farmers` issue. Adressing the joint session, the President condemned the farmers` violent march on Republic Day and their attempt to dishonour the dignity of the Red Fort where Prime Minister unfurls Tricolour on Independence Day every year.
The first part of the Budget Session is scheduled to conclude on February 15 while the second part will commence on March 8 and is expected to end on April 8.
What is Economic Survey and what is its significance?
The survey, also regarded as the official report card of the union government, gives a roadmap for the country’s economy and spells the way forward. The Economic Survey provides a summary of the annual economic development across the country during the financial year.
The annual survey analyses the trends in infrastructure, agricultural and industrial production, employment, prices, exports, imports, money supply, foreign exchange reserves and other factors having an impact on the Indian economy and the budget.The survey also puts out economic growth forecasts, provides justification and detailed reasons why it believes the economy will expand faster or decelerate. Sometimes, it also argues for some specific reform measures.