Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-’22 in Parliament’s Budget Session on Friday, News18 reported....
Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-’22 in Parliament’s Budget Session on Friday, News18 reported.
The Survey, an annual document prepared by the chief economic adviser, is meant to provide an accurate picture of the economy as well as offer policy recommendations to the government. It is tabled in Parliament the day before the finance minister delivers the annual Budget speech.
This year’s document, prepared by Chief Economic Adviser KV Subramanian and his team, will be tabled in Parliament three days before the presentation of the Union Budget on February 1.
In his first Survey in 2019, Subramanian had set an agenda of achieving 8% sustained Gross Domestic Product growth to make India a $5-trillion economy by 2024, as envisioned by Prime Minister Narendra Modi after his re-election in 2019. But the coronavirus pandemic has severely impacted India’s growth this year, sending its already-teetering economy into an apparent recession.
The economy saw its worst contraction in decades, with the Gross Domestic Product shrinking by a record 23.9% in the April to June quarter, and reflected the severe impact of the coronavirus-induced lockdown. India’s GDP growth rate contracted by 7.5% for the second quarter (July-September).
With this, India slipped into a technical recessionary phase for the first time ever – when its...
