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Economic Survey Projects ‘V-Shaped’ Recovery With 11% GDP Growth in 2021 | Roundup
The CEA said this year's economic survey is dedicated to all COVID-19 warriors who have really helped in upholding India.
New Delhi: Ahead of the Budget 2021 presentation, the Economic Survey 2021 was tabled in Parliament on Friday. The document stated that despite the hard-hitting economic shock created by the global pandemic, India is witnessing a V-shaped recovery with a stable macroeconomic situation aided by a stable currency, comfortable current account, burgeoning forex reserves, and encouraging signs in the manufacturing sector output. The document also projected that India is reaping the ‘lockdown dividend’ from the preventive measures it adopted at the onset of the COVID-19 pandemic.
1) India’s policy response to the pandemic stemmed fundamentally from the humane principle advocated eloquently in the Mahabharata that ‘Saving a life that is in jeopardy is the origin of dharma.’ ‘Therefore, the ‘price’ paid for temporary economic restrictions in the form of temporary GDP decline is dwarfed by the ‘value’ placed on human life,’ said the survey.
2) The survey also stated that the country recognised that while GDP growth will recover from the temporary shock caused by the pandemic, human lives that are lost cannot be brought back.
3) The document also added that the country imposed the most stringent lockdown at the very onset of the pandemic which enabled flattening of the pandemic curve and, thereby, provided the necessary time to ramp up the health and testing infrastructure.
4) According to the survey, the country has transformed the short-term trade-off between lives and livelihoods into a win-win in the medium to long-term that saves both lives and livelihoods.
5) ‘The lockdown provided the necessary time to put in place the fundamentals of the ‘5 T’ strategy – Test, Track, Trace, Treat, Technology,’ the survey said.
6) Later in the day, Chief Economic Advisor K Subramanian addressed a press conference and said India’s COVID-19 response strategy helped the country to prevent 37 lakh cases and 1 lakh deaths.
7) The CEA said this year’s economic survey is dedicated to all COVID-19 warriors who have really helped in upholding India.
8) The CEA said the COVID-19 pandemic would have created a significant economic impact even without lockdown.
9) The CEA further added that to summarise the policy response, India came up with was a mature, farsighted one.
10) He said that India focused on saving lives and livelihoods, took short term pain for long term gain, recognised while GDP growth will recover like it has, lost human lives cannot be brought back.