Economic Survey Recap: 10 Key Takeaways From Last Year’s Economic Survey That You Should Remember

Economic Survey: It is an annual document released by the Ministry of Finance which highlights the state of the economy in the past year. The document is prepared by the Department of Economic Affairs under the guidance of the Chief Economic Advisor.

New Delhi: The Finance Minister Nirmala Sitharaman, according to the norm, will table the Economic Survey for the year 2021-22 in Parliament by the end of this month. It is an annual document released by the Ministry of Finance which provides the state of the economy in the past year. It is considered to be the most authoritative source of data in the Indian economy.

The document is prepared by the Department of Economic Affairs under the guidance of the Chief Economic Advisor. Last year, the economic survey was written under the guidance of K Subramanian. This year, as the country does not have a Chief Economic Advisor, Sanjeev Sanyal has been given the duty to get the Survey made. Sanyal is the Principal Economic Adviser in the Ministry of Finance.

10 key highlights from last year’s Economic Survey (2020-21)

1. The foundational theme of the survey was ‘Saving Lives and Livelihoods‘.
2. According to the survey, India adopted a four-pillar strategy of containment, fiscal reforms, financial reforms and long-term structural reforms.
3. The government’s Production-linked Incentive (PLI) scheme was talked about in the survey as a means to expand the supply in the medium and long term. According to the survey, PLI worth Rs 1.46 lakh crore was expected in the year 2021-22.
4. According to the survey, India was to see a strong V-shape recovery. But as we all know, the second wave came as a big disruption in the economic growth.
5. According to the survey, India’s Real GDP growth in 2021-22 was to be 11 per cent. Nominal GDP growth was pegged at 15.4 per cent.
6. Agriculture Sector was hailed as the only sector which performed strongly in the face of the raging pandemic. The manufacturing and construction sector was the worst hit.
7. The number of unicorns in India was 38 till February 2021, according to the survey. However, in 2021, India saw the emergence of an unprecedented 44 unicorns.
8. The survey was a strong defendant of the three Farm Laws. But they were withdrawn by the government in 2021.
9. The survey also shed light on the fact that India entered the list of top 50 innovative countries for the first time. It ranked first amongst the South Asian countries.
10. The survey also suggested easing the regulations in the economy. It said that the country has ‘overregulation’. The Budget 2021 was also presented on the same lines by focusing on projects like National Infrastructure Pipeline and setting big goals for disinvestment.