Finance Minister Nirmala Sitharaman will table the Union Budget on 1st February Parliament. She will table the Economic Survey for the year 2021-22 on 31st January. Economic Survey Recap: 10 Key Takeaways From Last Year’s Economic Survey That You Should Remember.
10 key highlights from last year’s Economic Survey -2020-21
- The foundational theme of the survey was ‘Saving Lives and Livelihoods‘.
- India adopted a four-pillar strategy of containment, fiscal reforms, financial reforms and long-term structural reforms.
- The government’s Production-linked Incentive (PLI) scheme is a means to expand the supply in the medium and long term. PLI worth Rs 1.46 lakh crore expected in the year 2021-22.
- India was to see a strong V-shape recovery. But the second wave came as a big disruption in the economic growth.
- India’s Real GDP growth in 2021-22 was to be 11 per cent. Nominal GDP growth was pegged at 15.4 per cent.
- Agriculture Sector is theonly sector which performed strongly in the face of the raging pandemic. The manufacturing and construction sector hits badly.
- The number of unicorns in India was 38 till February 2021. However, in 2021, India saw the emergence of an unprecedented 44 unicorns.
- The survey was a strong defendant of the three Farm Laws. But the government in 2021 withdraws those.
- 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.
- The survey also suggested easing the regulations in the economy. It said that the country has ‘overregulation’. The Budget isin same lines of National Infrastructure Pipeline and setting big goals for disinvestment.
