Indian Government is likely to predict economic growth of 11 per cent in the fiscal year. This year’s Economic Survey captures the impact of COVID-19-induced lockdown on the economy.
The economy, which the International Monetary Fund singled out as a global bright spot only a few years ago, is set to contract 7.7 percent in the current fiscal year, the deepest contraction in four decades, the economic survey is expected to say.
But the government predicts the rollout of vaccines against COVID-19, which has killed 153,847 Indians, will re-energies Asia’s third-largest economy with 11 per cent growth next year, who is familiar with the matter. That would mark the strongest growth since India liberalised its economy in 1991.
The Economic survey maintains that the measures taken to save lives and curb the virus have helped the economy. The survey can be seen as a report card of the country’s economic health that provides detailed statistical data covering all aspects.
The survey is set to forecast nominal GDP, which includes inflation, will rise 15.4 per cent, the highest since independence in 1947, who asked not to be identified.
The survey’s projections form the basis for key figures in the budget, due to be delivered by Finance Minister Nirmala Sitharaman.
The Economic Survey highlights the economic trends in the country and facilitates a better appreciation of the mobilisation of resources and their allocation in the budget, according to the government.
However, the Survey is being brought earlier due to the Budget Day being right after a Sunday. The Economic Survey is usually presented by the FM a day before the Union Budget
