The annual Economic Survey 2021 was tabled in Parliament on Friday (29th January 2021) by Finance Minister Smt Nirmala Sitharaman. The survey has been prepared by Chief economic adviser Krishnamurthy Subramanian. You can download Economic Survey 2021 PDF here
What is Economic Survey ?
The Economic Survey is an annual document that reviews the developments in the economy over the previous 12 months. Every year, the Economic Survey is tabled in the Parliament a day before the Union Budget.
The document summarises the performance on major development programmes, highlights the policy initiatives of the government and analyses the prospects of the economy in the short to medium-term.
It is a detailed report card on the economic performance throughout the financial year.
Economic Survey 2021 (2020-21): Important Highlights
- India’s strategy flattened the curve of Covid-19, pushed the peak to September, 2020. After the September peak, India has been unique in experiencing declining daily cases despite increasing mobility.
- India expected to have a Current Account Surplus of 2% of GDP in FY21, a historic high after 17 years.
- On supply side, Gross Value Added (GVA) growth pegged at -7.2% in FY21 as against 3.9% in FY20:
- Agriculture set to cushion the shock of the COVID-19 pandemic on the Indian economy in FY21 with a growth of 3.4%
- Industry and services estimated to contract by 9.6% and 8.8% respectively during FY21.
- India was the only country among emerging markets to receive equity FII inflows in 2020.
- India’s fiscal policy should reflect Gurudev Rabindranath Tagore’s sentiment of ‘a mind without fear’.
- Sovereign credit ratings methodology should be made more transparent, less subjective and better attuned to reflect economies’ fundamentals.
- An increase in public healthcare spending from 1% to 2.5-3% of GDP can decrease the out-of-pocket expenditure from 65% to 35% of overall healthcare spending.
- India’s forex reserves at an all-time high of US$ 586.1 billion as on January 08, 2021, covering about 18 months worth of imports.
Read Sector-wise Summary
List of chapters: Economic Survey 2020-21
Economic Survey 2021 Download PDF