Economic Survey UPSC Highlights Pdf 2020-21 | Questions | Analysis – Economic Survey 2020-21 Was Released On 31st January 2021 . Economic Survey Is An Important Document For UPSC Prelims And Mains Exams . UPSC Aspirants Can Not Ignore Economic Survey At Any Cost . Most Of The Questions Related To Indian Economy Are Directly or Indirectly Asked From The Indian Economic Survey . As We All Know That Economy Play An Important Role In UPSC Prelims Exam . So Here We Are sharing Indian Economic Survey Important Highlights .
What Is Economic Survey ?
Economic survey is annual document prepared by Department of Economic Affairs, the Ministry of Finance under the guidance of Chief Economic Advisor.
It is regarded as the official report card of the union government which gives a road map for the country’s economy and spells the way forward. It provides a summary of the annual economic development across the country during the financial year.
Who Prepare Economic Survey Of India ?
The Economic Survey document is Prepared by the Economics Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Advisor.
It is usually presented a day before the Union Budget is presented in the Parliament.
When Was India First Economic Survey Was Presented ?
The first Economic Survey in India was presented in theyear 1950-51. Up to 1964, it was presented along with the Union Budget. From 1964 onwards, it has been de-linked from the Budget.
Economic Survey 2021 Volume 1
Download Complete Volume-I
Saving Lives and Livelihoods amidst a Once-in-a-Century Crisis
Does Growth lead to Debt Sustainability? Yes, But Not Vice- Versa!
Does India’s Sovereign Credit Rating Reflect Its Fundamentals? No!
Inequality and Growth: Conflict or Convergence?
Healthcare takes Centre Stage, Finally!
Regulatory Forbearance an emergency medicine, not staple diet!
Innovation: Trending Up but Needs Thrust, Especially from the Private Sector
JAY Ho! PM‘JAY’ Adoption and Health outcomes
The Bare Necessities
Economic Survey Volume 2
State of the Economy in 2020-21: A Macro View
Monetary Management and Financial Intermediation
Prices and Inflation
Sustainable Development and Climate Change
Agriculture & Food Management
Industry and Infrastructure
Social Infrastructure, Employment and Human Development
According To Economic Survey 2020-21 Indian Economy can Contract To 7.7% Growth Rate Due To Covid 19 Pandemic In This Financial Year Which Is Going To End On 31st March 2021. In Next Fiscal Indian Economy May Grow At 11 Percent Which Will End On 31st March 2022.
Indian Economy and Covid:
Strategy to face the pandemic:
Response stemmed from the humane principle that:
Human lives lost cannot be brought back.
Gross Domestic Product (GDP) growth will recover from the temporary shock caused by the Covid-19 pandemic.
India’s policy response also derived from extensive research on epidemiology, especially that looked at Spanish Flu of 1918.
One of the key insights was that pandemic spreads faster in higher and denser population and intensity of lockdown matters most at the beginning of the pandemic.
Four Pillar Strategy:
India adopted a unique four-pillar strategy of containment, fiscal, financial, and long-term structural reforms.
Calibrated fiscal and monetary support was provided given the evolving economic situation
A favorable monetary policy ensured abundant liquidity and immediate relief to debtors via temporary Moratoria, while facilitating monetary policy transmission.
Cushioning the vulnerable in the lock down and boosting consumption and investment while unlocking, mindful of fiscal repercussions and entailing debt sustainability.
V-shaped Economic Recovery after Lockdown Was Noticed In Indian Economy .
V-shaped recovery is a type of economic recession and recovery that resembles a “V” shape in charting.
A V-shaped recovery is Characterised by a quick and sustained recovery in measures of economic performance after a sharp economic decline. We Can Say That Indian Economy Recover Very Fast After Pandemic Covid 19.
What Are Were The Main Reasons Of Indian Economy Recovery ?
Mega Vaccination Drive
Measures Economy Boost Initiative By Indian Government
Aatam Nirbhar Bharat Mission Also An Important Role In Recover Of Indian Eocnomy.
Power Demands. E Way Bills , GST Collections Etc Also Play An Important Role
India’s real GDP to record a growth of 11% in 2021-22 and nominal GDP by 15.4% – the highest since independence.
These projections are in line with International Monetary Fund estimates.
India’s GDP is estimated to contract by 7.7% in the Financial Year (FY) 2020-21, composed of a sharp 15.7% decline in the first half and a modest 0.1% fall in the second half.
The external sector provided an effective cushion to growth with India recording a Current Account Surplus of 3.1% of GDP in the first half of FY 2020-21.
Overall Coming Years Are Very Good For Indian Economy . Indian Economy Will Grow At A Faster Rate .
Foreign Investment During 2020-21 In India According To Economic Survey
Net Foreign Direct Investment (FDI) inflows of USD 27.5 billion during April-October, 2020 – 14.8% higher as compared to the first seven months of FY 2019-20.
Net Foreign Portfolio Investment (FPI) Inflows recorded an all-time monthly high of 9.8 Billion Dollars in November 2020.
Services Sector In Economic Survey 2021
The services sector accounts for over 54% of India’s Gross Value Added (GVA) and nearly four-fifths of total Foreign Direct Investments (FDI) inflow into India.
Services sector accounts for 48% of total exports, outperforming goods exports in recent years.
Key indicators such as Services Purchasing Managers’ Index, rail freight traffic, and port traffic, are all displaying a V-shaped recovery after a sharp decline during the lockdown.
India’s space sector has grown exponentially in the past six decades . There Are Lots Of Reforms In Indian Space Sector .
Startups In India – Startups In India Show A Huge Growth During Last Fiscal year . The Indian start-up ecosystem has been progressing well amidst the Covid-19 pandemic, being home to 38 unicorns – adding a record number of 12 start-ups to the unicorn list last year.
Agriculture In Economic Survey 2021
The Agriculture and Allied activities clocked a growth of 3.4%.
As per the Provisional Estimates of National Income released by Central Statistical Organization in May, 2020, the share of Agriculture and Allied Sectors in Gross Value Added (GVA) of the country at current prices is 17.8% for the year 2019-20.
In 2019-20, the major agricultural and allied export destinations were the USA, Saudi Arabia, Iran, Nepal and Bangladesh.
The top agriculture and related products exported from India were marine products, basmati rice, buffalo meat, spices, non-basmati rice, cotton raw, oil meals, sugar, castor oil and tea.
The contribution of Livestock in total agriculture and allied sector GVA (at Constant Prices) has increased from 24.32% (2014-15) to 28.63% (2018-19).
Food Processing Industries (FPI):
During the last 5 years ending 2018-19, FPI sector has been growing at an Average Annual Growth Rate (AAGR) of around 9.99% as compared to around 3.12% in Agriculture and 8.25% in Manufacturing at 2011-12 prices.
It strongly defended new farm laws, saying they herald a new era of market freedom which can go a long way in improving lives of small and marginal farmers in India.
These legislations were designed “primarily” for the benefit of “small and marginal farmers”, which constitute around 85% of the total number of farmers and are the biggest sufferer of the “regressive” Agricultural Produce Market Committee (APMC) -regulated market regime.
To Download Full Economic Survey And its Highlights Click On Download link Provided Below