Economic Survey, it is the last year detailed report and the performance of India's economy. This survey analyses the status of the economy, performance, developments, and the challenges that lie over the years, this survey is presented before one day of the Union Budget. In the year 2021 the Economic Survey of India was presented on 29th of January and the Union Budget was presented on February 1st.
Highlights of the Economic Survey:
GDP Forecast-
The GDP to contract to 7.7% expects the Economic Survey, whereas India expects to grow at least to 11% in the foremost years 2021-22. The expectations growth of India is as meets the expectations of the IMF's or International Monetary Fund. As the growth is double than the expectations India stands as the only country that is expected to record the double-digit growth, respectively. But the GDP contracted to 23.9% during the pandemic year in the quarter of April June, this was the first and huge GDP contraction for India since the 40 years, later the contraction of 7.5% occurred during the quarter of July and September.
Fiscal Deficit-
The target of the initial fiscal deficit is 3.5% of the GDP during the year of 2020-21, the economic survey wants to exceed the target by the current financial year, so the country can sustain the recovery the economy.
Fiscal Ratings-
Based on the economic survey, these ratings help the government to spot the declined rating and the inclined ratings to maintain the positive stance.
Banks and NPAs-
Banks are the best sources that help to develop the economy according to the survey, and during the bad loan days banks and other financial housings offer loans to meet the requirements to develop the economy and later can repay the loan and interest rates.
Corona virus Recovery and healthcare expenditure-
The survey contributes about 2.5 to 3% of GDP for healthcare, based on the number of diseases, sick, recovered and death cares. Especially during the pandemic Indian government has decided to contribute to get a good recovery rate this made India to achieved V-shaped economic recover.
Farm laws-
Farm laws help the farmers of the country to develop the economy and assures for the welfare of small and marginal farmers.
GST Collection-
GST collection is about Rs q lakh crore since past three months which makes the maximum rise, instead of raised GST collection India as faces the fiscal slippage due ti lower revenues and increased expenditure.