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Economic Survey 2021 | Timely stringent lockdown ensured V-shaped recovery

The government ensured sectors like MSMEs and policies like PMGKY get fiscal stimulus for ensuring food security through public distribution system, direct benefit transfers to widows, pensioners and women, additional funds for MGNREGS, and debt moratoria and liquidity support for businesses, adds Economic Survey 2021.

January 29, 2021 / 04:42 PM IST
Inefficient bank boards and the failure of auditors to understand the ‘ever-greening’ problem added to bad-loan mess, says the survey.

Inefficient bank boards and the failure of auditors to understand the ‘ever-greening’ problem added to bad-loan mess, says the survey.

Finance Minister Nirmala Sitharaman, on January 29, tabled the Economic Survey 2021 in Parliament. In the survey, the government elaborated on the V-shaped economic recovery due to timely stringent lockdown amid COVID-19.

Economic Survey 2021 mentions that India took lessons from the Spanish flu experience and implemented an early and stringent lockdown from late March to May to curb the pace of spread of COVID-19. However, it added that this step had brought the economy to a standstill for two complete months. The inevitable effect was a 23.9 percent contraction in GDP, as compared to the previous year’s quarter.

Stating the foresight of Economic Survey 2020-21's collective vision to battle the COVID-19 pandemic and its impact on the economy for a V-shaped economic recovery, the team of economists resonated the spirit with recent Team India’s victory in Australia where their resilience to rebound from 36 all out to winning the Test series.

Economic Survey 2021 pegs India's GDP growth at 11.5% in FY22