The Economic Survey, often described as the government’s official report card on the economy, contains a detailed account of the state of the economy, prospects, growth projections and policy challenges. Economic Survey 2021 will be presented by chief economic adviser KV Subramanian on January 29 More
Deputy Chief Minister and Finance Minister Ajit Pawar tabled the survey in the state Assembly, while Minister of State for Finance Shambhuraj Desai presented it in the Council.
The Economic Survey 2020-21, authored by a team led by CEA Krishnamurthy Subramanian, was released on January 29. The document details the state of the economy and reforms that should be undertaken to accelerate growth. Here are some snapshots
On the housing loan front, the survey noted that housing loans growth decelerated to 8.5 percent in November 2020 from 18.3 percent a year ago, the Economic Survey said.
Access to basic necessities such as drinking water, sanitation, housing and other facilities across states in India improved in 2018 over 2012. Access to essentials or bare necessities is the highest in Kerala, Punjab, Haryana, and Gujarat, while the lowest in Odisha, Jharkhand, West Bengal, and Tripura.
Hint: It is connected to public spending.
Accounting sleight of hand and liberal evergreening allowed during that period only worsened the problems of non-performing assets (NPAs), the Economic Survey 2020-21 points out.
At Rs 17.16 lakh crore, the expenditure is 12 percent higher from Rs 15.31 lakh crore (revised estimate) in the financial year 2019-20.
India’s services export growth moderated to 2.5 percent in 2019-20 from 6.6 percent in 2018-19 as receipts primarily on account of transportation, insurance and communication services
With gradual recovery of economic activities, the survey said that imports and exports have picked up.
The farm laws are “a remedy and not malady” for farmers from various restrictions they faced in marketing their produce, the survey has said.
Indian Kings used to build palaces during famines and droughts to provide employment and improve the economic fortunes of the private sector, the Economic Survey 2020-21 noted while stressing that the call for active countercyclical fiscal policy is not a call for fiscal irresponsibility
The Survey for the financial year ending March said merely 2.4 percent of India’s workforce in the age group of 15-59 years have received formal vocational or technical training, while another 8.9 percent obtained training through informal sources.
Krishnamurthy V Subramanian, chief economic adviser (CEA), takes recourse to wisdom spread over millennia from the Upanishads to Aristotle, from Gandhi to Einstein, from Subhashita to Thiruvalluvar and Tagore, to reinforce policy choices.
The Economic Survey identifies the age-old problems plaguing healthcare, but does not advocate a thrust on building health infrastructure
Net tax receipts were 9.62 trillion rupees, while total expenditure was 22.8 trillion rupees, the data showed.
India exports 17-20 percent of its automobile production with Africa, Latin America, Asia and the Middle East among top export destinations
The Economic Survey 2020-21 also called for increased cohesion between the central and state governments, to achieve the targeted goals through effective implementation of the welfare programmes.
According to Economic Survey 2021, the tourism sector will witness revival with the ongoing vaccination drive.
From the third-largest domestic aviation market, India is expected to become the third-largest overall by the FY25, the survey has said.
The Survey calls for a higher fiscal deficit, which will lead to higher growth, thereby keeping the debt to GDP ratio down. It says the government shouldn’t bother about what the rating agencies think in this regard. And finally, it says that growth is the best friend of all sections of society, including the poor
The government had opened up the space sector in June 2020 enabling participation from private firms in space initiatives
The RBI could consider penalising the auditors of banks where ever-greening happens, the survey has said.
Relaxation in the Other Service Provider (OSP) licence terms would significantly reduce the regulatory compliance on the business process management companies, thereby facilitating work from home for thousands of employees.
Survey suggests a round of asset quality review once COVID-19 forbearance is withdrawn followed by mandatory capital infusion
This statement in the survey is significant since a bad loan clean-up will mean banks will see a sharp spike in bad loans from the current level.