Budget 2021: FM Sitharaman Tables Economic Survey, GDP to Expand by 11% in FY22

Budget Economic Survey Highlights 29 January 2021: Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey 2020-21 detailing the state of the economy for the fiscal year 2022. Notably, Sitharamam will present the Union budget for FY22 on February 1. Economic Surveys are generally presented a day before the budget, but the tradition was broken as the budget follows a weekend this year. Also Read – Should FM Sitharaman Increase Income Tax Exemption Limit From Rs 2.5 Lakh to Rs 5 Lakh in Budget 2021?

Check the highlights from the economic survey: Also Read – Budget 2021: Consumer Expectations to Prioritize ‘Cyber Security’ as Key Aspect For Digital India

The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year. Also Read – Budget 2021: Will The Govt Provide Big Income Tax Relief This Year? Key Expectations Here

The gross domestic product (GDP) contracted by a record 23.9 per cent in April-June and by 7.5 per cent in the second quarter.

For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next.

GDP growth is seen expanding by 11 per cent in the 2021-22 fiscal (April 2021 to March 2022).

What is an economic survey?

For the uninitiated, the Economic Survey is a document on the outlook of developments in the economy. It details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth. The survey was prepared by Chief Economic Adviser KV Subramanian. After the presentation of the Economic Survey, CEA Subramanian will also speak to reporters at 2:30 PM to give further details.