The Economic Survey of India 2020-21 documents the impact of the Covid-19 crisis and the ensuing policy measures in mitigating the crisis. The Survey outlines the policy implications of Atmanirbhar Bharat and points to a future roadmap for making a recovery. The Economic Survey of India 2020-21 is of great importance as it reflects the country’s fiscal health and future perspectives of economic growth following a global health crisis caused by the Covid-19 pandemic. The Indian economy was already going through a slowdown from the pre-Covid period and chances of recovery were momentarily shattered with the outbreak. Though the nationwide lockdown created serious dislocations across the country and contracted the GDP by nearly 25% in the first quarter of the current fiscal, the Survey outlines the necessity of imposing such a lockdown or else the situation would have worsened further. However, as per the Survey, a ‘V-shaped’ recovery has been foreseen, which is in line with our expectations as well. The economic growth for the current fiscal as forecasted in the Survey shows a deceleration of 7.7%. However, the real GDP growth of 11% for FY 2022 appears to be overstated.
The author is the President of the Bharat Chamber of Commerce, Kolkata, India.