Economic Survey 2021-22 Highlights

Economic Survey 2021-22 Highlights

  • The Union Minister of Finance Smt. Nirmala Sitharaman presented the Economic Survey 2021-22 in the Parliament on January 31, 2022. Here in this post, we have presented some major highlights of the Economic Survey 2021-22 that are important from the Exam Point of view. But before that, we need to understand some basic concepts about the Economic Survey.

What is Economic Survey?

  • Economic Survey of India is a document prepared by the Ministry of Finance on annual basis and it contains a detailed account of the various sectors of the economy and overall economic scenario of the country of the last year.

Who prepares the Economic Survey?

  • The economic survey is prepared under the guidance of the Chief Economic Adviser of the Finance Ministry. The present Chief Economic Adviser is Dr. V Anantha Nageswaran.
  • Economic Division of the Department of Economic Affairs of the Finance Ministry prepares it under the guidance of the Chief Economic Adviser. At the final stage, it is approved by Union Finance Minister.

Highlights of Economic Survey 2021-22

  • Theme of Economic Survey 2021-22 is the “Agile approach”

Key Data

  • As per first advanced estimates by NSO, Indian economy estimated to grow by 9.2 percent in real terms in 2021-22 (current fiscal).
  • Real term GDP in 2022-23 (FY23) projected to grow by 8- 8.5 percent.
  • Economy had contracted by 7.3% in 2020-21 due to impact of pandemic and subsequent nationwide lock-downs.
  • Agriculture least hit by pandemic. Agriculture and allied sectors expected to grow by 3.9 percent in 2021-22;
  • Industry sector to grow by 11.8 percent and services sector by 8.2 percent in 2021-22.
  • Service Sector GVA expected to grow by 8.2 percent in 2021-22.
  • India’s consumption estimated to grow by 7.0 percent, Gross Fixed Capital Formation (GFCF) by 15 percent, exports by 16.5 percent and imports by 29.4 percent in 2021-22.
  • Between April to November, 2021
    • Revenue receipts from the Central Government gone up by 67.2 percent (YoY) as against an expected growth of 9.6 percent in the 2021-22
    • Index of Industrial Production (IIP) grew at 17.4 percent (YoY) as compared to (-)15.3 percent in 2020.
    • Capital Expenditure (Capex) grown by 13.5 percent (YoY) with focus on infrastructure-intensive sectors.
    • Central Government debt gone up from 49.1 percent of GDP in 2019-20 to 59.3 percent of GDP in 2020-21, due to enhanced borrowings on account of COVID-19.
  • Government has set up a National Land Monetisation Corporation (NLMC), as a 100 percent Government of India owned entity, to fast track monetisation of land and non-core assets of public sector entities. NLMC will have an initial authorised share capital of Rs 5,000 crore and subscribed share capital of Rs 150 crore.
  • Foreign Exchange Reserves crossed US$ 600 billion in the first half of 2021-22 and touched US $633.6 billion as of December 31, 2021.
  • India was the fourth largest forex reserves holder in the world after China, Japan and Switzerland, as of end-November 2021.
  • To achieve $5 trillion GDP by FY25, India needs to spend about $1.4 trillion.
  • Startup ecosystem:
    • India has third largest startup ecosystem in the world after US and China. Number of new recognized start-ups increased to over 14000 in 2021-22 from 733 in 2016-17.
    • 44 Indian start-ups achieved unicorn status in 2021 taking overall tally of unicorns to 83.
    • Delhi has replaced Bengaluru as the startup capital of India.
  • India climbed 35 notches in the Global Innovation Index, from 81st in 2015-16 to 46th in 2021.
  • India’s overall score on the NITI Aayog SDG India Index and Dashboard improved to 66 in 2020-21 from 60 in 2019-20 and 57 in 2018-19.
  • India has the tenth largest forest area in the world.
  • 157.94 crore doses of COVID-19 vaccines administered as on 16th January 2022; 91.39 crore first dose and  66.05 crore second dose.
  • National Family Health Survey-5 data
    • Total Fertility Rate (TFR) came down to 2 in 2019-21 from 2.2 in 2015-16
    • Infant Mortality Rate (IMR), under-five mortality rate and institutional births have improved in 2019-21 over year 2015-16
  • Under Jal Jeevan Mission (JJM), 83 districts have become ‘Har Ghar Jal’ districts.

Source: PIB, Economic Times

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