Economic Survey Predicts ‘V-Shaped’ Recovery With 11% GDP Growth in 2021, Fiscal Deficit Target

Economic Survey Predicts ‘V-Shaped’ Recovery With 11% GDP Growth in 2021, Fiscal Deficit Target According to the Economic Survey...

Economic Survey Predicts ‘V-Shaped’ Recovery With 11% GDP Growth in 2021, Fiscal Deficit Target

According to the Economic Survey 2020-21, tabled by in the Parliament on Friday on the first day of the Budget Session, India's real gross domestic product (GDP) is expected to grow by 11 per cent in 2021-22 on the back of the nationwide vaccine drive, which will help to prevent the coronavirus outbreak spread further.

Coronavirus pandemic has severely affected the economic activities in country since March, 2020. Millions of people have lost jobs. "Agriculture has remained the silver lining, while contact-based services, manufacturing and construction sectors were the worst hit by the COVID-19 pandemic," said the survey.

Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey, in Parliament. Indian economy contracted by a massive 23.9 per cent year-on-year (YoY) in the April-June quarter. This was the first GDP contraction in more than 40 years. For the July-September quarter, India's GDP contracted 7.5 percent year-on-year, as per estimates released by the National Statistical Office.