Before presenting the budget, honourable Finance Minister Nirmala Sitharaman delivered the Economic survey report in the Lok Sabha on Friday. The Economic survey report for the fiscal years 2021-22 predicts that the Indian economy will recover from the Corona epidemic – Covid-19 with ‘V’ shaped graph. The country’s growth rates of Gross Domestic Product (GDP) will reach a new record of 11 percent in the next financial year.
Due to the Covid situation, the GDP is expected to shrink by 7.8 per cent in the current fiscal year (2020-21). Reserve Bank of India (RBI) had projected a GDP contraction of 7.5 per cent in its earlier report.
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The Financial Survey report hopes that the country’s economic growth rate will pick up again after the end of the mass vaccination campaign. The parliamentary budget session began on Friday. Congress, Trinamool congress, CPM and 15 other opposition parties boycotted President Ramnath Kovind’s speech at the opening session of the session.
Four decades after the corona crash, the country’s GDP growth rate fell below zero last year. In fact, the country’s economic growth began to decline from its previous fiscal year (2019-20). Since then, Export-imports have been pushed around the world due to COVID-19.
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When Nirmala presented the budget last February, the country did not feel the pinch. Then, in the April-June quarter, GDP contracted by about 24 per cent due to the complete shutdown of financial activities in the lockdown.
Chidambaram pointed out that “No number will match the last budget”. The goal of revenue collection cannot be touched. Investment in infrastructure will be pushed. The revenue and fiscal deficit will be reduced to 5 and 6 percent, respectively.