Attention! Major highlights of Economic Survey 2021-22

In this article, I will discuss the major points of the Economic Survey 2021-22. As all know economic survey and budget contains a lot of information which is not all relevant. Hence here we will provide brief and concise information for both documents. So without wasting time, let’s start.

What is Economic Survey and what it tells?

Economic Survey is a document of the Ministry of Finance, Government of India. It is presented annually, by the Department of Economic Affairs, in the parliament just before the Union Budget. It is prepared under the supervision of Chief Economic Advisor and our current CEA is Dr. V Anantha Nageswaran. This document is presented in both the houses of Parliament i.e. Rajyasabha and Lokhsabha. Economic Survey tells the economic status of the country in the previous year and what will be the estimated growth rate in the current fiscal year and data related to different sectors.

The Theme of Economic Survey 2021-22 is “The Agile Approach”.

Major Highlights of Economic Survey 2021-22

  • India’s GDP growth is projected to grow by 8.0 – 8.5 percent in 2022-23. It is close to the growth rates of World Bank and Asian Development Bank who have projected 8.7 percent for 2022-23.
  • All the sectors were badly hit by Covid-19 except Agriculture and allied sectors. It is estimated to grow 3.9 percent in 2021-22 against 3.6 percent in 2020-21. The agriculture and allied sector now account for 18.8 percent (1st AE) of total GVA (Gross Value Added).
  • As per the 4th Advance Estimate for 2020-21, the total food grains production was estimated to be 308.65 mt showing an increase of 11.15 mt.
  • As per OCED-FAO Agriculture outlook 2021-2030, india is projected a growth rate of 2.6 percent for per capita vegetable oil consumption reaching to 14kg/capita by 2030.
  • Industry sector showed the decline growth rate of -7.0 percent in 2020-21 and then expanding by 11.8 percent in this financial year. The share of Industrial sector is estimated as 28.2 percent in 2021-22.
  • Service sector was also hit by this pandemic and went through a bug swing by contracting -8.4 percent in 2020-21 and now estimated to grow by 8.2 percent in 2021-22. The share of service sector is accounted for 53.0 percent (1st Advance estimate) of total GVA.
  • Fiscal deficit of central govt. from April to November 2021 stood at 46.2 percent of Budget Estimate compare to 135 percent in 2020-21 in the same period.
  • Net tax revenue to centre was estimted to grow by 8.5 percent in Budget estimate 2020-21, grew 64.9 percent during April to November 2021.
  • Total expenditure of Govt. has increased by 8.8 percent during April-November 2021.
  • Total consumption is estimated to grow by 7 percent in 2021-22 and govt. is the biggest contributor in consumption accounted for 7.6 percent.
  • Investment is measured by Gross Fixed Capital Formation and it is expected to see a growth of 15 percent in 2021-22.
  • Economic Suvey tells that the major cause of high inflation was fuel prices. The contribution of fuel in inflation has increased from 2.3 percent to 14.9 percent while in Fiscal year 2019-20 during April to december, the majojr caue of inflation of food products.
Economic Survey 2021-22
  • Credit to agriculture has continued to show a robust growth of 10.4 percent in November 2021 compare to 7 percent in November 2020.
  • Sharp increase in growth was seen in personal loans to 11.6 percent in November 2021 compare to 9.2 percent in previous year 2020. Housing loan is the biggest component registering a growth rate of 8 percent in November 2021.
  • India has the 3rd largest start-up system after the USA and china. India sees 44 unicorns in 2021.
  • India’s overall score in NITI Aayog’s SDG (Sustainable Development Goals) index has improved to 66 in 2020-21 from 60 in 2019-20. Despite the pandemic, india as performed well in 8 of the 15 SDGs measured by the NITI Aayog SGD India Index.
  • Kerala has topped the SDG index with a score of 75 followed by Tamilnadu and Himachal Pradesh with equal score of 74.
  • Bihar, jharkhand and Assam lie the bottom line of SDG index.

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