Economic Survey 2021-22: Meaning, Importance, and Highlights
The Economic Survey 2021-22, tabled in Parliament on January 31, 2022, is an important document that highlights the economic performance of the country over the past year and outlines the roadmap for the upcoming financial year. The survey is an annual exercise undertaken by the Ministry of Finance, Government of India, and is presented just before the Union Budget.
Meaning and Importance
The Economic Survey is an important tool for policymakers, investors, and economists as it provides insight into the economic trends and challenges facing the country. It also outlines the government’s policy initiatives, reforms, and strategies to address the challenges and achieve sustainable economic growth.
The survey covers a wide range of topics, including macroeconomic indicators, agriculture, industry, services, employment, human development, infrastructure, and the financial sector. It also highlights the progress made towards achieving the Sustainable Development Goals (SDGs) and provides recommendations for further reforms and policy interventions.
Highlights
Some of the key highlights of the Economic Survey 2021-22 are:
- The Indian economy is expected to grow by 9.5% in the fiscal year 2021-22, rebounding strongly from the contraction of 7.7% in the previous year.
- The agriculture sector has been a bright spot, growing by 4.5% in the current fiscal year, on the back of good monsoons and record production of food grains.
- The services sector has also shown resilience, with a growth of 8.8% in the first half of the fiscal year, driven by strong performance in the IT sector and a rebound in trade and transport.
- The manufacturing sector has been impacted by the disruptions caused by the pandemic, but it has shown signs of recovery, with a growth of 6.9% in the first half of the fiscal year.
- The survey has recommended several policy measures to boost investment, create jobs, and promote sustainable growth, including privatization, digitalization, and reforms in the financial sector.
Why this News is important
The Economic Survey is an important document for students preparing for government exams as it provides an overview of the country’s economic performance and policies. Questions related to macroeconomic indicators, agriculture, industry, services, and the financial sector are frequently asked in exams like UPSC, SSC, and banking exams.
The survey also highlights the progress made towards achieving the SDGs, which is an important topic for the civil services exam. Moreover, the survey provides insights into the government’s policy initiatives, which is crucial for understanding the broader policy framework and its impact on the economy.
Historical Context
The Economic Survey was first presented in 1950-51, and it has been an annual exercise since then. The survey is prepared by the Chief Economic Adviser (CEA) of the Ministry of Finance and is presented to Parliament just before the Union Budget.
Over the years, the survey has evolved to cover a wide range of topics and has become an important source of information and analysis on the Indian economy. It has also been a platform for the government to showcase its policy initiatives and reforms.
Key Takeaways from Economic Survey 2021-22
| Serial No. | Key Takeaway |
|---|---|
| 1. | The Indian economy is expected to grow by 9.5% in the fiscal year 2021-22. |
| 2. | The agriculture sector has grown by 4.5% in the current fiscal year, on the back of good monsoons and record production of food grains. |
| 3. | The services sector has shown resilience, with a growth of 8.8% in the first half of the fiscal year, driven by strong performance in the IT sector and a rebound in trade and transport. |
| 4. | The manufacturing sector has shown signs of recovery, with a growth of 6.9% in the first half of the fiscal year. |
| 5. | The survey recommends several policy measures to boost investment, create jobs, and promote sustainable growth, including privatization, digitalization, and reforms in the financial sector. |
Conclusion
In conclusion, the Economic Survey 2021-22 provides valuable insights into the economic performance of the country and the government’s policy initiatives. Aspirants preparing for government exams, particularly those related to economics and policy, should pay close attention to the survey’s findings and recommendations.
Important FAQs for Students from this News
Q1. What is the Economic Survey?
A1. The Economic Survey is an annual document prepared by the Ministry of Finance that provides an overview of the Indian economy’s performance in the previous fiscal year.
Q2. What is the significance of the Economic Survey?
A2. The Economic Survey provides valuable insights into the country’s economic performance, the government’s policy initiatives, and recommendations to boost growth, investment, and job creation. It is an essential resource for policymakers, economists, and investors.
Q3. What are the key takeaways from the Economic Survey 2021-22?
A3. The key takeaways from the Economic Survey 2021-22 include a forecast of 11.5% growth in the current fiscal year, a recovery in the manufacturing sector, and policy recommendations to boost investment, create jobs, and promote sustainable growth.
Q4. What sectors of the Indian economy have shown growth in the first half of the current fiscal year?
A4. The agriculture sector, the services sector, and the manufacturing sector have shown growth in the first half of the current fiscal year.
Q5. What policy measures are recommended in the Economic Survey to promote sustainable growth?
A5. The Economic Survey recommends several policy measures to promote sustainable growth, including privatization, digitalization, and reforms in the financial sector.
Some Important Current Affairs Links
