#Economic Survey

.New York, NY, USA
Commerce Department data showed prices grew less than expected at 0.2% in February. (Photo Credit: Representational Image/Pixabay)

  • The Dow Jones Industrial Average jumped 1.4% to 33,072.88
  • The S&P 500 gained 1.7% to 3,974.54
  • The tech-rich Nasdaq Composite Index gained 1.2% to 13,138.73

.New Delhi, Delhi, India
Estimates given out in February end are based on data collected for three quarters. (Photo Credit: Representative Image/Unsplash)

  • India will lose nearly Rs 12 lakh crore in output in 2020-21
  • The year will close with a GDP decline of 8% versus a 4% growth in the previous fiscal 2019-20
  • In Q3, GDP growth has been estimated at 0.4%

.Washington D.C., DC, USA
US President Joe Biden proposed revised minimum wages in the US (Photo Credit: Twitter @JoeBiden)

  • The plan aims to increase the minimum wages in the US to $15 per hour by 2025
  • Supporters of the policy say that this is an essential step to tackle the income gap in the US
  • On the other hand, critics claim that the revision will cause damage to small businesses 

.New Delhi, Delhi, India
India’s Chief Economic Advisor KV Subramanian highlighted India’s policy response to the 'once-in-a-lifetime' COVID-19 crisis on Friday. (Photo Credit: Representational Image/Pixabay)

  • The Survey estimates other countries would have a higher death toll if their total caseload was similar to India’s
  • The Survey ranks India the highest in the difference between estimated and actual deaths
  • It also noted that India had imposed the most stringent lockdown in the initial stages of the pandemic

.New Delhi, Delhi, India
The Economic Survey 2020-21 projected the highest ever GDP growth of 11% for FY22, took note of the less-than-expected contraction in the current one at just -7.7. (Photo Credit: Unsplash)

  • The Economic Survey did not underline the fact that the robust growth projection for FY22 comes on a low base
  • The Survey talked at length about the government’s calibrated policy response which enabled the return of growth
  • GDP is expected to stop declining and grow by 0.1% between October and March, pointing to a V-shaped recovery

.New Delhi, Delhi, India
Finance minister Nirmala Sitharaman will present the Union Budget on February 1. (Photo credit: PTI)

  • The Economic Survey has been authored by a team led by CEA Krishnamurthy Venkata Subramanian
  • Indian economy was battered by the coronavirus lockdown
  • It is expected to see a strong recovery in the 2021-22 fiscal year

.New Delhi, Delhi, India
Chief Economic Advisor Krishnamurthy Subramanian launches the Economic Survey 2020-21 on Friday. (Photo Credit: YouTube/Screengrab -PIB India)

  • The first chapter 1 of the Economic Survey is dedicated to all the COVID-19 warriors in India 
  • "India's policy response was guided by the realisation that GDP will come back but not lost human lives"
  • The policy response enabled India to manage the (coronavirus) pandemic effectively, says Subramanian

.New Delhi, Delhi, India
Finance Minister Nirmala Sitharaman presented the Economic Survey 2020-21 on Day 1 of the Budget session. (Photo Credit: Twitter/@ANI)

  • The Economic Survey 2020-21, is authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian
  • The survey details the state of different sectors of economy and the remedial steps needed  
  • The economy, which was battered by the coronavirus lockdown, is expected to see a recovery in 2021-22 

.New Delhi, Delhi, India
The Finance Ministry started the preparations for the Union Budget in October. (Photo Credit: PTI)

  • Finance Minister Nirmala Sitharaman will present the Union Budget on February 1
  • The mega exercise is a long-drawn process and involves various levels of secrecy and security
  • The officials involved in the printing live within the North Block basement area

.New Delhi, Delhi, India
President Ram Nath Kovind addresses the nation on the eve of Republic Day 2021, in New Delhi, Monday, Jan. 25, 2021. (RB/PTI Photo) (PTI01_25_2021_000212B)

  • President Ram Nath Kovind on Thursday strongly defended the three contentious farm laws
  • He also noted that the new agri laws have immediately benefited 10 crore small farmers
  • In his address, the President highlights the view of the government approved by the Union Cabinet