The third Economic Survey of Modi Government 2.0 has been presented. This report shows the current state of the country’s economy and the results of the steps taken by the government. Union Finance Minister Nirmala Sitharaman will present the budget in Parliament on 1 February 2021. The Economic Survey is presented before the budget every year. The report of this survey is prepared by a team led by the Chief Economic Advisor (CEA) of the government.
This was followed by a press conference in which Chief Economic Advisor KV Subramanian presented the Economic Survey 2020-21. Subramanian said that the first chapter of the Economic Survey is on India’s policy on Covid-19, which includes saving lives and livelihood in the midst of such a crisis. According to the survey, the strictness of the Covid-19 lockdown led to negative economic growth at that time but there will be positive growth in the coming times.
He said that policy should minimize large losses during extreme uncertainty. India’s policies towards Covid-19 were based on the reality that GDP growth would return but not the lives of the people. The stringent lockdown imposed in the initial phase saved lives and helped in speeding up the situation.
The survey further stated that the corona virus epidemic has severely affected economic activity in the country since March 2020. Millions of people have lost their jobs. The agriculture sector has the highest expectations, while the connectivity-based services, manufacturing and construction sector has suffered the most from the Covid-19 epidemic.