The emphasis is on getting back to pre-Covid growth path. Expect that to happen by FY23. This year growth has been projected at 11 per centwith upside potential : CEA KV Subramanian to CNBC-TV18.
The much talked about topic ‘fam laws’ also featured in the Economic Survey 2020-21. The Survey strongly defended new farm laws, saying they herald a new era of market freedom which can go a long way in improving the lives of small and marginal farmers in India.
India will turn to Finance Minister Nirmala Sitharaman’s Budget on Monday to see how she prioritises spending to get the pandemic-ravaged nation back to being the world’s fastest-growing major economy. Sitharaman’s plan will likely rely on generous
public spending to spur activity, putting more money in the hands of the average taxpayer to boost consumption and easing rules to attract investments when she presents the budget at 11 am in New Delhi.
Chief Economic Adviser (CEA) Krishnamurthy Subramanian on Saturday spelt out the points mentioned in the Economic Survey 2021, which was tabled by Finance Minister Nirmala Sitharaman, and used analogies from cricket to Mahabharata to explain the rationale behind government's decisions, including imposing an early lockdown.
Sanjeev Sanyal, Principal Eco Advisor told CNBC-TV18 that massive fiscal stimulus was provided but it was calibrated andthrough capex. "We timed the stimulus so that the supply side of the economy could respond," he said.