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Context: Recently, Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2021-22 in the Parliament ahead of Budget to present the state of the Indian economy and suggest policy actions.
The central theme of this year’s Economic Survey is the “Agile approach”, implemented through India’s economic response to the COVID-19 Pandemic shock.
Significance of the Economic Survey
Who prepares the Economic Survey?
Why is Economic Survey tabled a day before the Budget?
On the promotion of local languages in education
A boost for women
For India's farmers
On the JAM trinity
On government schemes
On India's health infrastructure
On India's vaccination rate
Key Highlights of the survey
State of the Economy
Monetary Management and Financial Intermediation:
Exceptional year for the capital markets:
Prices and Inflation
This has been attributed to:
Divergence between CPI-C and WPI Inflation
This divergence can be explained by factors such as:
Sustainable Development and Climate Change:
Agriculture and Food Management:
Industry and Infrastructure:
Social Infrastructure and Emplovment:
As per the National Family Health Survey-5
Under Jal Jeevan Mission (IJM), 83 districts have become 'Har Ghar Jal' districts.
Key challenges and concerns for Indian economy
Rising Imports: The surge in energy, food, non-food commodities, and input prices, supply constraints,disruption of global supply chains, and rising freight costs across the globe stoked global inflation during the year,” the economic survey said, noting that stimulus spending in developed economies and pent up demand during the pandemic could lead to “imported inflation” in India.
Macro Economic Loopholes: Major economies had begun the process of withdrawing liquidity that was extended during the pandemic in the form of stimulus checks and relaxed monetary policy to stimulate an economic recovery. Higher inflation has however led to a winding down of pandemic related stimulus.
Pressure on Forex: India’s large and rising imports are also likely to put pressure on India’s exchange rate if capital flows to India decrease as a result of a withdrawal of stimulus in developed countries.
Employment Issue: A lack of jobs also continues to be among the primary concerns for the Indian economy with unemployment levels and labour force participation rates remaining worse than pre-pandemic levels.
By: Shubham Tiwari ProfileResourcesReport error
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