Economic Survey reaffirms worst behind us however steady govt assist wanted: Industry

Image Source : INDIA TV Economic Survey reaffirms worst behind us however steady govt assist wanted: Industry
The Economic Survey reaffirms that the worst is behind us and the financial system would bounce again with a V-shaped restoration after being hit arduous by the COVID-19 pandemic, India Inc stated on Friday. Sharing their views on the Survey 2020-21 tabled in Parliament, the trade additionally made a case for continuation of assist from the federal government this yr for a broad base restoration and revitalise the ameliorating financial development.
CII Director General Chandrajit Banerjee stated the survey makes a candid and convincing evaluation of the Indian financial system primarily based on goal evaluation, enriching content material and credible coverage course to take the financial system ahead.
“While striking an optimistic note, the Survey reaffirms that the worst is behind us and the economy would bounce back, to experience a resilient V shaped recovery after being hard hit by the COVID-19 pandemic. The availability of the vaccine and robust service sector recovery would further buttress the growth momentum,” Banerjee stated.
ALSO READ | Onion costs skyrocket in Aug-Nov yearly; govt should evaluate buffer inventory coverage: Economic Survey
Ficci President Uday Shankar stated a number of key factors made within the survey are in tune with the present necessities of the financial system and it hopes to see a mirrored image of those within the upcoming Union Budget.
“To bring the improving growth trajectory on a firm footing and extend it to many more sectors, continuous support from the government is needed through the year 2021,” Shankar stated, and emphasised that this isn’t the time to be hemmed in by potential influence of an expansionary fiscal coverage on sovereign scores however stroll the additional mile to fulfill the nationwide necessities.
Assocham Secretary General Deepak Sood stated the survey has hit the nail proper on its head by stating that the Indian financial system’s “homecoming” to normalcy is resulting in hopes of a strong restoration in providers and consumption, emphasizing forcefully that the reforms should proceed to grasp the complete development potential.
ALSO READ | Economic Survey pegs India’s FY22 financial development at 11%
”The Survey, authored by Dr Krishnamurthy Subramanian, presents an optimistic outlook for the following monetary yr projecting 11 per cent actual GDP development. That sounds slightly conservative and if we proceed to do effectively on containing and eventually eliminating the COVID-19 virus, the expansion for 2021-22 may even shock for higher,” Sood stated.

PHD Chamber of Commerce and Industry President Sanjay Aggarwal stated: “The Survey indicates that India’s mature policy response to this once-in-a-century crisis provides important lessons for democracies to avoid myopic policy-making and demonstrates the significant benefits of focusing on long-term gains”.
Experts too shared their views on numerous features of the Economic Survey.
Arun M Kumar, Chairman and CEO, KPMG in India stated the Survey goals to chart a manner out of the pandemic disaster, in the direction of a future of sturdy development, as additionally recommended by the IMF’s World Economic Outlook of January 2021.
Rumki Majumdar, Economist, Deloitte India famous that the emphasis of the Survey has rightly been on healthcare and one which they too have repeatedly highlighted.
Ashwin Sapra, Partner, Cyril Amarchand Mangaldas stated, “COVID-19 has exposed the fault lines in our healthcare system. The Economic Survey sheds light on this glaring issue. Steps need to be taken to bridge the gaps so that we are not caught off guard ever again.”
India’s financial system is more likely to rebound with a 11 per cent development within the subsequent monetary yr because it makes a ‘V-shaped’ restoration after witnessing a pandemic-led carnage, the pre-Budget Economic Survey stated on Friday.
The Gross Domestic Product (GDP) is projected to contract by a document 7.7 per cent within the present fiscal ending March 31, 2021. India witnessed its final annual contraction of 5.2 per cent in fiscal yr 1979-80.
The Economic Survey 2020-21 stated the agriculture sector is the one silver lining whereas providers, manufacturing and building have been most hit by the lockdown that was imposed to curb the outbreak of the COVID-19 pandemic. 
ALSO READ | India’s FY21 GDP to contract 7.7%, says Economic Survey
Latest Business News