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Terence
2021-02-03

The simplified Economic Survey 2021 on major topics

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The whole of Economic survey for the financial year 2021-2022 revolves around the concept of Atmanibhar Bharat which clearly depicts India's growth path post pandemic. There is a greater thrust of government intention towards building a resilient domestic economy through various policy intervention and reforms in different sectors. Much changes has been brought into the limelight in this vision document. The most important part that binds this document is the integration of the modern economic dynamics with the traditional and Indian philosophy. The theme for this year economic survey also captures the importance of delivering the vulnerables section of the country from their uncertain future in this uncertain times. Greater attention was also given to foster the spirit of inquiry among the youths by making the Research and Development sector more conducive, inclusive for all and more attractive to FDI thereby creating a pool of emerging Indians as the foundational step reinforced by building a sound and resilient infrastructure for the V shape recovery of India's economy and to sustain further with suitable economic policies and reform from time to time.

This year economic survey manifest the government consciousness about health dynamics of the country. There is an increase outlay for government spending in healthcare sector this financial year which is a positive move. This will come as a rescue to the bottom most section in the social pyramid to reduce their out of pocket expenditure. The move was necessitated by the positive results of Ayushman Bharat and PM-JAY in the past few years. A considerable space also has been given for ramping up the state of infrastructure of the country. As pointed out by expert, it is necessary for the government to modernising the existing infrastructure and invest more on creating new infrastructure on modern lines as they are the drivers of FDI in India. The survey also highlighted the need for modernising the existing healthcare infrastructure to save more lives without which a post pandemic recovery will not be seen as a major achievement in true sense. Critical evaluation has been made the same for building sound infrastructure in social and economic sector as well.

As highlighted in the survey, the government is optimistic about the transitional path of Indian economy. Data from past few weeks also reveals a positive changes transpiring the government vision. As we have witness, the manufacturing and service sector are the worst hit after the subsequent nationwide lockdown bringing the service sector to a complete halt with very limited operation for essential activities. However, the manufacturing sector recorded a slow but steady growth when the lockdown was relaxed in the past months. The government is also confident that service sector will take off the ground to a new growth path after the vaccination drive with tourism sector being apprehended as the most favourable sector to achieve a new growth trajectory.

Notwithstanding the policies and reforms undertaken by the decision maker, still much is needed to be emphasized. For instance, there is no considerable steps taken for revamping the MGNREGS, from which very much have been apprehended. As highlighted in the survey, demand for jobs under MGNREGS increased double fold during the lockdown and at the beginning of the relaxed season. This entails an increased government expenditure to create more jobs or increase the no. of days under the MGNREGS. The decision to increased the custom duty may also impact the country's export negatively. Overall the survey follows the humane approach in identifying the critical area to be focused upon and reflect the spirit of India's aspiration for reaching the target of $5 trillion economy by 2024 despite the aftershocked brought by the COVID pandemic.

The views, thoughts and opinions expressed in the article belong solely to the author and not to RozBuzz-WeMedia.
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