Budget 2021: What to expect from today's Economic Survey

New Delhi, Jan 29: Finance Minister Nirmala Sitharaman will table the Economic Survey 2020-21, budget season opener in Parliament on Friday.

Prepared by Chief Economic Advisor Krishnamurthy Subramanian and his team, the Economic Survey will review the economic situation in the country in the current financial year.

This year's economic survey will be keenly watched as it comes at a time when the country is badly hit by the coronavirus pandemic.

Hit by pandemic, India's GDP contracted 23.9 per cent in the first quarter ( April-June) and further by 7.5 per cent in the second quarter (July-September).

What is Economic Survey?

A flagship document of the finance ministry, the Economic Survey is a review of the developments in the Indian economy over the previous 12 months. The formal presentation of Economic Survey began in 1950-51 and it used to be presented along with the Union Budget. However, in 1964, the ministry started to release the survey a day before Budget.

The survey serves as a policy guideline for the Union Budget. However, its recommendations are not binding on the government.

The survey prepared by Chief Economic Adviser Krishnamurthy Subramanian is likely to flag headwinds that the economy might face in its pursuit to become the world's fifth-largest economy.

Budget 2021: What to expect from today's Economic Survey

The Economic Survey 2021-22 to be tabled in the Parliament is expected to project a growth of at least 11 per cent in coming fiscal year and will show growth in some sectors like real estate, steel, etc.

The survey also show increase in GST collection.

It is also expected to speak in detail on Covid-19 impact on the economy.

With a view to having a paperless Budget, all the documents and the Economic Survey would be made available online soon after the authenticated copies are laid on the table of Lok Sabha.