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Sustained steps needed in FY22 for economic recovery: EcoSurvey

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New Delhi, Jan 29 (IANS) As India emerges from the pandemic-induced recession, the Economic Survey for 2020-21 has suggested that the government should come up with sustained and calibrated measures for economic recovery and long-term growth.

The survey tabled by the Union Finance Minister in Parliament on Friday said that the revival of industrial and infrastructure sector will be key to overall economic growth and macroeconomic stability.

“The year after the crisis (FY22) will require sustained and calibrated measures to facilitate the process of economic recovery and to enable the economy to get back to its long-term growth trajectory,” it said.

It noted that a rapid recovery of the industrial sector following a sudden fall in the high-frequency growth indicators could only be witnessed because of timely, meaningful, and appropriate policy measures.

Citing the Index of Industrial Production (IIP), the report said that the economy is witnessing a “strong V-shaped” recovery.

“The broad-based recovery in the IIP resulted in a growth of (-) 1.9 per cent in Nov-20 compared with a growth of 2.1 per cent in Nov-19 and nadir of (-) 57.3 per cent in Apr-20,” it said.

Further improvement and firming up in industrial activities are foreseen with the government enhancing capital expenditure, the vaccination drive and the resolute push forward on long pending reform measures.

“It is pertinent to point out that the reforms undertaken in the country are probably one of the most comprehensive among the major economies of the world,” said the Economic Survey.

–IANS

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