VISION

 Finance Minister, Nirmala Sitharaman has presented Economic Survey 2020-21 in the Parliament on 29 January 2021. The major focus of this year’s economic survey is the losses and impact of the Covid-19 pandemic. The survey will provide an assessment of how the Indian economy has been impacted by the deadly COVID-19 virus and how it is improving. It will also project India’s gross domestic product growth for 2021-22.

The Economic Survey document is prepared by the Economics Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Advisor Krishnamurthy Subramanian. The Economic Survey 2020-21 will be followed by the Union Budget 2020-21 which will be tabled on February 1.

The theme of Economic Survey, 2020-21:

•#SavingLives&Livelihoods

•#VshapedRecovery

What is the Economic Survey?

•The Economic Survey is an annual document of the Ministry of Finance. It reviews the economic progress of the country and issues in the last 12 months.

•The survey provides information related to the performance of key developmental schemes launched by the government. The document also explains the performance of major government policies and their impact.

•The Economic Survey discusses major fiscal developments, macroeconomic factors, inflation, and other economic factors. The document also highlights the impact of agriculture, climate change, and employment on the economy of the country.

•The 1st Economic Survey was tabled in 1950-51. However, till the year 1964, it was presented along with the budget.

Here are the key highlights from the Economic Survey 2020-21:

According to the survey, India’s economy could contract 7.7 per cent in the financial year that ends on March 31, pulled down mainly by the coronavirus pandemic and the weeks-long nationwide lockdown to contain the disease. Real GDP growth could be 11 per cent in the next financial year.

Saving Lives and Livelihoods amidst a Once-in-a-Century Crisis

•India focused on saving lives and livelihoods by its willingness to take short-term pain for long-term gain, at the onset of the COVID-19 pandemic.

Response stemmed from the humane principle that:

•Human lives lost cannot be brought back

GDP growth will recover from the temporary shock caused by the pandemic

•An early, intense lockdown provided a win-win strategy to save lives, and preserve livelihoods via economic recovery in the medium to long-term

•V-shaped recovery, as seen in a 7.5% decline in GDP in Q2 and recovery across all key economic indicators vis-à-vis the 23.9% GDP contraction in Q1

COVID pandemic affected both demand and supply:

•India was the only country to announce structural reforms to expand supply in the medium-long term and avoid long-term damage to productive capacities

•Calibrated demand-side policies to ensure that the accelerator is slowly pushed down only when the brakes on economic activities are being removed

•A public investment programme centred around the National Infrastructure Pipeline to accelerate the demand push and further the recovery

•The upturn in the economy, avoiding the second wave of infections – a sui generis case in strategic policymaking amidst a once-in-a-century pandemic

1)  73rd Martyrs’ Day observed on 30 January

•Martyr’s Day or Shaheed Diwas is observed every year on January 30 in the memory of Mahatma Gandhi, who was assassinated at Gandhi Smriti in the Birla House by Nathuram Godse in 1948. The day is observed to remember the sacrifices made by freedom fighters in the struggle for India’s independence and to pay our respects to them.

•Notably, Martyrs’ Day is also observed in India on March 23 to pay respect to Bhagat Singh, Shivaram Rajguru and Sukhdev Thapar, who was hanged death on this day in 1931.

2)  5th Joint Meeting of the India-Japan Act East Forum

•The 5th joint meeting of the India-Japan Act East Forum (AEF) was held in New Delhi. The meeting was co-chaired by Foreign Secretary Shri Harsh Vardhan Shringla, and Suzuki Satoshi, Ambassador of Japan to India.

•During the 5th meeting, the AEF reviewed the progress of ongoing projects in the North Eastern Region of India in various areas including connectivity, hydropower, sustainable development, harnessing of water resources, and skill development. They also exchanged views on cooperation in new areas such as healthcare, agro-industries and SMEs, bamboo value chain development, smart city, tourism and people-to-people exchanges.

3)  Centre Approves ‘Startup India Seed Fund Scheme’

•The Central Government has approved the Rs 945-crore ‘Start-up India Seed Fund Scheme’ (SISFS), which aims to provide financial assistance to start-ups for the product trials, market-entry, proof of concept, prototype development and commercialization.

•The Rs 945 crore Startup India Seed Fund Scheme (SISFS) will become operational from April 1 of this year till 2025 and this will be disbursed through selected incubators across India, according to a gazette notification by the government. The scheme will be implemented by the Department for Promotion of Industry and Internal Trade (DIIT). The funds under the scheme will be disbursed through the selected incubators across the country. The startup will receive seed support only once.

4)  Prakash Javadekar launches 2021 as Indo-French Year of the Environment

•The Union Minister of Environment, Forest & Climate Change Prakash Javadekar has launched the Indo-French Year of the Environment, along with Barbara Pompili, the French Minister for Ecological Transition in New Delhi. The basic objective of this partnership is to strengthen Indo-French cooperation in sustainable development, increase the effectiveness of actions in favour of global environment protection and give them greater visibility.

5)  India’s First ‘Gender Park’ in Kerala’s Kozhikode

•The Kerala government is all set to launch Rs 300 crore three-tower ‘Gender Park’ in Kozhikode. The park will become functional on the occasion of the second edition of the International Conference on Gender Equality (ICGE-II). The park will be inaugurated by the Chief Minister of Kerala, Pinarayi Vijayan, in between February 11-13 that will also mark the inauguration of the second edition of ICGE-II.

•The gender park was established with the aim of creating relevant interventions so as to address a range of gender-based issues. It includes both off-campus and on-campus activities and other projects that work to empower the individuals and communities.

6)  Environment Minister releases National Marine Turtle Action Plan

•National Marine Turtle Action Plan has been recently released by the Ministry of Environment Forest and Climate Change (MoEF&CC) in New Delhi. The Ministry also released the ‘Marine Mega Fauna Stranding Guidelines’ along with the Marine Turtle Action Plan.

7)  ISRO to launch city college’s academic satellite

•ISRO chairman K Sivan is likely to inaugurate the ‘SriShakthiSat’ ground station at Sri Shakthi Institute of Engineering and Technology in Coimbatore. The station will help monitor the satellite developed by the institute, which is set to be launched by the ISRO. A satellite communication lab was established in the college in 2010.

•The satellite can detect fire and leaks on underground pipelines and collect info on bank thefts. ISRO is expected to launch this satellite, along with two other satellites built by JPR Institute, Chennai & GH Raisoni College of Engineering, Maharashtra.

8)  Microsoft launches its new Taj Mahal inspired Engineering Hub

•Tech major Microsoft has launched its new India Development Center (IDC) facility in Noida, Uttar Pradesh. The new centre will serve as a leading hub for driving advanced engineering and innovation. The centre will build on Microsoft’s commitment to tap India’s world-class engineering talent and create solutions for a global impact.

•IDC NCR is the third development centre of Microsoft in India after Bengaluru and Hyderabad. The IDC NCR workspace architecture is inspired by the Taj Mahal, one of the seven wonders of the world.

9)  India ranks 10th in ‘Asia-Pacific Personalised Health Index’

•India ranked 10th out of 11 Asia Pacific countries in a newly-launched health index to measure the progress towards personalised healthcare. Singapore(1st), Taiwan (2nd), Japan (3rd) and Australia (4th) also performed well in overall readiness. These include Policy Context, Health Information, Personalised Technologies and Health Services.

1)  PM Modi Chairs 35th PRAGATI Meet

•Prime Minister Narendra Modi has chaired the 35th PRAGATI meeting to review multiple projects, grievances and programmes. In the meeting, ten agenda items were taken for review worth Rs. 54,675 crore, related to 15 states. These included nine projects and one programme. Prime Minister also reviewed the Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana.

2)  India Secures 86th Rank in Corruption Perception Index 2020

•India has been ranked 86th among 180 countries in the Corruption Perception Index (CPI) 2020, released by Transparency International. This year, India’s rank has slipped six places compared to 2019, when it was ranked at 80th spot. The CPI score for India in 2020 is 40. India is sharing its position jointly with Burkina Faso, Morocco, East Timor, Trinidad and Tobago and Turkey.

Top Country:

New Zealand and Denmark have jointly secured the first position with scores of 88.

Lowest Country:

Somalia and South Sudan rank lowest at 179th position with scores of 12.

CPI Index:

The CPI index ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and business people. The index uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.

3)  India Ranks 86 among 98 Countries in Lowy Institute’s Covid-19 Response Index

•India has been ranked at 86th position among 98 countries in the new Coronavirus Performance Index released by Australia-based Lowy Institute. Countries were ranked based on the publicly available and comparable data on Covid-19 response. The Lowy Institute is an independent international policy think tank, located in Sydney.

•New Zealand, Vietnam and Taiwan are the top three countries respectively in the index. Brazil was ranked at the bottom of the list for worst handling of the pandemic than any other country. China was excluded from the list due to lack of publicly available data.

4)  India’s “Vaccine Maitri” Initiative begins

•Vaccine Maitri Initiative is an initiative launched by India to gift COVID-19 vaccines to neighbouring countries. Recently, Sri Lanka and Bahrain have received the COVID-19 vaccines from India under the initiative. The Vaccine Maitri initiative was launched by India on January 20 to gift COVID-19 vaccines to neighbouring countries.

5)  Ram Temple tableau of Uttar Pradesh on Republic Day wins 1st prize

•The Ram Temple tableau of Uttar Pradesh that was on display during the Republic Day 2021 has bagged the first prize among all tableaux. The theme of Uttar Pradesh’s tableau was ‘Ayodhya: Cultural Heritage of Uttar Pradesh’. The cultural heritage of ancient holy town Ayodhya, a replica of a Ram temple, a glimpse of ‘Deepotsav’ and various stories from Ramayana epic were depicted in the tableau.

•The Tripura tableau won the second prize for the Republic Day parade. Uttarakhand’s tableau on the theme ‘Dev Bhoomi — The Land of the Gods’ was adjudged third among the states and union territories. The tableau of Central Public Works Department (CPWD), with the theme ‘Amar Jawan’, bagged a special prize for paying tribute to the fallen heroes of the armed forces.

6)  Italian Prime Minister Giuseppe Conte resigns

•Italian Prime Minister, Giuseppe Conte resigned after losing his Senate majority, plunging the country into political uncertainty just as it’s battling the pandemic and a recession. He tendered his resignation to President Sergio Mattarella, the ultimate arbiter of Italian political crises, who invited him to stay on in a caretaker capacity pending discussions on what happens next.

•Italy was the first European country to face the full force of the Covid-19 pandemic and has since suffered badly, with the economy plunged into recession and deaths still rising by around 400 a day. Parts of the country remain under partial lockdown, the vaccination programme has slowed and a deadline is looming to agree on plans to spend billions of euros in European Union recovery funds.

7)  Lt Gen Chandi Prasad Mohanty appointed as new Army Vice-Chief

•Lieutenant General Chandi Prasad Mohanty has been appointed as the new Vice-chief of Army staff. He would assume the office on February 1, 2021, from Lt General SK Saini, who is superannuating on 31 January 2021. Lt General CP Mohanty is an alumnus of Rashtriya Indian Military College, Dehradun, and National Defence Academy. He is a June 1982 batch Infantry Officer from the Rajput Regiment.

8)  Swaminathan Janakiraman and Aswini Kumar Tewari appointed as MDs of SBI

•The appointments committee (ACC) of the Cabinet has approved the appointment of Swaminathan Janakiraman and Ashwini Kumar Tewari as new Managing Directors (MDs) of State Bank of India (SBI) for a period of three years. Prior to this, Swaminathan Janakiraman was the deputy managing director (Finance) at SBI and Ashwini Kumar Tewari was serving as MD & CEO of SBI Card, a subsidiary of SBI.

•SBI is headed by a Chairman and four managing directors. Dinesh Kumar Khara is the current Chairman of the bank. The other two MDs of the bank are C.S. Setty and Ashwani Bhatia. The two posts were vacant since October 2020.

9)  Reliance Jio ranked 5th strongest brand globally

•Billionaire Mukesh Ambani’s four-year-old telecom venture Reliance Jio has been ranked the fifth strongest brand globally behind the likes of Ferrari and Coca-Cola. As per the ranking, Reliance Jio has emerged as the 5th strongest brand in the world. Reliance Jio has made its entry to the world’s strongest brands. Reliance has been ranked as the 5th strongest brand in the world. It has a Brand Strength Index (BSI) score of 91.7 out of 100.

📰 India tightens oversight on funds received by NGOs

📰 Stopping hate on TV as essential as police lathis, barricades to prevent riots: SC

Economic Survey 2021 Hindi Volume 2 PDF

Economic Survey 2020-21 Volume-1 in Hindi PDF

Economic Survey 2020-21 Volume-2 in English PDF

Economic Survey 2020-21 Volume-1 in English PDF

Court says it will not ask govt to relax the age limit