Economic Survey- 8 Video Lecture | Crash Course for UPSC Aspirants

Ans. The purpose of an Economic Survey is to provide an overview of the current economic situation of a country. It analyzes various aspects of the economy such as GDP growth, inflation, employment, fiscal deficit, and sectoral performance. The survey also highlights the challenges and opportunities for the economy and suggests policy measures to address them.

Ans. The Economic Survey is prepared by the Chief Economic Adviser of the Government of India, along with a team of economists and researchers. They collect and analyze data from various sources such as government departments, international organizations, and research institutions. The survey also incorporates inputs from stakeholders and experts through consultations and discussions. The final document is presented to the Finance Minister before it is tabled in the Parliament.

Ans. The key highlights of the Economic Survey 2021-22 include: - India's GDP is expected to grow at 11.5% in the fiscal year 2021-22, rebounding from a contraction in the previous year. - The survey emphasizes the need for investment-led growth and highlights the role of public and private investment in driving economic recovery. - It focuses on the importance of healthcare and social infrastructure as key drivers of economic development. - The survey also highlights the need for structural reforms and policy interventions to enhance productivity, investment, and job creation. - It emphasizes the significance of sustainable development and the need to integrate environmental considerations into economic planning.

Ans. The major challenges identified in the Economic Survey 2021-22 include: - The impact of the COVID-19 pandemic on the economy, including the disruption of supply chains, loss of jobs, and decline in consumer demand. - The need to address the issue of rising inequality and ensure inclusive growth. - The challenges in the financial sector, including the non-performing assets (NPAs) of banks and the need for reforms in the banking sector. - The need to boost exports and reduce dependence on imports to strengthen the external sector. - The challenges in the agricultural sector, including low productivity, farmer distress, and the need for agricultural reforms.

Ans. The Economic Survey 2021-22 provides several policy recommendations, including: - Increasing public and private investment to boost economic growth and create employment opportunities. - Strengthening the healthcare system and investing in social infrastructure to improve the quality of life and enhance human capital. - Implementing structural reforms to improve ease of doing business, enhance competitiveness, and attract investments. - Promoting sustainable development by integrating environmental considerations into policy planning and implementation. - Addressing the issues of rising inequality and ensuring inclusive growth through targeted interventions and social welfare programs.