India GDP growth rate predictions: GDP may fall -7.7% this year, projected to grow by 11% next year-Economic Survey

New Delhi: On February 1, Finance Minister Nirmala Sitharaman will present the country's economic budget. Earlier, he presented the Economic Survey in the Lok Sabha after the President's address. The Economic Survey has predicted a decline in growth rate this year, while the growth rate for the next year has been said. This is the third economic survey of the Modi government's second term.

The Economic Survey has predicted a rapid revival in the financial year 2021-22 in the economy affected by the coronavirus epidemic and its 'lockdown'. In the first quarter of the current financial year, the economic growth rate has come down by 23.9 percent while in the second quarter it has come down by 7.5 percent. It is projected to decline by -7.7 percent in the entire financial year. GDP (GDP) growth rate is estimated to be 11.5 percent in the next financial year 2021-22.

The team headed by Chief Economic Advisor Krishnamurthy Venkat Subramaniam has prepared an economic review for 2020-21. In this, along with providing information about various sectors of the economy, suggestions have been made about further reforms to speed up economic growth.

Explain that the Economic Survey keeps the picture of the country's economy in the last year. Along with this, a roadmap to further improve the economy is also presented in it.

What did Prime Minister Narendra Modi say before the budget?

Prime Minister Narendra Modi on Friday, on the first day of the budget session of Parliament, hoped that all the members will contribute to the fulfillment of people's aspirations through discussion, following all the limitations of democracy. Prime Minister Modi said, "This is the first time in the history of the country that in 2020, the Finance Minister had to give 4-5 mini budgets as a separate package. That is, in a way the cycle of mini-budget continued in 2020. So this budget will also be seen in a series of 4-5 mini budgets, I am sure of it. "

The Prime Minister said that this is the first session of this decade and this decade is very important for India's bright future. He said that the country expects all kinds of ideas to be presented in this session and the best nectar should be generated from the best churn.