New Delhi: The Economic Survey of 2020-21, which was presented by Finance Minister Nirmala Sitharaman on Friday, has pegged the contraction in the Indian economy at 7.7 percent in 2020-21 and the real GDP growth to touch 11 percent in 2021-22. The Survey has also predicted a V-shaped economic recovery due to mega vaccination drive, robust recovery in the services sector and due to resurgence in high frequency indicators such as power demand, rail freight, e-Way bills, GST collection, steel consumption etc.
The GDP growth projection of 11 percent in 2021-22 is close to the growth of 11.5 percent forecast by the International Monetary Fund (IMF). However, the bump in growth looks large only because of the low base in 2020-21 when the economy is projected to contract by 7.7 percent.
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