{"id":79683,"date":"2021-02-01T11:44:28","date_gmt":"2021-02-01T06:14:28","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=79683"},"modified":"2021-02-16T11:50:58","modified_gmt":"2021-02-16T06:20:58","slug":"growth-with-inequality-in-economic-survey","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/growth-with-inequality-in-economic-survey\/","title":{"rendered":"Growth with inequality in economic survey"},"content":{"rendered":"<p><strong>Source: <\/strong><a href=\"https:\/\/epaper.thehindu.com\/Home\/ShareArticle?OrgId=GLO87Q566.1&amp;imageview=0\">The Hindu<\/a><\/p>\n<p><strong>Syllabus: <\/strong>GS &#8211; 2 ; Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes<\/p>\n<p><strong>Synopsis: <\/strong>It looks like the Economic Survey focuses on wealth creation instead of reduction of <a href=\"https:\/\/forumias.com\/blog\/covid-deepened-inequality-in-india-oxfam-report\/\">income disparity<\/a>.<\/p>\n<p><strong>Introduction <\/strong><\/p>\n<p>The Economic Survey for 2020-21 reviews the developments in the Indian economy during the current financial year. The important highlights from the economic survey were:<\/p>\n<ul>\n<li><strong>The economic survey highlighted the policy achievements<\/strong> of the government in handling the economy throughout the pandemic in over 700 pages.<\/li>\n<li><strong>The survey declares that India established a globally unique model<\/strong> of strategic policy-making in controlling the COVID-19 pandemic. According to the survey, this helped the economy to recover quickly from its harmful impact.\n<ul>\n<li><strong>The approach used<\/strong>: India used<strong> graded public health measure<\/strong>s to transform the short-term trade-off between lives and livelihoods. This would save both lives and livelihoods over the longer term.<\/li>\n<\/ul>\n<\/li>\n<li><strong>India has successfully flattened the curve. <\/strong>Not only that India also managed to avoid the second wave of infections so far. (The second wave of infections can be seen in Europe and the US).<\/li>\n<\/ul>\n<p><strong>What are the problems in the predictions of the economic survey?<\/strong><\/p>\n<p>The survey claims that India <strong>turned the crisis into an opportunity<\/strong> to strengthen its long-term growth. This is <strong>not true<\/strong> because the ongoing farmers\u2019 protest, struggles in small and medium-scale industries and informal sectors portray the impact of the crisis.<\/p>\n<ul>\n<li><strong>First,<\/strong> the survey is predicting that the economy is presently experiencing a V-shaped recovery. It would allow GDP to grow estimated nominally at 15.4% in 2021-22.\n<ul>\n<li>In order to achieve this level of growth, <strong>retail inflation must be moderated significantly to an average of 4.4% or less over the 12-month<\/strong> period through March 2022.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Second,<\/strong> the survey <strong>predicted the growth considering other factors<\/strong> such as a rapid roll-out of the COVID-19 vaccines and a recovery in demand in the services sector.<\/li>\n<li>But the economic survey is <strong>not able to provide a true calculation of the on-ground economic situation.<\/strong> The survey ignores important factors such as the extent of unemployment (the level of joblessness in rural areas).\n<ul>\n<li>Massive unemployment resulted in the return of millions of urban casual workers last year during the lockdown.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Third,<\/strong> <strong>growth was prioritised in the survey. Not the inequality in tackling poverty<\/strong>. It is important to tackle poverty because the<a href=\"https:\/\/forumias.com\/blog\/rising_inequality_in_india-findings_of_oxfam_report\/\"> pandemic has worsened the gap between the rich and the poor<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Source: The Hindu Syllabus: GS &#8211; 2 ; Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes Synopsis: It looks like the Economic Survey focuses on wealth creation instead of reduction of income disparity. Introduction The Economic Survey for 2020-21 reviews the developments in the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/growth-with-inequality-in-economic-survey\/\">Continue reading <span class=\"screen-reader-text\">Growth with inequality in economic survey<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,1351,1310,9],"tags":[1580,1414],"class_list":["post-79683","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-daily-news","category-daily-news-updates","category-public","tag-economic_survey_21","tag-soc_4","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700771937,"cached_date":1704657170},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/79683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=79683"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/79683\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=79683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=79683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=79683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}