The IAS exam is popular because of its syllabus. One needs to cover the entire syllabus to get the best scores in the UPSC exam. In our earlier article, we have covered all details of the other vital topics for the IAS exam. Further, the article, we have added all information related to the Economic Survey 2022 highlights. We have added all information to help you with the IAS exam preparations. Read the entire article and know about the economic survey 2021-22. Let’s Begin and learn more about the economic survey 2021-22.
About the Article
To begin with, Economic Survey 2021-22 was tabled in Parliament by the Finance Minister soon after the President’s address to both Houses of Parliament. Further, the Economic Survey is the theme of the Agile approach. This year’s survey uses various examples to highlight the use of satellite and geospatial data to reflect the infrastructural growth in the country. The Survey was first published in 1950-51. Further, it was initially part of the Budget documents. Further, It was less than 50 pages in the 1950s and contained a brief outline of economic developments of the previous year. Besides, From 1958-59, the survey length started increasing with the introduction of more charts and tables.
Economic Survey 2021-22
The Economic Survey is an annual document of the Ministry of finance. Further, it gives all details related to the account of the different sectors of the economy and the all economic scenario of the nation in the past years. It provides an outline for the year ahead. Besides, it gives you an opportunity for the Chief Economic Adviser to provide a disinterested, economic objective analysis. In India, the Economic Survey prepares the background framework for the Union Budget.
Highlights
- It is a document of India is an annual document released by the Ministry of Finance.
- Further, it contains all updated sources of data on India’s economy. A government represents it on the state of the economy in the past one year, the key challenges it anticipates, and their possible solutions.
- It is done by the Economics Division of the Department of Economic Affairs (DEA) under the Chief Economic Advisor.
- Further, it is presented a day before Union Budget is presented in the Parliament. Then, the first Economic Survey in India was presented in the year 1950-51.
Later, it is prepared by the CEA. First, however, the principal economic adviser and other officials are organized this year. Then, The government-appointed Dr. V Anantha Nageswaran as the new CEA on January 28.
Agile Approach
According to the Agile Approach, short-term policy responses can be tailored to an evolving situation rather than what a model predicted. Further, all short-term policy responses are possible due to the explosion of real-time data that allows for constant monitoring. Information like ST collections, digital payments, satellite photographs, electricity production, cargo movements, internal/external trade, infrastructure roll-out, delivery of various schemes, mobility indicators, etc. Besides, the Agile approach is based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers, etc.
Fiscal Developments of Economic Survey 2022
- According to the Economic Survey 2021-22, the revenue reports from the Central Government have gone up by 67.2 % (YoY) as against the expected growth of 9.6 percent in the 2021-22 Budget Estimates.
- Further, the Gross Tax Revenue registers a growth of over 50 per cent from April to November 2021
- During Apr-Nov 2021, Capex has grown by 13.5 percent (YoY), focusing on infrastructure-intensive sectors.
- Sustained revenue collection and a targeted expenditure policy have contained the fiscal deficit for Apr to Nov 2021 at 46.2 per cent of BE.
- Further, due to covid-19, the Central Government debt has gone up from 49.1% of GDP in 2019-20 to 59.3% of GDP in 2020-21.
- Besides, Buoyant tax revenues and government policies have created “headroom for taking up additional fiscal policy interventions”.
- Further, there is a need to continue the focus on capital expenditure. It says the government is on course to achieve the fiscal deficit target of 6.8% of GDP for the current year (2021-22).
Other Factors of Economic Survey 2022
Further, regarding external factors, India’s merchandise exports and imports rebounded strongly and surpassed pre-COVID. As a result, foreign Exchange Reserves crossed US$ 600 billion in the first half of 2021-22. Besides, As of November 2021, India was the world’s fourth-largest forex reserves holder after China, Japan, and Switzerland.
Economic Survey 2021- 2022 Highlights
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-2022 in the parliament. For the second year, the Economic Survey was written under a cloud of the Covid-19 pandemic.
- GDP Growth
- The Indian economy is predicted to grow by 9.2% in real terms in 2021-22 subsequent to a contraction of 7.3% in 2020-21.
- The Gross Domestic Product (GDP) projected to grow by 8-8.5% in real terms in 2022-23.
- Projections are comparable with World Bank &Asian Development Bank’s latest forecasts of real GDP growth of 8.7% and 7.5% respectively for 2022-23.
- Agriculture and allied sectors are expected to grow by 3.9 per cent; industry by 11.8 % cent and services sector by 8.2 % in 2021-22.
- Macroeconomic stability indicators says that the Indian Economy
- A combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will offer an adequate buffer against possible global liquidity tapering in 2022-23.
UPSC Exam Information
Further, the UPSC exam is one of the popular exams in India, and there are many students and working professionals applying for the IAS exam. It is not like any other exam, and one must invest their time and energy to clear the exam. One should a hard worker and put in all special efforts. In the IAS exam, there are three main rounds. The first is the Preliminary exam, the main exam, and the interview round. The first round is the qualifying round. If you are clear it, you can write the main exam.
Besides, prelims papers have objective-type questions, and the main exam has questions that are descriptive type, you will find a total of nine papers, and in the prelims, there are two papers. Further, get all information related to the UPSC exam. We have covered all details, and it will help you with the exam preparations. Read More.
IAS Exam Suggestions and Tips
First, one must understand the exam pattern and the exam syllabus. Then, one must refer to the previous year’s papers to help you know various things related to the IAS exam. In addition, which are the best books for all subjects and try to collect them and study them. However, you can try to find soft copies online. Furthermore, many platforms offer you test series and mock tests. These tests will help you understand your skills and improve them. One must also understand the trending topics for essay writing and try to practice. Further, revision is the most vital thing in any exam, so before starting a new concept, try to revise previous chapters. Also, make a proper timetable and try to follow. It is important for one to give time for revision.
Conclusion – Economic Survey 2022
The article has added details of the economic survey 2021 – 2022 highlights. It is one of the vital concepts for the IAS exam. We have also added details of the IAS exam. Besides, find other UPSC exam study materials, we have covered all information that will help you with the IAS exam. Read More. Then, try to visit the official site that will help you with the IAS exam preparations. To clear the UOSC exam, it is essential to make use of the best use of the time available and give time for all subjects. We wish you best wishes for the IAS UPSC exam. Work hard and try to read success stories it will motivate you to prepare for the exam.
FAQs – Economic Survey 2021 -22
Finance Minister Nirmala Sitharaman
The agile approach was the theme of the Economic Survey
Economic survey is each year on the last working day of February by the Finance Minister of India in Parliament.
The Economic Survey is defined as an annual report card of the economy which examines the performance of every sector
Editor’s Note | Economic Survey 2022
In summary, the above article, we have added all information related to the economic survey 2021-22. We have covered details like the agile approach and economic survey 2022 highlights. It is one of the vital concepts for the IAS exam. Try to note down essential points while reading the article. We have also added essential links to help you with the exam preparations. When we talk about the IAS exam, one must understand the exam syllabus and the pattern of the paper. Further, try to refer to the last year’s papers. It will help you know about the question pattern and marks. As we have mentioned earlier, one must also visit the official site to get the exam information.
