The Economic Survey 2020-21, tabled by Finance Minister Nirmala Sitharaman in the parliament on Friday has predicted that India's real gross domestic product (GDP) is expected to grow by 11% in the financial year 2021-22.
For 2020-21, the economy is expected to contract by 7.7%, the survey said, which is in line with the forecasts by the central bank, most international agencies and private experts. In December, the Reserve Bank of India (RBI) had said it expects the country's GDP to contract 7.5% in the year ending 31 March 2021.
"Agriculture has remained the silver lining, while contact-based services, manufacturing and construction sectors were the worst hit by the COVID-19 pandemic," said the survey.
The Economic Survey, which is being presented two days ahead of the Union Budget presentation, analyses the trends in agricultural and industrial production, employment, money supply, and other sectors.
The survey mentioned how the Indian economy has progressed in the last 12 months.