Economic Survey 2021 updates: Agriculture set to cushion Covid blow on economy, says CEA

The budget, to be presented on February 1, is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report.

For the full fiscal 2020-21, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next fiscal. GDP growth is seen expanding by 11 per cent in the 2021-22 fiscal (April 2021 to March 2022).

India will turn to finance minister Nirmala Sitharaman's budget on Monday to see how she prioritizes spending to get the pandemic-ravaged nation back to being the world's fastest-growing major economy.

India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey later on Friday, news agency Reuters reported quoting a source, betting on a sharp recovery from the pandemic-induced slump this year.

Prime Minister Narendra Modi on Thursday signalled a major push to infrastructure, manufacturing, mobility, technology and urbanisation and urged global investors to take advantage of the opportunities available in a “vibrant democracy with a business-friendly environment and a huge market”.