'Recent Team India’s victory in Australia where their resilience to rebound from 36 all out to winning the Test series was a V-shaped performance indeed,' says CEA
India's V-shaped economic growth in 2021-22 is all set to replicate the country's cricket team performance in Australia which bounced from an all-time low score of 36 runs to clinch the four match Test series 2-1, according to the Economic Survey.
The Economic Survey 2020-21 has projected a V-shape recovery in GDP growth to 11% in the next financial year from a historic contraction of 7.7% in 2020-21 on account of impact of COVID-19 pandemic.
The foresight of the collective vision to battle this pandemic became evident when policy insights and implementation at the centre, state and local level converged to initiate a V-shaped economic recovery, said the pre-Budget document tabled in Parliament on Friday.
"This spirit resonated in the recent Team India’s victory in Australia where their resilience to rebound from 36 all out to winning the Test series was a V-shaped performance indeed!
"Similarly, after experiencing a sharp contraction of 23.9% in first quarter of 2020-21, India is expected to be the fastest growing economy in the next two years," said the document, authored by a team lead by Krishnamurthy V Subramanian, Chief Economic Adviser, Ministry of Finance.
On the need for strong stimulus in the Union Budget on February 1, the CEA said: "Wait for one more day. I am sure you will see both Pujara and Pant in action".
In the fourth Test-match at Brisbane, while India's Shubman Gill (91 off 146 balls) announced his arrival on the global stage, Cheteshwar Pujara (56 off 211 balls) surpassed all the pain barriers en route his slowest Test fifty that held the game in balance for Rishabh Pant to launch a final assault. India defeated Australia by 3 wickets to retain the Border-Gavaskar trophy.
Subramanian further said that like in cricket, even in economy, timing matters and the ball is swinging around a lot, there is lot of uncertainty.
"We need to actually play carefully, focus on survival, essential item, once the swing is gone you should actually. So when ball is swinging you bat like Pujara, and when the swing is gone you bat like Pant which what Indian policymakers have focused on," he said.
India's GDP witnessed its last annual contraction of 5.2% in fiscal year 1979-80.
The Economic Survey 2020-21 said the agriculture sector is the only silver lining while services, manufacturing and construction were most hit by the lockdown that was imposed to curb the outbreak of the COVID-19 pandemic.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.