Indian Economy from the Economic Survey

The word economy describes the production and consumption of goods and services and money supply in a particular area, region, or country. This Economic Survey of India is the document of the Department of Economic Affairs under the Ministry of Finance that presents this report every year after the Union Budget. This survey is conducted under the supervision of the Chief Economic Advisor of India. As India is the fastest-growing country globally, it’s a fact that India holds the seventh-largest economy and is ranked between France and Italy in the economy. In this article, we will explain to you the Indian economy facts and statistics and the Indian economy survey. 

Indian Economic Survey Facts and Statistics

To know about the Indian economic survey, we first have to understand the meaning of the world economy. The world economy is derived from the Greek word Oikonomia, in which Oikos is known as household and nemein, which means management and total means household Management. It represents the management of income and expenses of a house and stimulating it. 

In simple words, the country’s economy is the calculation of the country’s production, distribution, India’s internal trade, and consumption of goods and services. The economy has four types 

1. Pure Market Economy.                                         
2. Pure Command Economy.                           
3. Traditional Economy.                               
4. Mixed Economy.

India follows the mixed economy system, which means both the private and government Entities share the control of owning, making and selling goods and services. 

Key Highlights, Facts and Statistics of the Indian Economic Survey

Education

• Upgrade 2 lakh Anganwadis for the safety of the child. 
• NEP recommended allocating 6% of GDP to education. 
• The introduction of the Prime Minister eVIDYA’s “One class, One TV channel” initiative for schoolchildren and the construction of a virtual and digital University were much-needed. 
• A hub-and-spoke digital university will concentrate on ICT online education. 
• For all states that provide skilling courses, the PM eVIDYA will extend its ‘one class, one TV channel’ initiative from 12 to 200. 

Agriculture:

• Blended financing (government participation restricted to 20%) for Sunrise industry possibilities like climate change, agri-tech, etc.
• NABARD will be able to agree on a startup fund for agricultural and rural business startups relevant to the value chain of farm products. Startups will aid FPOs by supplying farmers with cutting-edge technology.
• Using Kisan drones will encourage crop evaluation, digitalisation of land data, and insecticide and fertiliser spraying.
• To cover 1208 million metric tons of wheat and paddy from 163 million farmers in Rabi season 2021-22 and Kharif season 2021-22, the expected purchase of paddy is 1208 million metric tons.
• Direct payment of MSP value to their accounts would be made in Rs. 2.37 lakh crore.
• Agricultural high-tech services will be made available.
• Direct deposit of MSP into farmers’ bank accounts is the preferred distribution method.
• Natural farming is to be encouraged in India without the use of chemicals.

e-Vehicles and Energy:

• Energy-saving strategies will be encouraged.
• To encourage the use of electric vehicles, a battery-swapping policy and interoperability standards are being developed.
• Offering electric autos with no need for a license and affordable monthly payments
• Promoting electric vehicle startups

Ecosystem:

• A solar module PLI (Production Linked Incentive Scheme) allotment of Rs 19,500 crore has been announced.
• Encouraging the development of semiconductors, a key component in electrical devices, is at the heart of this ideology.
• In addition, it serves as a workspace for international firms and a source of employment for locals.

Housing and Basic Amenities:

• A total of 80 million families will be eligible for the affordable house programme by 2022-23.
• A total of 60,000 crores was earmarked for installing public water supply systems in 3.8 million homes.
• 34.5 per cent growth in revenue to Rs 5.5 lakh crore for the year before.
• Connecting Ken-Betwa to supply irrigation for 9.05 million hectares and potable water and hydroelectric electricity for 65.5 thousand residents would cost Rs 44,605 crore.

Employment:

• The special PLI Scheme for obtaining Atma Nirbhar(self-sufficient) Bharat has gotten an excellent response, possibly creating 60 lakh new employment and 30 lakh. Crore in extra output over the next five years.
• More than 60 lakh jobs have been produced under PLI initiatives in 14 industries.

Conclusion 

As in the above article, we learnt about the economy of India and the economic survey of India as we noticed that there is a gradual increase in the growth of the Indian economy. The economy of any country is well affected by its trades which are mainly taking place by the transportation like airways, railways, roadways like buses, pickup trucks and so on. As India is an agriculture-dependent country, we have sizeable agricultural land. Concentrating on agriculture well makes the country’s economy more robust, and we can export the goods to other countries, which strengthens the country’s external trade.