Economic Survey: Fiscal space to provide additional support to the economy 

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Finance minister Nirmala Sitharaman will present her fourth Budget today 

The Budget is basically an account of the government’s expenditure and receipts. Tax revenues are basically a function of nominal incomes. It is in keeping with this logic that the Budget projects a nominal GDP growth number as the basis for the entirely budgetary math. The 2021-22 Budget projected a nominal GDP growth of 14.4%. The nominal growth rate for 2021-22, as per the first advanced estimates released by the National Statistical Office (NSO) is significantly higher (17.6%) than this number. At 9.2%, the real GDP growth has turned out to be much lower than the last year’s Economic Survey forecast of 11%.. HT

Improvement in vulnerability indicators

Vulnerability indicators relating to reserves such as reserves to total external debt, reserves to short-term debt (residual maturity) and reserve cover of imports have shown marked improvement in the first half of the current fiscal vis-à-vis FY 2014, the taper tantrum year. Deccan Herald

SKM would have no option but to resume the agitation

The Samyukta Kisan Morcha, which spearheaded the yearlong farmers’ movement, on Monday said it would have no option but to resume the agitation as the Narendra Modi government “continues to renege on the promises made to protesting farmers” on December 9. This ultimatum came on a day President Ram Nath Kovind addressed a joint sitting of both Houses of Parliament and the government unveiled the Economic Survey. Telegraph

Buoyant tax revenues offered the government fiscal space to provide additional support to the economy 

The Economic Survey tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman pointed out that buoyant tax revenues offered the government fiscal space to provide additional support to the economy and continue the push in favour of higher capital expenditure. Though output in various contact intensive services remained below pre-pandemic levels, it said the macroeconomic strength provided buffers against likely stresses such as withdrawal of stimulus by global central banks.. Indian Express

Gaping lacuna in government data regarding the impact of the pandemic on education

The Economic Survey has acknowledged a gaping lacuna in government data regarding the impact of the pandemic on education, especially on 25 crore schoolchildren who have not entered a classroom in almost two years.“It is difficult to gauge the real time impact of repeated lockdowns on education sector because the latest available comprehensive official data dates back to 2019-20.. Hindu

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