Government released Economic Survey 2021, with the arguments of anti-India rating agencies

The Government of India presented its Economic Survey 2020-21 in Parliament today. In this survey printed in two sections, many things have been discussed in detail. As expected, the main point of the survey was the corona virus, which has been described as a crisis once in a century. The survey shows that India, like the other world, was struggling with the security of life or the fear of going into economic crisis. The lockdown would have exacerbated the economic crisis while many without it could have lost their lives. The survey pointed out that India’s large population and population density was a serious challenge, but the government adopted an equitable policy in the struggle for life and economic crisis. The survey states that the priority of the government was to save lives because economic shock could not be overcome today, but the loss of life and property would have been incomplete.
In addition to the factual knowledge of the government’s policies in the context of Corona, an important point that draws attention is how foreign rating agencies sideline India against the facts. The survey criticized such agencies for placing India at the bottom of the investment grade, ignoring India’s economic power, unlimited ability to repay debt, etc., by a so-called independent rating agency like Moody’s.
The survey stated that “Never in the history of independent and sovereign credit rating has it happened that the fifth largest economy in the world has been ranked at the very bottom of the world (1) (3). The fifth largest economy in the world always got a rate due to the size of the economy and its ability to repay debt accordingly. But China and India are the only two exceptions to this rule, China was rated Tr- / Tr2 in 2005 and now India is rated 3rd / 12th. The fundamental elements that drive these sovereign credit ratings have any logical reason for this exception? In this chapter, the survey raises this important question and also answers it firmly with no. “
The survey tells in a matter-of-fact manner how such agencies are biased towards the schism These agencies are located in developed countries and do not want the emerging economic superpowers to get more investment. Not only in economic matters, the situation is the same in all matters, from the health sector to Sushtbaddadya. This attitude of Western agencies is well known, but the fact that such surveys by organizations like Moody have been flagged by the survey is new.
Apart from this, the discussion of the government’s health care plans, the success of Ayushman Bharat as well as the signs of economic revival is also in the survey. As the economic activity starts, the revenue collection of the government is also increasing. From October to December, the truss collection has been more than 1 lakh crores every month. The survey shows that a major role in increasing the income of the government has also been the reforms in direct tax.
The process of vaccination on such a large scale gives rise to the hope that soon there will be a boom in the service sector like hotels, tourism. Explain that due to Corona, there has been a huge reduction in foreign investment in the service sector, in such a situation, there is a news of relief after the vacancy.
For all these reasons, it has been said in the survey that the growth rate of India will remain at 11. The government is investing extensively to revive the economy. Investments in other areas such as infrastructure improvements can also see a larger increase than expected. There has been an increase of 129 tn in October, 249 tn in November and 62 tn in December as compared to the previous year, which shows that the government has spent a large amount of money to speed up the economy.

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