India’s economy is firmly in the middle of a V-shaped recovery and will bounce back strongly to record 11 per cent growth in 2021-22 after an estimated 7.7 per cent contraction this year. The country termed the projected growth estimate a ‘lockdown dividend’ from its stringent response to the Covid-19 pandemic and we believed in taking short-term pain for long-term gain. The survey notes that the global economy, including India, has been set back in time by the pandemic-induced crisis but that the Indian economy has inherent strengths that could allow it to bounce back strongly. And while it defended the conservative fiscal stimulus during the initial phase of the pandemic, it nonetheless made a clear and strong pitch for the government to loosen its purse strings to spur the economy with a counter-cyclical fiscal push till the country returns to its pre-Covid growth path. India’s economic approach is almost like Indian cricket team's recent showdown under "caution with precaution". Thus we have taken mending ways for our economy and we saw survival to revival now.
