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                                                                                                                                                                        Economic survey 
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                ECONOMIC SURVEY  2020-21 
          Economic Survey is the flagship annual document of the Ministry of 
           finance.  It  gives  a  detailed  account  of  the  various  sectors  of  the 
           economy and overall economic scenario of the country in the past 
           years and provides an outline for the year ahead. Increasingly it has 
           also become a forum for analysis and research on the economy, and 
           hence also a source of policy ideas. 
          The Economic Survey was prepared by the Economic Division of the 
           Department of Economic Affairs in the Finance Ministry under the 
           overall guidance of the Chief Economic Adviser. After receiving inputs 
           from the senior officers in the Ministry of Finance, the final version of 
           the  Economic  Survey  is  scrutinized  by  the  Finance  Secretary  and 
           finally approved by the Union Finance Minister. 
          What does it contain? 
      1. Volume 1 – Future prospect - Intent of the government and direction of 
      future planning. 
      2. Volume 2 - Report card in previous year(s) – Mainly facts and figures 
       
      Introduction  
        •  The foundational theme of the survey is "Saving Lives and Livelihoods". 
        •  The  Economic  Survey  2020-21  has  been  dedicated  to  all  the  COVID-19 
           warriors, who have really helped in upholding India. 
      -Saving Lives and livelihoods 
      -COVID warriors joined hands to uphold India 
      -V-shaped economic recovery 
                       UPSC Prelims |UPSC Mains | UPSC Optional ANTHROPOLOGY | Vishnu IAS Academy 
                    
                      
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      -Opportunities outweigh risks                                                  
          The  cover  of  the  economic  survey  shows  these  COVID  warriors 
           including  the  nurses,  doctors  and  scientists  who  have  helped  in 
           developing the vaccine in record time and sanitation workers who 
           have  come  together  in  the  time  of  adversity  to  uphold  India.  The 
           cover also shows v-shaped recovery that has happened in the India 
           economy. 
          This year’s economic survey is being delivered in an e-book format. 
           The Finance Ministry has also launched an official Economic Survey 
           app for smooth access to the document. 
          India’s response to the global epidemic was driven by research available on the 
           Spanish  Flu  Epidemic  (1918)  and  Nobel-Prize  winning  Hansen  &  Sargent 
           (2001)  policy  recommendations  during  high  uncertainty  worst-case  scenario 
           prioritising loss minimization.  
          It was philosophically and ethically driven by the quote mentioned above and 
           the idea of ‘Jaan Hai to Jahaan Hai’.  
          The strategy also kept in mind India’s unique vulnerabilities to the pandemic 
           which are as follows:  
      I. Huge Indian population meant disease would spread at higher pace.  
      II. High population density at bottom of pyramid would increase spread rates.  
      III. High absolute numbers of India’s vulnerable aged population.  
      IV.  Overburdened  health  infrastructure  would  cause  supply-demand  mismatch 
      increasing fatalities.  
          The only strategy that seemed viable for containment of the pandemic was active 
           surveillance,  early  detection,  isolation,  and  case  management,  contact  tracing 
           and  
          prevention  of  onward  spread  by  practicing  social  distancing  and  safety 
           precautions.  
                       UPSC Prelims |UPSC Mains | UPSC Optional ANTHROPOLOGY | Vishnu IAS Academy 
                    
                      
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         Various non-pharmaceutical interventions (NPIs) – such as lockdowns, closure  
         of  schools  and  non-essential  business,  travel  restrictions  –  were,  therefore, 
         adopted by countries across the globe.  
         These were aimed to slow down the transmission of infection or ‘flatten the 
         epidemic curve’ and buy the health care system some time to handle the surge in 
         demand for its services and for development of an effective treatment and a 
         vaccine.  
                                                                
      
                  UPSC Prelims |UPSC Mains | UPSC Optional ANTHROPOLOGY | Vishnu IAS Academy