The Economic Survey 2020-21 referred to India`s economic recovery as a `V-shape`. This term comes from the shape of the graphical representation of the economic situation.

Option 1, U-shape, means the economy takes a longer time at the bottom before starting to recover. Option 2, V-shape, as the correct answer, means the economy went into a sharp decline but rebounded quickly and strongly. It`s the best-case scenario after an economic downturn.

Option 3, K-shape recovery, explains when different parts of an economy recover at different rates. Some sectors may bounce back significantly while others continue to decline.

Option 4, W-shape, or "double-dip," refers to a scenario where the economy starts to recover, dips into a recession again, and then recovers.

Given the data in the question, we see a sharp decline followed by faster recovery, which is best represented as a V-shaped recovery.