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Economic survey: Growth rate at 8-8.5% for 2022-23

As the budget Session of 2022 commence, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 along with Statistical Appendix in the Lok Sabha on the first day of the session. Economic Survey represents the state of the economy and suggests policy prescriptions towards it.

Here are some key pointers from Sitharaman’s Economic Survey:-

-India forecasted economic growth of 8% to 8.5% for the coming fiscal year that starts in April.

-India’s GDP is projected to grow at 9.2 per cent in 2021-22.

-All macro indicators indicated the economy was well placed to face challenges, helped by pickups in farm and industrial output growth, said the report.

-India’s growth is to be supported by “widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending,” says Economic Survey as per Bloomberg.

-“The Economic Survey 2021-22, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth. The gross domestic product (GDP) contracted by 7.3 per cent in 2020-21. The Survey focuses on supply-side issues to improve the resilience of the Indian economy”, reported PTI.

-Agriculture sector to grow 3.9% in 2021-22, the Industrial sector 11.8% and the Services sector 8.2%, reported agencies.

This is chief economic adviser V Anantha Nageswaran’s first Economic Survey, who took charge last Friday. He will be conducting a press conference regarding the Economic Survey 2022, at 3:45 pm, Monday.

Sitharaman will be presenting the Union Budget tomorrow.

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