Budget 2022: Economic survey speculates growth rate of 8-8.5% in 2022-23
The Union Finance Minister Nirmala Sitharaman put forth the Economic Survey 2021-22 in the Lok Sabha soon after President Ram Nath Kovind addressed both the Houses of the Parliament.
The Finance Minister, Ms Sitharaman will be presenting the Budget for 2022-23 tomorrow.
The economic survey stated the advance estimates which propound that the Indian economy shall witness a real GDP expansion of 9.2 per cent in 2021-22 after contracting in 2020-21.
The Finance Minister in its economic survey said that the last two years have been difficult for the world economy due to the COVID-19 pandemic. Continuous waves of infection, supply-chain disruptions and, more recently, inflation have created particularly challenging times for policy-making.
The survey added that the projection is based on the assumption that monsoon will be normal, there will be no further devitalizing pandemic-related economic disruption, and orderly withdrawal of global liquidity by major central banks.
The survey expected the growth, supported by the widespread vaccine coverage, robust export growth, gains from supply-side reforms and easing of regulations, and availability of fiscal space to improve the resilience of the Indian economy.
The Economic survey of India projected the economic growth of 8% to 8.5% for the coming fiscal year 2022 – 23, down from estimated 9.2% growth in the current fiscal year.
