The Economic Survey of India 2021-22 has projected a GDP growth rate of 8-8.5% for the next financial year ending March 2023. The economy is projected to grow at 9.2 per cent in the current fiscal, the economic survey stated. Finance Minister Nirmala Sitharaman tabled the Economic Survey in Lok Sabha
soon after President Ram Nath Kovind’s address to both Houses on commencement of Budget session. The gross domestic product (GDP) contracted by 7.3 per cent in 2020-21.
Growth will 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,” the Economic Survey said.
The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, monsoon will be normal, withdrawal of global liquidity by major central banks will be orderly,” the document added. According to the survey, the government has fiscal space to ramp up capex going ahead.
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 Survey focuses on supply-side issues to improve the resilience of the Indian economy. India’s economy suffered severely in FY21 as it declined by more than 7 per cent due to the first wave of the pandemic that brought with it stringent curbs.
Earlier, PM Narendra Modi said union budget 2022 will showcase India’s economic growth to the world. He also made an appeal to MPs to not miss the Budget Session while campaigning for Assembly polls.
“It is true that polls affect Sessions and discussions. But I request all MPs that elections will go on but the Budget Session draws a blueprint for the entire year. The more fruitful we make it, the better our economic progress will be,” he said.