India will witness GDP growth of 8 to 8.5
per cent in 2022-23, 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.
Finance Minister Ms Nirmala Sitharaman tabled the Economic Survey
2021-22 in Parliament on Monday, which states that the year ahead is
well poised for a pick-up in private sector investment with the
financial system in a good position to provide support to the revival of
economy. The growth projection for 2022-23 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 broadly orderly.
Referring to First Advance Estimates, the Survey states that the Indian
economy is estimated to grow by 9.2 per cent in real terms in 2021-22,
after a contraction of 7.3 per cent in 2020-21.
Dwelling on the sectoral aspects, the Survey states that Agriculture and
allied sectors have been the least impacted by the pandemic and the
sector is expected to grow by 3.9 per cent in 2021-22 after growing by
3.6 per cent in the previous year. In the current year, food grains
production for the Kharif season is estimated to post a record level of
150.5 million tonnes.
According to Survey, the industrial sector went through a sharp rebound
from a contraction of 7 per cent in 2020-21 to an expansion of 11.8 per
cent in this financial year.
The Survey said that the services sector has been the hardest hit by the
pandemic, especially segments that involve human contact. This sector
is estimated to grow by 8.2 per cent this financial year following last
year’s 8.4 per cent contraction.
The Survey added that total consumption is estimated to have grown by
7.0 per cent in 2021-22 with government consumption remaining the
biggest contributor as in the previous year.
In conclusion, the Survey is quite optimistic that overall
macro-economic stability indicators suggest that the Indian Economy is
well placed to take on the challenges of 2022-23 and one of the reasons
that the country's Economy is in good position is its unique response
strategy.
The pre-budget Economic Survey was tabled ahead of the Union Budget for the next financial year beginning April 1st, 2022
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(With input from news agency language)
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