Lagatar24 Desk
New Delhi, Jan 31: Nirmala Sitharaman, the Finance Minister, presented the Economic Survey to Parliament on Monday, along with the statistical Appendix. Before the Union Budget for the fiscal year beginning April 1, 2022, the Economic Survey has offered details on the state of the economy.
In FY23, the Economic Survey predicts a growth rate of 8 to 8.5 percent in the Gross Domestic Product (GDP) (April 2022 to March 2023). The current fiscal year’s GDP growth is forecasted to be 9.2%.
In 2021-22, total consumption is expected to increase by 7.0 percent, with considerable contributions from government spending. Agriculture and related industries are predicted to rise by 3.9 percent. In the current fiscal year, the services industry is expected to rise by 8.2%.
India's GDP projected to grow at 9.2 per cent in 2021-22: Economic Survey
Read @ANI Story | https://t.co/4m4xaIqQIH#GDP #EconomicSurvey pic.twitter.com/zuGWgLdUzE
— ANI Digital (@ani_digital) January 31, 2022
The Economic Survey 2021-22 examines the health of several economic sectors as well as measures that should be implemented to boost growth.
In 2020-21, the gross domestic product (GDP) shrank by 7.3 percent. The survey focuses on supply-side factors in order to strengthen the Indian economy’s resilience.
In most cases, the Economic Survey is written by a team led by the Chief Economic Advisor (CEA). This year, however, a team lead by the Principal Economic Adviser drafted the document. The government appointed economist V Anantha Nageswaran as the new CEA last week, just days before the Budget 2022.
Notably, Nageswaran is a former executive of Credit Suisse Group AG and Julius Baer Group, as well as a scholar.
