The Economic Survey 2022 projects an 8-8.5 per cent growth rate for the Indian economy in 2022-23 fiscal year (April 2022 to March 2023). Finance Minister Nirmala Sitharaman on January 31 presented the Economic Survey that gives details the state of the economy ahead of the government's Budget for the fiscal year beginning April 1, 2022.
The 8-8.5 per cent growth rate projection is based on oil price projection of USD 70-75 per barrel range as against current price of USD 90, said the survey. The Economic Survey also pegs the GDP growth in 2021-22 at 9.2 per cent. It also said that economic activity in the country has recovered to pre-pandemic level. This is in line with the 9.2 per cent GDP expansion projected by the National Statistical Office (NSO). The Economic Survey gave details on 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. It said that growth in FY23 will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations.
Government finances will witness consolidation in 2021-22, after an uptick in deficit and debt indicators during the pandemic year, said the survey. It added that the private sector investments will provide support to the revival of the Indian economy.
