India Budget 2022: Economic Survey projects 8-8.5per GDP growth for 2022-23

Categories: Budget Special

               India's Finance Minister, Nirmala Sitharaman, on Monday tabled the Economic Survey 2021-22 prepared by Principal Economic Adviser Sanjeev Sanyal, which predicted a GDP growth of 8-8.5% for the upcoming financial year. The Indian economy is set to grow at 9.2% in the current fiscal year, the survey stated. India's GDP grew by 8.4% in the July-September quarter.

              According to the report, which was tabled by Finance Minister Nirmala Sitharaman ahead of the Union Budget for 2022-23, which is scheduled to be presented on Tuesday, all macro indicators indicated that the economy was well positioned to face challenges, aided by pick-ups in farm and industrial output growth.

            India, which is likely to grab the title of the world's fastest-growing major economy from China and maintain it for at least another two years, has the fiscal space to do more to boost the economy. 

Economic survey presented in parliament

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• FY 2023 GDP growth is estimated at 8-8.5%
•  FY 22 real GDP growth of 9.2% is possible
•  11.8% industrial growth is possible.
•  Agriculture sector growth at  3.9 %
•  Improvements in the supply chain would help growth.
•  There will be challenges in the macro economy in FY 23
•  Exports will contribute significantly to FY 23 GDP growth
•  India has third largest startup ecosystem in the world after US and China.