Budget Session 2022: FM Nirmala Sitharaman tables Economic Survey
Shgun S
January 31st 2022 01:38 PM --
Updated:
January 31st 2022 01:41 PM
On the first day of Parliament's Budget session, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22, along with the Statistical Appendix, in the Lok Sabha.
- After shrinking in 2020-21, the Indian economy is predicted to expand by 9.2% in 2021-22, according to the survey.
- In 2021-22, total consumption is estimated to have increased by 7 percent, with considerable contributions from government spending.
- 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 are likely to support growth in 2022-2023.
- The Indian economy is in a strong position to witness GDP growth of 8.0-8.5 per cent in 2022-23, with the vaccination drive having covered the majority of the population, economic momentum building back and the likely long-term benefits of supply-side reforms in the pipeline.
- The estimates are based on the assumption that there will be no crippling pandemic related economic disruption, monsoon will be normal, that the withdrawal of global liquidity by major central banks will be broadly orderly, oil prices will remain in the range of US$70-$75/bbl and that global supply chain disruptions will gradually ease over the year.