On the 31st of January 2022, Finance Minister Nirmala Sitharaman presented the Economic Survey 2021-22 to the Parliament.
Highlights:
On the 31st of January 2022, Finance Minister Nirmala Sitharaman presented the Economic Survey 2021-22 to the Parliament.
The pre-budget Economic Survey is a document that is presented to Parliament prior to the Union Budget to present the state
of the economy and make policy recommendations.A team led by Chief Economic Advisor wrote the pre-Budget Economic Survey (CEA).
The Centre named economist V Anantha Nageswaran as the next CEA just days before the presentation.
The Indian
economy is expected to develop at an annual rate of 8-8.5 percent in the fiscal year 2022-23, according to the government (FY23).For the current fiscal year 2021-22 (FY22), the GDP Growth rate is expected to be 9.2%. According to the Economic Survey, India will need to spend around USD 1.4 trillion on over the next five years to achieve a GDP of USD 5 trillion.
The lack of major base effects in 2022-23 as compared to 2021-22 is the key reason for the lower projection.
In fact, when these base effects were removed in Q3 and Q4 of 2021-22 and economic activity had begun to recover, the second half of 2021-22 saw only 5.6 percent growth.