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.