India Budget 2022: Economic Survey projects 8-8.5% GDP growth for 2022-23
Indian Finance Minister Nirmala Sitharaman.
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.
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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.
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Highlights:
- Economic survey presented in parliament
- 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.
Watch | Budget 2022: 'Sabka sath, Sabka Vikas,' Indian Prez Kovind highlights govt's agenda for growth
According to the survey, "The projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, the monsoon will be normal, and the withdrawal of global liquidity by major central banks will be orderly."
Watch | PM Narendra Modi addresses media before budget session of parliament commences
It also depends on oil prices remaining at the $70-$75 per barrel level, as well as global supply chain issues subsiding.
By increasing spending, the budget is expected to prioritise growth over fiscal consolidation.
The budget is presented just days before elections in five states, including the most populous, Uttar Pradesh, which may prompt Sitharaman to promise increased rural expenditure and food and fertiliser subsidies.
(With inputs from agencies)