New Delhi: Finance Minister Nirmala Sitharaman presented the Economic Survey 2021-22 in the Lok Sabha on the first day of the budget session of Parliament. According to the Economic Survey 2021-22, India’s Gross Domestic Product (GDP) is expected to grow by 9.2 percent in the current fiscal.
10 Important Points of Economic Survey 2022:
1: Advance estimates show that the Indian economy will grow in real terms in 2021-22. GDP The expansion is expected to be 9.2 percent. This implies that economic activity has surpassed pre-pandemic levels.
2: Agriculture and allied sectors have been least affected by the pandemic and the sector is expected to grow by 3.9 per cent in 2021-22 after a growth of 3.6 per cent in the previous year.
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3: The service sector has been hit hardest by the pandemic, especially segments that involve human contact. The sector is expected to grow by 8.2 per cent in this financial year after a contraction of 8.4 per cent in the previous year.
4: Total consumption is projected to grow by 7.0 per cent in 2021-22 with a significant contribution from government spending. Similarly, gross fixed capital formation exceeded pre-pandemic levels due to increased public expenditure on infrastructure.
5: Exports of both goods and services so far have been exceptionally strong in 2021-22, but imports have also strengthened with improved domestic demand as well as improved commodity prices internationally.
6: Despite all the disruptions caused by the global pandemic, India’s balance of payments remained in surplus over the past two years. This allowed the Reserve Bank of India to freeze foreign exchange reserves (they stood at US$634 billion as on 31 December 2021). This is equivalent to 13.2 months of merchandise imports and is more than the country’s external debt.
7: A rebound in government revenue in 2021-22 means the government will comfortably meet its targets for the year while maintaining support and increasing capital expenditure. The strong revival in revenue (revenue receipts were up by 67 per cent in April-November 2021) means the government has the fiscal space to provide additional support, if needed.
8: India’s capital markets, like many global markets, have performed exceptionally well and have allowed record raising of risk capital for Indian companies.
9: The banking system is well capitalized and the overhang of non-performing assets has structurally declined, even allowing for some of the pandemic’s lessening impact.
10: India needs to be wary of imported inflation, especially from high global energy prices.
Overall, the Macro-Economic Stability Indicators show that the Indian economy is well prepared to meet the challenges of 2022-23.
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first published:Jan. 31, 2022, 2:05 pm
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