Finance Minister Nirmala Sitharaman today tabled the Economic Survey in Lok Sabha. The Survey projects 8-8.5% growth in Gross domestic product (GDP) in 2023. The GDP growth rate for the ongoing financial year 2021-22 (FY22) is estimated at 9.2%. The Budget Session of the Parliament commenced with President Ram Nath Kovind addressing both the Houses.
The Economic Survey is an annual document prepared by the Ministry of Finance under the guidance of the Chief Economic Advisor (CEA) and it provides a summary of annual economic development across the country during the financial year 2021-22.
The government on Friday appointed Dr V Anantha Nageswaran as the new CEA adding in a statement that he has assumed charge. He replaced KV Subramanian whose three-year term ended in December. The economic survey says at 9.2%, economic activity has recovered past pre-pandemic levels.
All macro indicators indicated the economy was well placed to face challenges, helped by pick ups in farm and industrial output growth, said the report, which was tabled by Finance Minister Nirmala Sitharaman in Parliament ahead of the annual budget on Tuesday.
Key points at a glance
GDP growth expected to be 8-8.5% in FY-2023
Government will increase capital expenditure
Real GDP growth likely to be 9.2% in FY-2022
Industrial growth expected at 11.8% in FY-2022
Agriculture and allied sectors least impacted by the pandemic
FY22 Agriculture Sector growth possible at 3.9% in 2021-22
The services sector has been worst hit by the pandemic
Total consumption is estimated to have grown by 7% in 2021-22
Improvements in supply chain will help support growth
There will be challenges in FY23 on the macro economy front.
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