Economic Survey 2022 highlights: Govt pegs India's growth at 9.2 per cent in FY22
Details have started trickling in with regard to the contents of the Economic Survey 2022, which was tabled in Parliament on Monday by Finance Minister Nirmala Sitharaman.
FollowDetails have started trickling in with regard to the contents of the Economic Survey 2022, which was tabled in Parliament on Monday by Finance Minister Nirmala Sitharaman.
According to Bloomberg, the Economic Survey points towards a GDP growth of 9.2 per cent in the financial year 2022-23. The growth rate is expected to dip in the 2023 financial year to 8 to 8.5 per cent. Powering the country's growth in 2022-23 will be widespread vaccine coverage, strong export growth, availability of fiscal space to ramp up capex, supply-side reforms and easing of regulations.
Another report in news agency Reuters said that the Survey had pegged agriculture sector growth of 3.9 per cent, Industrial sector growth of 11.8 per cent in FY22.
Reports citing the Economic Survey highlighted how agriculture and allied sectors were the least impacted by the Coronavirus pandemic. Instead, it was the Services sector that was the hardest hit. This sector is estimated to grow by 8.2 per cent in FY22 as compared to the 8.4% contraction it witnessed in FY21.
While underscoring that the economy was well placed to take on the challenges of the financial year 2022-23, the Survey outlines a strong revival in revenues, which would mean that the Narendra Modi government has space to provide additional support if necessary.
It also notes how the banking system is well-capitalised and the non-performing assets overhang over the banks had declined. The survey underscored that the country's banking system seemed to have weathered the pandemic shock well.
However, the document sounds a note of caution and stated that the growth projection hinges upon no further debilitating pandemic-related disruption. The projections for the growth was based upon the global crude prices remaining between 70-75 dollars per barrel.
Further, the Economic Survey highlighted how more funds were generated through IPOs this year than in any during the last decade. The incredible response to the IPOs this year was reflective of the confidence that investors have in the Indian market and the economy.
This is a developing story
