New Delhi: The Economic Survey 2021-22 was introduced in the Lok Sabha today by Finance Minister Nirmala Sitharaman. This comes ahead of the February 1 Budget announcements, which are set to begin at 11 a.m. The survey, conducted ahead of the Union Budget, predicted that the Indian economy would grow at an annual pace of 8-8.5 percent in fiscal year 2022-23.
The paper cited preliminary projections that projected real GDP will grow 9.2 percent in 2021-22 after declining in 2020-21. "This suggests that overall economic activity has surpassed pre-pandemic levels." "Almost all indicators show that the economic impact of the'second wave' in Q1 was far smaller than that of the full lockdown period in 2020-21, despite the fact that the health impact was much worse," it stated.
The projection is based on the assumption that there will be no further debilitating pandemic-related economic disruption, a normal monsoon, orderly withdrawal of global liquidity by major central banks, oil prices in the range of US$70-$75/bbl, and an easing of global supply chain disruptions over the course of the year, according to the Economic Survey.
Agriculture and associated industries were the least affected by the pandemic, according to report, and are anticipated to expand 3.9 percent in 2021-22, up from 3.6 percent the previous year. Industry's GVA will increase by 11.8 percent in 2021-22 after declining by 7 percent in 2020-21, according to the poll, which used advance forecasts.
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