Finance minister Nirmala Sitharaman tabled the Economic Survey 2022 on January 31, soon after President’s address to both Houses of Parliament. The survey, presented a day before the Union Budget, details the state of economy and reforms that should be undertaken to accelerate growth.
Finance minister Nirmala Sitharaman tabled the Economic Survey 2022 on January 31, soon after President’s address to both Houses of Parliament. The survey, presented a day before the Union Budget, details the state of economy and reforms that should be undertaken to accelerate growth. Here are the key highlights of the report.
Two years into the COVID-19 pandemic, the global economy continues to be plagued by uncertainty, with resurgent waves of mutant variants, supply-chain disruptions, and a return of inflation in both advanced and emerging economies. These have been difficult times for the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world. The theme of this Economic Survey, therefore, relates to the art and science of policymaking under conditions of extreme uncertainty.
India’s GDP is projected to grow in real terms by 8.0-8.5 percent in 2022-23. The economy is expected to grow at 9.2 percent in the current fiscal. The Indian economy, as seen in quarterly estimates of GDP, has been staging a sustained recovery since the second half of 2020-21. Although the second wave of the pandemic in April-June 2021 was more severe from a health perspective, the economic impact was muted compared to the national lockdown of the previous year. As per the survey, the growth in 2022-23 will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth and availability of fiscal space to ramp up capital spending.
The agricultural sector was the least impacted by the pandemic. It is estimated to grow 3.9 percent in 2021-22 on top of 3.6 percent and 4.3 percent, respectively, in the previous two years.
The agricultural sector was the least impacted by the pandemic. It is estimated to grow 3.9 percent in 2021-22 on top of 3.6 percent and 4.3 percent, respectively, in the previous two years.
Overall, the sector is estimated to grow by 8.2 percent in 2021-22.
Imports are expected to grow by 29.4 per cent in 2021-22, surpassing corresponding pre-pandemic levels.
Startups in India have grown remarkably over the last six years. India has now become the third largest startup ecosystem in the world after the US and China.
Unified Payments Interface (UPI) is currently the single largest retail payment system in the country in terms of volume of transactions, with 4.6 billion transactions worth Rs 8.26 lakh crore carried out in December 2021.
The top five sectors which capture around 83 percent of the aggregate pipeline value include: Roads (27 percent) followed by Railways (25 percent), Power (15 percent), oil & gas pipelines (8 percent) and Telecom (6 percent).
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