fbpx
  Previous   Next
HomeBusinessIndia Will See Economic Growth of 8% To 8.5% For Coming Fiscal...

India Will See Economic Growth of 8% To 8.5% For Coming Fiscal Year, Says Economic Survey

India will see economic growth of 8 to 8.5 per cent for the coming fiscal year, down from 9.2 per cent growth estimated in the current year, the annual Economic Survey predicted a day before the Budget.

The survey, tabled in parliament by Finance Minister Nirmala Sitharaman, projected an 8-8.5 per cent growth rate for the economy in the 2022-23 fiscal year (April 2022 to March 2023).

This is a dip from the 9.2 per cent GDP (Gross Domestic Product) expansion in the current year projected by the National Statistical Office (NSO).

The survey says at 9.2 per cent, economic activity has recovered past pre-pandemic levels.

Almost all indicators show that the economic impact of the “second wave” in the first quarter was much smaller than that experienced during the full lockdown phase in 2020-21 even though the health impact was more severe, the survey notes.

“With the vaccination programme having covered the bulk of the population, the economic momentum is building back and the likely long-term benefits of supply-side reforms in the pipeline, the Indian economy is in a good position to witness GDP growth of 8.0-8.5 per cent in 2022-23,” said the survey.

“At the time of writing, a new wave in the form of the Omicron variant was sweeping across the world, inflation had jumped up in most countries, and the cycle of liquidity withdrawal was being initiated by major central banks. This is why it is especially important to look at India’s macro-economic stability indicators and their ability to provide a buffer against the above stresses,” it says.

Agriculture and allied sectors have been the least impacted by the pandemic and the sector is expected to grow by 3.9 per cent in 2021-22 after growing 3.6 per cent in the previous year, says the report.

According to the survey, the services sector has been worst hit by the pandemic, especially segments that involve human contact. This sector is estimated to grow by 8.2 per cent this financial year following last year’s 8.4 per cent contraction.

Total consumption is estimated to have grown by 7 per cent in 2021-22 with significant contributions from government spending.

The economy had contracted by 7.3 per cent during 2020-21 as against the projection of 6-6.5 per cent in the survey presented months before the outbreak of the Covid-19 pandemic in 2020.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News

Assam CM’s Dig At Rahul Gandhi Says Rahul Gandhi Looks Like Saddam Hussain

Assam chief minister Himanta Biswa Sarma in his latest dig at Rahul Gandhi said that the Congress leader's looks have changed and he looks...

Nearly 75% Twitter Employees Layoffs In A Month, Will Elon Musk’s New Policy Be Able To Assure The Employees

After cutting nearly 75% workforce of Twitter in less than a month since the takeover, Elon Musk is now reported to have kept the...

Condition of Hospitals In Bihar Is Worst: Supreme Court

The Supreme Court on Monday (21 Nov) came down heavily on the Government of Bihar for allowing persons without the necessary qualifications to discharge...

RELATED NEWS

Keep Your Money Safe, Jeff Bezos Warns Economic Recession

Amazon founder Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession...

G20 Presidency Is A Proud Occasion For Every Indian: PM Modi

Indonesia President Joko Widodo handed over the G20 Presidency to India at the closing ceremony of the 17th intergovernmental summit in Bali on Wednesday....

Unmanned Trains Will Run Soon In India

Bharat Electronics Ltd (BEL) has signed an agreement with Delhi Metro Rail Corporation Ltd (DMRC) to jointly develop an indigenous communication-based train control system...