India is poised to grow as the fastest economy in the world during the current financial year.
The Economic Survey 2021-22 will be tabled in Parliament on Monday. The pre-Budget survey presents the state of the economy and suggests policy prescriptions. This time, Union Finance Minister Nirmala Sitharaman will present the survey in the Lok Sabha soon after the President’s Address to both Houses of Parliament. Ms Sitharaman will present the Budget for 2022-23 on Tuesday (February 1).
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One of the most-watched numbers in the Economic Survey is the projection of the GDP for the next fiscal. The survey is authored by a team led by the Chief Economic Advisor (CEA).
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Just days before the presentation, the Centre appointed economist V Anantha Nageswaran as the new CEA.
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Mr Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, succeeds K V Subramanian, who demitted the office of CEA in December 2021 after completing his three-year term.
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The Economic Survey for 2021-22 is expected to give a growth projection of around 9 per cent for the next financial year as Asia’s third-largest economy is showing signs of recovery from the pandemic.
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India’s statistics ministry has estimated the economic growth at 9.2 per cent for the current fiscal.
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The survey often misses on GDP forecast, sometimes by a significant margin.
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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.
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Economic activities were severely impacted as India imposed a strict lockdown in the latter part of March 2020 to check the spread of the virus. The government and Reserve Bank of India (RBI) rolled out several measures to support the economy.
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India is poised to grow as the fastest economy in the world during the current financial year with a growth projection of around 9 per cent despite the pandemic.
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The economy, as per the advance estimates of the National Statistical Office (NSO), is expected to record a growth of 9.2 per cent during the current fiscal, which is a tad lower than the 9.5 per cent figure projected by the Reserve Bank.