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Business News/ Budget / Economic Survey/  Economic Survey 2021-22: Everything you need to know
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Economic Survey 2021-22: Everything you need to know

Economic Survey 2022: The annual report expects the economy to grow by 9.2% during the current financial year, indicating a recovery to the pre-pandemic level

The Economic Survey 2021-22 was tabled by Union Finance Minister Nirmala Sitharaman in Parliament ahead of the annual budget on Tuesday.Premium
The Economic Survey 2021-22 was tabled by Union Finance Minister Nirmala Sitharaman in Parliament ahead of the annual budget on Tuesday.

The country's economy is expected to grow by 8-8.5% in the fiscal beginning 1 April and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations, said the pre-Budget Economic Survey on Monday.

The Economic Survey 2021-22 was tabled by Union Finance Minister Nirmala Sitharaman in Parliament ahead of the annual budget on Tuesday. 

The annual report expects the economy to grow by 9.2% during the current financial year, indicating a recovery to the pre-pandemic level.

Here are the highlights of the Economic Survey 22:

- Pegs economic growth for 2022-23 at 8-8.5%; for 2021-22 GDP expansion at 9.2%.

- Economic activity has recovered to pre-pandemic level, economy well placed to take on challenges in 2022-23.

- Growth in FY23 to be supported by vaccine coverage, gains from supply-side reforms and easing of regulations.

- Growth projections based on oil price projection of $70-75 per barrel next fiscal, against current price of $90.

- India's economic response to devastation caused by pandemic has been supply-side reforms, rather than demand management.

- India’s agile policy response differed from the waterfall strategy of introducing front-loaded stimulus packages, adopted by most other countries in 2020.

- Robust export growth and availability of fiscal space to ramp up capital spending to support growth next fiscal year.

- Private sector investment to pick with financial system in good position to provide support to revival of economy.

- Air India privatisation key in boosting government's privatisation drive; calls for private participation in all sector.

- Government finances to witness consolidation in 2021-22, after uptick in deficit and debt indicators in the previous year.

- India transformed from being among 'Fragile Five' nations to 4th largest forex reserve, giving policy room for manoeuvring.

- High WPI inflation is partly due to base effects that will even out, need to be wary of imported inflation, especially from elevated global energy prices.

- Disruptions in the global container market not yet over; will continue to impact the global sea trade.

- Crop diversification towards oilseeds, pulses and horticulture needs to be given priority.

- Climate finance will remain critical to successful climate action for India to achieve its net-zero carbon emission target by 2070.

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Published: 31 Jan 2022, 02:47 PM IST
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