Home / Budget / Economic Survey /  Economic Survey 2022: Govt has pursued a four-pronged approach, says CEA Nageswaran

The newly appointed Chief Economic Adviser (CEA) V Anantha Nageswaran addressed a press conference today after the presentation of the Economic Survey 2021-22 by Finance Minister Nirmala Sitharaman in the Parliament, ahead of Budget 2022.

"The Economic Survey has been compiled by Principal Economic Adviser Sanjeev Sanyal and his team of advisors. Govt has pursued a four-pronged approach," said CEA Nageswaran.

The overall approach taken as per the survey has been a short term support to economy, especially to vulnerable sections during these uncertain times while keeping a firm eye on physical stability, he added.

The survey showed that India's economy is expected to grow by 9.2% during the current financial year, whereas it expects the economy to grow by 8-8.5% in the fiscal beginning April 1.

"There has been a revival in economic activities to pre-pandemic levels in the year 2021-22. Even though the health cost of the second COVID wave was much more severe, the economic cost of it was much milder," said Principal Economic Advisor Sanjeev Sanyal. The services sector was the most affected by the lockdowns. It is just a little short of where it was pre-pandemic, he added.

The government document added that it is also well placed to meet the future challenges on the back of widespread Covid vaccine coverage, supply-side reforms and easing of regulations. The strong revival in revenues also provides government with fiscal space to provide additional support as well, if necessary, it added.

“A strong rebound in government revenues in 2021-22 has meant that the Government will comfortably meet its targets for the year while maintaining the support, and ramping up capital expenditure. The strong revival in revenues means that the Government has fiscal space to provide additional support if necessary," the survey stated.

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