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Business News/ Economy / Economy to grow at 9.2% in FY22: Economic Survey
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Economy to grow at 9.2% in FY22: Economic Survey

India’s GDP is projected to grow in real terms by 8-8.5% in FY23. This is based on the assumption that there will be no further debilitating pandemic related economic disruption, normal monsoon, withdrawal of global liquidity by major central banks will be broadly orderly, among others

Finance Minister Nirmala Sitharaman tables the Economic Survey 2021-22.Premium
Finance Minister Nirmala Sitharaman tables the Economic Survey 2021-22.

NEW DELHI: After expanding at 9.2% this fiscal as projected in the first advance estimate, the Indian economy is set to grow at 8-8.5% in FY23, the finance ministry said in the Economic Survey 2021-22 tabled in Parliament on Monday.

Citing forecasts from global agencies, the Survey said that the economy’s strong rebound from the 7.3% contraction seen last fiscal has placed it as the “fastest growing major economy" for the years FY22-24.

“Growth in FY23 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 year ahead is also well poised for a pick-up in private sector investment with the financial system in a good position to provide support to the revival of the economy," as per the Survey, signed off by principal economic advisor in the finance ministry Sanjeev Sanyal.

“Thus, India’s GDP is projected to grow in real terms by 8-8.5% in FY23. This projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, monsoon will be normal, withdrawal of global liquidity by major central banks will be broadly orderly, oil prices will be in the range of $70-$75 a barrel and global supply chain disruptions will steadily ease over the course of the year," the Survey said.

It added that this projection is comparable with World Bank’s and Asian Development Bank’s latest forecasts of India’s real GDP growth of 8.7% and 7.5%, respectively, for 2022-23.

As per the IMF’s latest World Economic Outlook (WEO) growth projections released on 25 January, India’s real GDP is projected to grow at 9% in both FY22 and FY23 and at 7.1% in FY24. “This projects India as the fastest growing major economy in the world in all these three years," the Survey said.

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Published: 31 Jan 2022, 01:49 PM IST
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