Finance Minister Nirmala Sitharaman
The gross domestic product (GDP) contracted by 7.3 per cent in 2020-21
New Delhi:
Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey that details the state of the economy ahead of the government’s Budget for the fiscal year beginning April 1, 2022.
It projects an 8-8.5 per cent growth rate for the Indian economy in 2022-23 fiscal year (April 2022 to March 2023).
This compares to 9.2 per cent GDP expansion projected by the National Statistical Office (NSO).
The Economic Survey 2021-22, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.
The gross domestic product (GDP) contracted by 7.3 per cent in 2020-21.
India’s economic response to devastation caused by pandemic has been supply-side reforms rather than demand management. Growth in FY23 to be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations. Private sector investment to pick with financial system in good position to provide support to revival of economy, said the Survey.
The Survey focuses on supply-side issues to improve the resilience of the Indian economy.