The Economic Survey, tabled in Parliament by finance minister Nirmala Sitharaman after President Ramnath Kovind’s address, has predicted 8 to 8.5 per cent Gross Domestic Product (GDP) growth in FY23 (April 2022 to March 2023). For the ongoing FY22, the GDP growth has been projected at 9.2 per cent.
Total consumption is estimated to have grown by 7.0 per cent in 2021-22 with significant contributions from government spending. Agriculture and allied sectors are expected to grow by 3.9 per cent in 2021-22.
The Services sector is estimated to grow by 8.2 per cent in the ongoing financial year.The Economic Survey has provided details pertaining to the state of the economy ahead of the Union Budget for the fiscal year beginning April 1, 2022.
The Survey 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. The survey focuses on supply-side issues to improve the resilience of the Indian economy.
Usually, the chief economic advisor prepares the survey, however this year it was prepared by the principal economic adviser and other officials as the post remained vacant following Krishnamurthy Subramaniam’s term that ended in December.
