Budget 2022 | Economic growth expected at 9.2% during current fiscal, says FM Sitharaman

The country's economy is expected to grow at 9.2 percent in the current fiscal, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for financial year 2022-23 on February 1.

Sitharaman also said the virtuous cycle of investment is expected to revive on account of capital expenditure and crowd in private investment.

"Government's focus since 2014 is on poor and marginalised. The government strives to provide necessary ecosystem to middle class,” Sitharaman said in her Budget speech, while announcing the estimated economic growth rate.

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A day earlier, the Economic Survey released by the government estimated FY22 real gross domestic product (GDP) growth to be 9.2 percent, on par with the first advance estimates released by the Central Statistical Organisation recently.

For fiscal year 2022-23, the Economic Survey projected of 8.0-8.5 percent GDP growth.

The International Monetary Fund (IMF) had, last week, raised its forecast for growth in India's GDP in FY23 by 50 basis points (bps) to 9 percent.

The hike in the forecast for India for the next financial year was accompanied by a downward revision in the growth estimate for FY22 to 9 percent.

In October 2021, the IMF had forecast that India's economy would grow by 9.5 percent in FY22. Since then, the National Statistical Office's first advance estimate for national income for FY22 has pegged GDP growth for the year at 9.2 percent.

With PTI inputs.