Budget Session 2022 Highlights | The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin. This time, Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2021-22 in the Lok Sabha on Monday soon after the President's Address to both Houses of Parliament. She will present the Union Budget for the next financial year beginning April 1, 2022, on Tuesday.
One of the most-watched numbers in the pre-Budget Economic Survey, authored by a team led by Chief Economic Advisor (CEA), is the projection of the Gross Domestic Product (GDP) for the next fiscal. The previous economic survey was presented in the midst of the Covid-19 pandemic. The ray of optimism as the country recovers from the impact of the pandemic is likely to figure prominently in the current year's economic survey. However, various high-frequency indicators like GST collections and corporate profitability are pointing towards significant upward movement. The previous economic survey was presented in the midst of the Covid-19 pandemic.
Just days before the presentation of the Economic Survey, the government appointed economist V Anantha Nageswaran as the new CEA. Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, succeeds K V Subramanian, who demitted the office of CEA in December 2021 after the completion of his three-year term. The Economic Survey for 2021-22 is expected to give a growth projection of around 9 per cent for the next financial year as Asia's third-largest economy is showing signs of recovery from the pandemic.
This live blog session has ended. Stay tuned toMoneyControl tomorrow for all actions and updates related to Budget 2022.
Economic Survey 2022 Live |
How to read the Union Budget 2022: A beginner’s guide
Every year, the union budget invites a significant amount of noise, right from the speculations to very specific sectoral asks. Every year, it is a tightrope walk between limited resources and the ever increasing need for expenditure.
The ground reality is that the Budget isn’t a festival of bumper-dhamaka offers. It is more like an annual conference, where the CFO gives an account of the finances. Transparency and credibility are key.
Therefore, even a non-event budget is a good budget.
For those of us who find the budget clamour too disorienting, here are the four simple things to look out for.
Economic Survey 2022 Live |
Why the Budget must incentivise millennial consumers
Every sector of the economy from financial services to agriculture along with each and every market segment in between has its own set of budget wish-list. Yet, there is one group whose interests unite them all – consumers.
The individual consumer has, on the whole, been through exceptionally trying times over the past two years, emotionally, physically and financially. India’s economic growth has been largely driven by this section of stakeholders.
To ensure strong long-term growth, it is in the interest of all stakeholders to push for the consumer’s well-being, be it in terms of savings and investments to education and wealth. There are 440 million millennials, who make up 34 percent of the population and will be the driving force behind India’s growth over the coming decades.
Economic Survey 2022 Live |
Market gains over 1% on Economic Survey takeaways, next stop Budget
Indian equity benchmark indices erased losses of the previous two sessions to close a percent higher on January 31, the day the annual Economic Survey, released on the Budget eve, pegged the FY23 GDP forecast between 8 and 8.5 percent.
After a positive opening, the market extended the gains in the afternoon trade, with the Nifty crossing 17,400 ahead of the Union Budget for the financial year 2022-23 which would be presented by Finance Minister Nirmala Sitharaman on February 1.
At close, the Sensex was up 813.94 points or 1.42 percent at 58,014.17, and the Nifty was up 237.80 points or 1.39 percent at 17,339.80.
Economic Survey 2022 Live |
Govt sets up NLMC to fast-track monetisation of public sector entities' land
The Economic Survey presented by Finance Minister Nirmala Sitharaman on January 31 said that the government has set up a National Land Monetisation Corporation (NLMC) tofast-track monetisation of land and non-core assets of public sector entities.
"In pursuance of the Budget announcement, National Land Monetisation Corporation (NLMC) is being incorporated as a 100 per cent Government of India owned entity with an initial authorised share capital of Rs 5,000 crore and subscribed share capital of Rs 150 crore," the survey said.
So far, central public enterprises have referred 3,400 acres of land and other non-core assets for monetisation to NLMC, the survey said.
Economic Survey 2022 Live |
FY23 growth expectations based on resilience of economy, says PEA Sanjeev Sanyal
A quick revival in India's economic growth nearly two years into the Covid pandemic has boosted growth expectations even in an uncertain climate, Principal Economic Advisor Sanjeev Sanyal said on January 31. He added that most sectors were reaching pre-pandemic levels.
Addressing the press after the latest Economic Survey was tabled in Parliament earlier today, Sanyal said growth expectations in the coming year is based on higher government spending, focus on fiscal stability, and a high forex reserve.
While the newly appointed Chief Economic Advisor (CEA) V Anantha Nageswaran began his tenure on January 28, the latest survey has been created by Sanyal and team.
Nageswaran said the overall theme of the economic survey has been on providing short-term support to vulnerable sections, during these uncertain times while keeping a firm focus on the medium-term fiscal stability and never letting go of the opportunity that a crisis provides to initiate structural supply-side reforms.
The survey announced that India's GDP growth in 2022-23 is projected to grow between 8-8.5 percent. However, this is based on the assumption that 'there will be no more debilitating pandemic related economic disruption, a normal monsoon, significant withdrawal of global liquidity, average global oil prices in the range of $70-75, and global supply chain disruptions easing over time'.
Economic Survey 2022 Live |
Here are list of bills likely to be taken up during Budget Session 2022
I – LEGISLATIVE BUSINESS:
a) The Warehousing (Development and Regulation) Amendment Bill, 2022
b) The Competition (Amendment) Bill, 2022
c) The Cantonment Bill, 2022
d) The Indian Antarctica Bill, 2022
e) The Emigration Bill, 2022
f) The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2022
g) The National Dental Commission Bill, 2022
h) The Identification of Prisoners Bill, 2022
i) The Metro Rail (Construction, Operation and Maintenance) Bill, 2022
j) The Mines and Minerals (Development and Regulation) Amendment Bill, 2022
k) The Energy Conservation (Amendment) Bill, 2022
l) The Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bills, 2022 relating to UP
m) The Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bills, 2022 relating to Jharkhand
n) The Constitution (Scheduled Tribes) Order (Amendment) Bills, 2022 relating to Tripura
II – FINANCIAL BUSINESS:
1) The Finance Bill, 2022
2) Discussion and Voting on Supplementary Demands for Grants for the 2021-22 and introduction, consideration and passing of the related Appropriation Bill.
3) Discussion and Voting on Excess Demands for Grants for the year 2018-19 and introduction, consideration and passing of the related Appropriation Bill.
4) Discussion and Voting on Demands for Grants for 2022-23 and introduction, consideration and passing of the related Appropriation Bill.
5) Discussion and Voting on Supplementary Demands for Grants of Union Territory of Jammu & Kashmir for the financial year 2021-22 and introduction, consideration and passing of the related Appropriation Bill.
6) Discussion and Voting on Demands for Grants of Union Territory of Jammu & Kashmir for the financial year 2022-23 and introduction, consideration and passing of the related Appropriation Bill.
Economic Survey 2022 Live |
FY22 fiscal deficit target of 6.8% of GDP achievable, says Nomura
While sharing the first insights on India's Economic Survey, rating agency Nomura said that FY22 fiscal deficit target of 6.8% of GDP is achievable. The agency added that this implies a strong rampup of public spending in the coming months, which should contribute to GDP growth. However they expect the a Budget which provides fiscal consolidation ‘in spirit’, but also focuses on growth ‘in intent', adding, the announcement of a fiscal deficit target of 6.4% of GDP in FY23 from 6.8% of GDP expected in FY22.
It said, "Backed by strong revenuecollection so far in FY22 and with the primary deficit trending at nearly half the level of FY19 ytd, the Survey believes that there is fiscal capacity to ramp up spending while achieving the fiscal deficit target."
Apart from this Nomura noted that the Economic Survey has maintained that the government is lookingto improve the quality of expenditure, with the focus on capex over revex, highlightingthe former’s multiplier effect. It also highlights the government’s ‘barbell strategy’, under which it combines safety nets for the vulnerable on the one hand, and a tailored government response to evolving macro data on the other, Nomura added.
India needs to invest around $1.4 trillion by 2024-25 in order to achieve a gross domestic product (GDP) of $5 trillion by 2024-25, even as scaling up investment in the sector remains a challenge, the Economic Survey 2022 said.
Economic Survey 2022 Live |
India needs to invest $1.4 trillion by 2024-25 on infrastructure to achieve $5 trillion GDP
India needs to invest around $1.4 trillion by 2024-25 in order to achieve a gross domestic product (GDP) of $5 trillion by 2024-25, even as scaling up investment in the sector remains a challenge, the Economic Survey 2022 said.
India invested a total of $1.1 trillion on infrastructure fiscal years 2008-17.
“The challenge is to step up infrastructure investment substantially. Keeping this objective in view, National Infrastructure Pipeline (NIP) was launched with projected infrastructure investment of around Rs 111 lakh crore (US$ 1.5 trillions) during FY 2020-2025 to provide world-class infrastructure across the country, and improve the quality of life for all citizens,” the survey said.
NIP was launched with 6,835 projects, which has expanded to over 9,000 projects covering 34 infrastructure sub-sectors. Between financial years 2020 to 2025, sectors such as energy (24 percent), roads (19 percent), urban (16 percent), and railways (13 percent) amount to around 70 percent of the projected capital expenditure in infrastructure in India.
“It (NIP) also envisages to improve project preparation and attract investment, both domestic and foreign in infrastructure,” the survey said.
Economic Survey 2022 Live | India's GDP contracted 6.6% in FY21, lower than previously estimated
India's Gross Domestic Product (GDP) contracted by 6.6 percent in FY21, according to the National Statistical Office's first revised estimate released on January 31. Therevised estimate compares favorably with the provisional estimate of a 7.3 percent contraction, released in May 2021.The first revised estimate is compiled using institution-wise detailed data instead of the benchmark-indicator method, whichis employed to arrive at the provisional estimate.
Economic Survey 2022 Live | Government collects Rs 1.38 lakh crore as GST in January
The goods and services tax (GST) collection crossed Rs 1.30 lakh crore-mark for the fourth time as the government collectedRs 1,38,394 crore gross GST revenue for January 2022,the Ministry of Finance said on January 31.Revenues for month of January 2022 were 15% higher than GST revenues in the same month last year & 25% higher than the GST revenues in January 2020, the ministry said.
Economic Survey 2022 Live | Govt sets up National Land Monetisation Corporation to fast track monetisation of land
The Economic Survey presented by Finance MinisterNirmala Sitharamanon January 31 said that the government has set up a National Land MonetisationCorporation (NLMC) tofast-track monetisation of land and non-core assets ofpublic sectorentities."In pursuance of the Budget announcement, National Land Monetisation Corporation (NLMC) is being incorporated as a 100 per cent Government of India owned entity with an initial authorised share capital of Rs 5,000 crore and subscribed share capital of Rs 150 crore," the survey said.So far, central public enterprises have referred 3,400 acres of land and other non-core assets for monetisation to NLMC, the survey said.
Economic Survey 2022 Live | Economic Survey 2022: Measures to cool global inflation to affect capital flows, pressure exchange rate
The impact of surging inflation, particularly in the US where it has risen to its highest since 1982, is hard to miss as one reads through the Economic Survey 2021-22.The annual economic report card authored by principal economic adviser Sanjeev Sanyal and his team of advisers has warned that India will need to be wary of imported inflation, especially from elevated global energy prices.The likely withdrawal of liquidity by major central banks over the next year may also make global capital flows more volatile, the authors wrote.“Inflation has reappeared as a global issue in both advanced and emerging economies. The surge in energy prices, non-food commodities, input prices, disruption of global supply chains, and rising freight costs stoked global inflation during the year,” the survey said.
Economic Survey 2022 Live | Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank on GDP numbers
“The upward revision to FY21 GDP figures have come about amidst data from inclusion of datasets of larger number of companies. Based on today’s revision our FY22 GDP growth comes to 9.1% compared to our estimate of 9.5%. However, after full availability of data later in the year we expect the growth to finally be closer to 9.5%.”
Economic Survey 2022 Live | Railways freight overcomes COVID-19 woes, passenger segment still struggling
The Indian Railways is now hauling more freight than the cargo it loaded in the pre-COVID-19 levels, but the shadow of the pandemic continues to haunt the passenger movement as Omicron variant rages through the country, said the Economic Survey for 2021-22 tabled in Parliament on Monday.
Economic Survey 2022 Live |
Survey optimistic on medium-term prospects due to infra capex focus of govt, says CRISIL's Dharmakirti Joshi
Reacting on the Economic Survey tabled by the government in Parliament on January 31, CRISIL Research's Chief Economist Dharmakirti Joshi said that the survey is optimistic on the medium-term prospects due to infrastructure capex focus of the government and supply-side reforms.
Noting the points, Joshi said:
1) We believe there are downside risks to the growth outlook of 8-8.5% largely from external factors – high crude prices and reversal of monetary policy by systemically important central banks.
2) Survey is optimistic on the medium-term prospects due to infrastructure capex focus of the government and supply-side reforms. We also believe that with a nudge from government’s infrastructure investments and the PLI scheme, private investments will also revive gradually.
3) The Survey highlights the strong external position with the current account deficit under check and low levels of short-term external debt. This has made India a bit resilient to Fed actions than during 2013-14. But any further surprises from the Fed can create volatility in an environment of rising crude prices and heightened geopolitical risks.
4) The Survey rightly flags risks to inflation, which if they play out, can lead to faster normalization of monetary policy.
Economic Survey 2022 Live |
Anticipate govt spending to record robust momentum in Q4 FY2022, says, ICRA Limited's Aditi Nayar
Reacting on the Economic Survey tabled by the government in Parliament on January 31, ICRA Limited's Chief Economist Aditi Nayar said, "Despite a spike in capital spending in December 2021, only half of the budgeted fiscal deficit was actually incurred by the Government of India in 9M FY2022, boosted by the healthy tax and non tax revenues. With the Economic Survey hinting at spending being back-ended, we continue to pencil in a modest overshoot relative to the budgeted fiscal deficit of Rs. 15.1 trillion.
The substantial capital spending of nearly Rs. 1.2 trillion in December 2021 is likely to have been augmented by the release of the equity infusion planned for Air India. We do not expect capital spending to fall short of the FY2022 BE.
We anticipate Government spending to record a robust momentum in Q4 FY2022, similar to what was seen in Q4 FY2021, especially on those items that were included in the Second Supplementary Demand for Grants, such as food and fertiliser subsidies, export incentives/remissions under various export promotion schemes (such as MEIS and RoSCTL). This will sharply magnify the fiscal deficit of the GoI in the last quarter, as compared to the Rs. 7.6 trillion reported in the first nine months of the year.
Presuming that the LIC flows materialise in FY2023 amidst back-ended spending, we expect the Government of India to report a fiscal deficit of Rs. 16.6 trillion or 7.1% of GDP in FY2022, in spite of revenue receipts surpassing the budgeted level by a robust margin of Rs. 2.25 trillion.”
Economic Survey 2022 Live |
GDP growth projection of 8-8.5% for FY23 is quite conservative, says Knight Frank India's Rajani Sinha
Reacting on the Economic Survey tabled by the government in Parliament on January 31, Knight Frank India's Chief Economist Rajani Sinha said, "The Economic Survey’s GDP growth projection of 8-8.5% for FY23 is quite conservative and lower than that projected by IMF. The Economic Survey has explained in detail the Government’s approach to handling this once in a century pandemic induced crisis. The Survey talks in detail about the ‘Agile’ approach that the government has been adopting, which basically implies tracking closely the high frequency economic indicators and tweaking the government’s response on a real time basis as the crisis situation unfolds. Apart from discussing in detail the sectoral developments and policy implementations, the Survey very aptly talks in detail about the developments on social parameters of Health and Education. As per the need of the hour, there is also a detailed discussion on sustainable economic growth. The Economic survey has very aptly discussed in detail the current issues for the Indian economy, now the critical aspect would be how the Central and state Governments handle many of these issues going forward."
Economic Survey 2022 Live |
Policymakers should ensure fiscal impulse is maximized to improve potential growth, says Emkay Global's Madhavi Arora
Reacting on the Economic Survey tabled by the government in Parliament on January 31, Emkay Global Financial Services' Lead Economist Madhavi Arora said, "The Eco survey laid out the background for the budget to be released tomorrow. It reckons that the upcoming budget faces acute policy trade-offs between nurturing a nascent growth recovery and diminishing fiscal space with challenging debt dynamics. Policymakers should ensure the fiscal impulse is maximized to improve potential growth, while signaling adherence to medium-term fiscal sustainability. This entails continued financial sector reforms, better resource allocation, and funding by aggressive asset sales via functional infrastructure monetization, divestment/strategic sales."
She added, "The eco survey sees India’s GDP to grow 8-8.5% in FY23 after 9.25 in FY22, led 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. However, the baseline assumption is stable global financial markets with orderly G-4 policy normalisation and well behaved oil market (US$70-$75/bbl), and easing global supply chain disruptions.”
Economic Survey 2022 Live |
Strong nominal GDP growth means healthy next fiscal year, says Axis Securities' CIO Naveen Kulkarni
Reacting on the Economic Survey, Axis Securities' CIO Naveen Kulkarni said, “The economic growth projections for FY23 look very robust. A reasonably strong nominal GDP growth means we are looking at a healthy next fiscal year. This will also mean that tax collections will continue to remain robust and economic revival will gain further traction. Based on these projections, we remain very constructive on the future prospects.”
Economic Survey 2022 Live |
Crypto currency issue not been considered in Economic Survey, says PEA Sanjeev Sanyal
PEA Sanjeev Sanyal said, while addressing the media, that the crypto currency issue has not been considered in the Economic Survey due to the government still not having taken a final stand on the issue.
Economic Survey 2022 Live |
India's inflation still within tolerance threshold, says PEA Sanjeev Sanyal
PEA Sanjeev Sanyal said, while addressing the media, that India's inflation still within tolerance threshold. The international situation is facing pressure from supply side shocks due to higher oil prices and transportation charges, chip shortages, commodity cycles.
Economic Survey 2022 Live |
There is a dearth of good official real-time unemployment data, says PEA Sanjeev Sanyal
PEA Sanjeev Sanyal said, while addressing the media, that there is a dearth of good official real-time unemployment data. We know there was a significant decline in employment during the lockdown and a significant revival till March, 2021.
Adding more he saidMNREGA data shows many source states for migrants like Bihar, are doing better in generating jobs, than many destination states for migrants, like Maharashtra and Punjab.
He added that EPFO data shows recovering job numbers in formal sector jobs which are at the bottom of the pyramid.
Economic Survey 2022 Live |
Revival in service sector to be largely dependent on subsequent waves of COVID-19, says PEA Sanjeev Sanyal
PEA Sanjeev Sanyal said, while addressing the media, that revival in the service sector to be largely dependent on subsequent waves of COVID-19.
He further added that we are well placed with the amount of reserves we have, to buffer any tapering by the US Federal reserve.
Economic Survey 2022 Live |
$70-75 per barrel of oil estimate made for next financial year by economic survey is average price, says CEA Nageswaran
CEA V Anantha Nageswaran said, while addressing the media, that $70-75 per barrel of oil estimate made for next financial year by the economic survey is an average price. He added that thanks to the tightening of monetary policy globally and lowering of growth forecast in the developed world, the demand for oil will moderate.
Nageswaran made it clear that assumption of oil prices in range of $70-75 for 2022-23 is reasonable despite the current oil price standing at $90 at the moment as IMF predicts a slowdown in the growth of global economies.
Economic Survey 2022 Live |
Growth projections made by Economic Survey more conservative than other agencies, says CEA Nageswaran
CEA V Anantha Nageswaran said, while addressing the media that growth projections made by Economic Survey more conservative than other agencies. He added taht capital expenditure by state governments has grown by 67% in 2021-22.
Economic Survey 2022 Live |
Spread of commercial bank branches grown rapidly, but branches gone down due to mergers, says PEA
PEA Sanjeev Sanyal said the spread of commercial bank branches has grown rapidly, but the number of branches has gone down due to mergers.
Economic Survey 2022 Live |
India granted 28,391 patents in 2020-21 out of 58,502 patents applied, says PEA
PEA Sanjeev Sanyal said India granted 28,391 patents in 2020-21 out of the 58,502 patents applied in the same time.
Economic Survey 2022 Live |
Prices on govt's GeM portal 9.5% lower than Amazon and Flipkart, says PEA
PEA Sanjeev Sanyal said prices on the government's GeM portal were on an average 9.5% lower when compared to other platforms like Amazon and Flipkart.
Economic Survey 2022 Live |
India should adopt 'Barbell Approach' to address challenges presented by economy, says PEA
PEA Sanjeev Sanyal said India should adopt a 'Barbell Approach' to address challenges presented by the economy. He added, 'Barbell Approach' should focus on flexibility and innovation as well as improving resilience.
Economic Survey 2022 Live |
1.14 crore houses sanctioned under PMAY in urban areas, 53 lakh houses completed, says PEA
PEA Sanjeev Sanyal said under PM Awas Yojana, in urban areas, 1.14 crore houses sanctioned, of which 53 lakh houses have been completed. In rural areas, 2.7 crore houses sanctioned, of which 1.69 crore have been completed, he added.
As of 15th Aug 2019, in large parts of the country, not even 10 percent of the population had tap water connections. Now, states like Telangana, Bihar, much of the North East and Ladakh have performed the best, PEA Sanyal said.
Economic Survey 2022 Live |
India's spending on other social services has risen to Rs 7.37 lakh crore in 2021-22, says PEA
PEA Sanjeev Sanyal said India's spending on other social services has risen to Rs 7.37 lakh crore in 2021-22. He added, little short of Rs 1 lakh crore worth of food has been distributed during Covid -19 pandemic.
Economic Survey 2022 Live |
India's spending on social services has risen to around Rs 20 lakh crore in 2021-22, says PEA
PEA Sanjeev Sanyal said India's spending on social services has risen to around Rs 20 lakh crore in 2021-22. He added, India's spending on education has risen to Rs 6.97 lakh crore in 2021-22 and India's spending on health has risen to Rs 4.72 lakh crore in 2021-22.
Economic Survey 2022 Live |
India only country for which IMF growth forecast has been increased, says PEA
PEA Sanjeev Sanyal said India is the only country for which IMF growth forecast has been increased, even as forecast for other countries were substantially reduced.
Economic Survey 2022 Live |
India's GDP growth in 2022-23 is projected to grow between 8-8.5%, says PEA
PEA Sanjeev Sanyal said India's GDP growth in 2022-23 is projected to grow between 8-8.5%. Projected GDP growth of 8-8.5% not taking into account any more severe waves of COVID-19, he said, adding,93% of India's adult population has received the first dose of COVID-19 vaccine as of January 16. Also, 69.8% of India's adult population has received the second dose of COVID-19 vaccine as of January 16.
He said GDP growth projection is based on the assumption that there will no more debilitating pandemic related economic disruption, a normal monsoon, significant qithdrawal of global liquidity, oil prices in range of $70-75. He added global supply chain disruptions easing over time.
Economic Survey 2022 Live |
India now has $636 billion worth of forex reserves, one of the highest in the world, says PEA
PEA Sanjeev Sanyal said India now has $636 billion worth of forex reserves, one of the highest in the world, and equivalent to 13.2 months of imports. He added that concerns are needed about significant imported inflation particularly from energy prices.
Economic Survey 2022 Live |
Growing culture of startups in India strong indicator of recovering economy, says PEA
PEA Sanjeev Sanyal said the growing culture of startups in India is a strong indicator of the recovering economy.
Economic Survey 2022 Live |
India's April-November 2021-22 fiscal deficit stood at Rs 7 lakh crore against Rs 10.8 lakh crore in 2020-21, says PEA
PEA Sanjeev Sanyal said India's April-November 2021-22 fiscal deficit stood at Rs 7 lakh crore as against Rs 10.8 lakh crore in 2020-21 and Rs 8.1 lakh crore in 2019-20. He added, resource mobilisation through IPOs in India during April-December 2021-22 grew to Rs 104.8 thousand crore.
Economic Survey 2022 Live |
Indian GDP now 1.3% above pre-pandemic levels, says PEA Sanjeev Sanyal
PEA Sanjeev Sanyal said Indian Gross Fixed Capital Formation now 2.6% above pre-pandemic levels. Indian GDP now 1.3% above pre-pandemic levels, he added.
Economic Survey 2022 Live |
Indian agriculture sector GVA now 7.7 % above pre-pandemic levels, says PEA Sanjeev Sanyal
Economic Survey 2022 Live |
India's overall GVA grew by 8.6% on year in 2021-22, after contracting 6.2% in 2020-21, says PEA Sanjeev Sanyal
PEA Sanjeev Sanyal said Industrial sector now 4.1 percent above pandemic levels. India's overall GVA grew by 8.6% on year in 2021-22, after contracting 6.2% in 2020-21, he added.
Economic Survey 2022 Live |
Indian economy to grow by 9.2 % in 2021-22 after contracting 7.3% in 2020-21, says PEA Sanjeev Sanyal
Economic Survey 2022 Live |
Economic survey will have two volumes, PEA Sanjeev Sanyal
The economic survey will have two volumes. One volume which we have presented and another volume be the Economic Survey -- Statistical Appendix, says PEA Sanjeev Sanyal.
Economic Survey 2022 Live |
CEA V Anantha Nageswaran briefsmedia
Economic Survey 2022 Live |
Highlights of Finance Ministry's Economic Survey 2021-22.
The Survey pegs economic growth for 2022-23 at 8-8.5 percent; for 2021-22 GDP expansion at 9.2 percent.
Economic activity has recovered to pre-pandemic level, economy well placed to take on challenges in 2022-23.
Growth in FY23 to be supported by vaccine coverage, gains from supply-side reforms and easing of regulations.
Growth projections based on oil price projection of USD 70-75 per barrel next fiscal, against current price of USD 90.
India's economic response to devastation caused by pandemic has been supply-side reforms, rather than demand management.
India's agile policy response differed from the waterfall strategy of introducing front-loaded stimulus packages, adopted by most other countries in 2020.
Robust export growth and availability of fiscal space to ramp up capital spending to support growth next fiscal.
Private sector investment to pick with financial system in good position to provide support to revival of economy.
Air India privatisation key in boosting government's privatisation drive; calls for private participation in all sector.
Government finances to witness consolidation in 2021-22, after uptick in deficit and debt indicators in the previous year.
India transformed from being among 'Fragile Five' nations to 4th largest forex reserve, giving policy room for manoeuvring.
High WPI inflation is partly due to base effects that will even out, need to be wary of imported inflation, especially from elevated global energy prices.
Disruptions in the global container market not yet over; will continue to impact the global sea trade.
Crop diversification towards oilseeds, pulses and horticulture needs to be given priority.
Climate finance will remain
critical to successful climate action for India to achieve its net-zero carbon emission target by 2070.
Source: PTI
India climbs 35 ranks in Global Innovation Index but lags in patents count
India’s ranking in the Global Innovation Index has climbed 35 notches, from 81st in 2015-16 to 46th in 2021, the Economic Survey 2022 said on January 31.
The patents granted in India has gone up to 28,391 in 2020-21 from 7,509 in 2010-11, the Survey said. The number of patents filed in India has soared to 58,502 from 39,400 during the same period.
Indian residents seem to have outpaced multinational corporations in the number of patent applications. In 2020-21, Indian residents made up 40 per cent of the total applications, up from 20 per cent in 2010-11. [Read more]
