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Economic Survey 2022: Government has fiscal space for additional support if needed

Economic Survey 2022: The 9.2 percent GDP growth projection is comparable with the World Bank’s and Asian Development Bank’s latest forecasts of real GDP growth of 8.7 percent and 7.5 percent for 2022-23

January 31, 2022 / 01:45 PM IST
Finance Minister Nirmala Sitaraman.

Finance Minister Nirmala Sitaraman.

The government has the fiscal capacity to maintain the support, and ramp up capital expenditure when required, according to the Economic Survey 2022 tabled on January 31.

More than 67 percent on-year revival in revenues provides the government with the fiscal space to offer additional support as well, if necessary.

 

The Economic Survey has predicted a 9.2 percent growth for the economy during 2021-22. This projection is comparable with the World Bank’s and Asian Development Bank’s latest forecasts of real GDP growth of 8.7 percent and 7.5 percent, respectively, for 2022-23.

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The GDP growth estimate is based on a set of assumptions such as 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 in order, oil prices will be in the range of $70-$75 a barrel, and the global supply chain disruptions will ease steadily over the course of the year.

Growth in 2022-23 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.



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first published: Jan 31, 2022 01:45 pm
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