BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • Budget
      • GDP To Grow 9.2% In FY22 And 8-8.5%...
      Budget

      GDP To Grow 9.2% In FY22 And 8-8.5% In FY23: Economic Survey

      After a contraction of 7.3% last year, the economy is estimated to grow by 9.2% this fiscal, and 8.3% in the next fiscal

      By - Mohammed Kudrati |
      Published -  31 Jan 2022 4:21 PM IST
    • Boomlive
      GDP To Grow 9.2% In FY22 And 8-8.5% In FY23: Economic Survey

      India's gross domestic product or GDP is scheduled to grow 9.2% (FY22) this financial year and 8%-8.5% in the next (FY23), after contracting 7.3% in FY21.

      These numbers are a part of the Economic Survey, which is prepared under the Chief Economic Advisor and is released a day before the presentation of the Union Budget in Parliament. While the Union Budget is a forward-looking exercise on the financial year ahead, the Economic Survey is a snapshot of the current financial year. This Economic Survey has a preface penned by the Principal Economic Advisor Sanjeev Sanyal. The current Chief Economic Advisor, V. Ananth Nageswaran was appointed a few days ago on January 28.

      "Overall, macro-economic stability indicators suggest that the Indian economy is well placed to take on the challenges of 2022-23", says the survey.

      India's GDP has crossed ₹145 lakh crores, which was the value of India's economy at the end of FY20, which indicates that the Indian economy is back to, and has even exceeded pre-pandemic levels.

      The estimates for FY22 are largely in line with what the International Monetary Fund released last week, but that for FY23 is half to one percentage point lower.

      Also Read: IMF: India To Grow 9% In FY22,23 As World Enters 2022 On A Weaker Note

      State of the economy

      While the health impact of the second wave of the COVID-19 pandemic was more severe than the first, its economic impact was comparatively minimal. Agricultural growth is seen at 3.9% for FY22 over growth of 3.6% in FY21, and industrial growth at 11.8% this year over a contraction of 7% last fiscal. Services grew by 8.2% over a contraction of 8.4% last fiscal. This cements the fact the services sector has been the most widely hit sector by the ill-effects of the pandemic.

      India's foreign exchange reserves stood at $634 billion, which is higher than its external debt, and is equal to 13.2 months of merchandise imports. "The combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23", states the Economic Survey, in reference to global central banks hiking interest rates and reducing pandemic-era easy money.

      The Economic Survey refers to the healthy government revenues for this financial year. This means that the government will meet its targets for this year, can maintain all support and capital expenditure. The government also has the space to provide added support and packages if needed.

      On banking, the government had provided a moratorium on the repayment of loans. There was also concern on the impact the pandemic would create on the asset quality of banks. The Economic Survey has said the non-performing asset overhang seems to have declined even after accounting for some lagged impact of the pandemic.

      You can refer to our live blog for live coverage on the Union Budget.

      Also Read: Budget 2022 Live: India's GDP To Grow 9.2% This Year, 8-8.5% In FY23


      Tags

      Economic SurveyIndian EconomyUnion BudgetChief Economic AdvisorNirmala SitharamanFinance MinisterGDP
      Read Full Article
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!