Economic Survey at a glance

The Economic Survey spoke about different sectors of the economy as well as reforms that are needed in future to accelerate growth. It suggested that the country's economy is well-placed to take on the challenges of the financial year 2022-23.

STRONG REVENUE

The survey pointed out that revenues have witnessed a strong revival in FY22. This means that the government has fiscal room to provide support if necessary. High Foreign Reserves, Foreign Direct Investment (FDI) and rising exports have provided a buffer against liquidity tampering.

GDP ESTIMATES

The Economic Survey projected an 8-8.5 per cent gross domestic product (GDP) growth rate for the Indian economy in the 2022-23 fiscal year beginning on April 1. This compares to 9.2 per cent GDP expansion projected by the National Statistical Office (NSO) for ongoing financial year. It also noted that the GDP growth rate contracted by 7.3 per cent in 2020-21.

AGRICULTURE

Agriculture and allied sectors remained the silver lining during the Covid-19 pandemic and are expected to grow by 3.9 per cent in 2021-22 after growing 3.6 per cent in the previous year.

SERVICES SECTOR

The Covid-19 pandemic has hit the services sector the hardest. This sector is projected to grow by 8.2 per cent this financial year following the previous fiscal's 8.4 per cent contraction.

INDUSTRIAL SECTOR

The growth of the industrial sector has been estimated at 11.2 per cent in FY22.

CONSUMPTION

Total consumption is estimated to have grown by 7.0 per cent in 2021-22 with significant contributions in the form of government spending.

AIR INDIA PRIVATISATION

The Economic Survey has highlighted that privatisation of Air India was a significant step in terms of boosting the privatisation drive and gathering disinvestment proceeds.

INCREASE IN CAPITAL SPENDING

According to the Economic Survey, there can be a sharp increase in capital spending by the government as a demand and supply-enhancing measure.