The Economic Survey Projected 8% - 8.5% GDP Growth Rate For FY 2022-23

The Economic Survey of India is presented by the union finance minister prior to the budget. It is tabled in the Parliament to present the state of the economic developments. Additionally, it will suggest policy measures along with giving the GDP forecast. In 2022, the Economic Survey has projected a GDP growth rate of 8% to 8.5% in FY 2022-23. The National Statistical Office (NSO) earlier estimated the GDP growth rate of 9.2% for FY 2021-22, in its first advance estimates of economic output.

A team led by the Chief Economic Advisor (CEA) of India authors the Gross Domestic Product (GDP) projection for the next fiscal. In 2021 and 2022, the Economic Survey reports have been presented during Covid, and economists are watching the figures keeping in mind the economic slowdown caused by the pandemic.

The Economic Survey mentioned that the growth 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. The report added, "The projection is based on the assumption that there will be no further debilitating pandemic-related economic disruption."

According to the economic survey, in 2022, agriculture was the least affected sector by the Covid pandemic, which is expected to grow by 3.9% in 2021-22, it grew by 3.6% in the former year. India's consumption grew 7.0% in 2021-22 with significant support from the government. Additionally, fiscal support along with the health response caused the fiscal deficit and the government debt to rise in 2020-21.