The Economic Survey 2021-22

The Economic Survey 2021-22 was tabled in Parliament on January 31, 2022 by Finance minister Nirmala Sitharaman.

Who prepared the Economic Survey?

Economic Survey 2021-22 was prepared by a team led by principal economic adviser Sanjeev Sanyal.

India’s economic growth in fiscal year 2022-23 will still be the fastest among major economies

Economic survey forecasts economy to grow 8-8.5 per cent in the fiscal year 2022-23.

In current year, economy is likely to grow at 9.2 per cent.

Agriculture & allied sectors are likely to grow by 3.9 per cent.

As per survey, macro-economic stability indicators highlight that, Indian economy is well placed to take on challenges in 2022-23.

Indian economy is in good position because of its unique response strategy, which has been listed below:

Supply-Side reforms: India’s economic response to challenges caused by covid-19 pandemic has been supply-side reforms, instead of demand management.
Front-loaded stimulus packages: Agile policy response of India differed from waterfall strategy of introducing front-loaded stimulus packages, which were adopted by most of the countries in 2020.
Robust export growth and availability of fiscal space for ramping up capital spending, in a bid to support growth in fiscal year 2022-23.

-The consumer inflation was 5.6% in December 2021.

-The wholesale price inflation was reported in double digits for eight months.

- Imported inflation was exceptionally high through coal, oil, and gold.

India is in danger of breaking Reserve Bank of India’s target of 2-6% inflation.