Economic Survey Predicts Real GDP Growth Of 8-8.5 Per Cent In FY23

Economic Survey has pegged the Real GDP growth rate of 8-8.5 per cent for FY 23. For the bygone year, the real GDP growth rate has been estimated at 9.2 per cent.

New Delhi: Finance Minister Nirmala Sitharaman tabled the Economic Survey for the year 2021-22 along with Statistical Appendix in Lok Sabha on Monday. Economic Survey, according to a report by The Economic Times, has pegged the Real GDP growth rate of 8-8.5 per cent for FY 23. For the bygone year, the real GDP growth rate has been estimated at 9.2 per cent.

Earlier, media reports had suggested that the government could peg the GDP growth rate at 9 per cent. The survey pointed out that the agriculture sector was least hit by the pandemic at it grew 3.9 per cent in 2021-2022 as compared to 3.6per cent in the previous years. India’s consumption grew by 7 per cent in 2021-22 despite the emergence of the Omicron variant.

According to ET, the industrial growth was 11.8 per cent in 2021-22. The service sector, on the other hand, grew by 8.2 per cent in the previous year. The Economic Survey also said that the Indian economy is well-placed to face the challenges that may emerge in 2022-23.

Economy Past Pre-Covid Levels

The survey also pointed out that overall economic activity has recovered past the pre-Covid levels. Along with this, the survey also said that inflation is a global issue and almost every country is facing it. It said that Indians need not worry about the rising prices, which are mainly due to rising oil prices.

Also, all eyes are now on the Union Budget which will be presented by Sitharaman tomorrow at 11 AM, in Lok Sabha. The Lok Sabha proceedings have been adjourned for the day and will continue tomorrow.

New CEA K Anantha Nageswaran will address the press at 3:45 PM. He will present the key highlights of this year’s Economic Survey.