New Delhi: India’s economy is ready to grow at the fastest speed among the League of large nations behind the various initiatives taken by the government in a budget of 2022-23, the Monthly Economic Review of the Ministry of Finance.
“The current year may also end up with the economic reset manifest from the post-Covid world-19 …
Manufacturing and construction will be a ‘growth driver’, triggered by the PLI and public capex scheme in infrastructure,” said review report.
Agriculture, which continues to see a constant increase in the net sowing area and diversification of plants, will strengthen food buffers while benefiting farmers through generous procurement volumes with minimum remunerative support prices and revenue transfer through the PM scheme, he added.
Observing that the IMF on the update of January 2022 has reduced the estimated global growth for 2022, he said India was the only big and large country listed by the IMF whose growth projection had been revised upwards in 2022-23.
“In the testimony of the resilience of his people and Rabun far from his policy making, the Indian economy contracted by (-) 6.6 percent in 2020-21 is now projected in 2022-23 to grow the fastest among the league of large nations.” That was.
said.
The report said the 2022-23 budget has strengthened the direction set for the Indian economy with the previous year’s budget.
The Capex budget is higher by 35.4 percent of the year budget forecast and increases to 4.1 percent of GDP after the inclusion of grants – in assistance for capital work, will power seven gatihakti machines to reduce the infrastructure gap and facilitate.
Private investment in this country, he said.
On the third wave impact of Covid-19, he said, the overall economic activity remained tough and this was reflected in a strong performance of several high frequency indicators such as power consumption, manufacturing PMI, and generation of e-way bills.
“So uncertainty and anxiety caused by the Covid-19 virus, receding from the minds of people, consumption will increase and the resurrection of demand will then facilitate the private sector to step up with investment to increase production to meet external demand – geo -politik and economy – this scenario must be played For the Indian economy in 2022-23, “he said.
The budget has targeted nominal GDP growth of 11.1 percent by 2022-23 with a Deflator of GDP 3.0-3.5 percent.
The implied real growth component is only around 8 percent close by estimates in the economic survey, 2021-22 and 7.8 percent projected by the RBI Monetary Policy Committee (MPC) at the February 2022 meeting.
Which does not change the repo and reverses the repo level along with attitude Accommodating MPC prioritizes growth during this uncertain period and strengthens investment orientation from the budget.