New Delhi: The Ministry of Finance is expected to come out with a single volume economic survey for 2021-22 projects growth of around 9 percent for the next financial year.
The survey, which was submitted in parliament by the Minister of Finance in front of the Union budget, was being prepared by the main economic adviser and other officials in the absence of economic counsel for the Head (CEA), which traditionally was the main architect of the document.
Even the first economic survey of the Modi government presented by the Minister of Finance at that time Arun Jaitley in July 2014 was prepared by the Senior Economic Advisor of India Patnik.
At that time, the CEA post was empty after the appointment of Raghuram Rajan as Governor of Bank of India’s reserve.
Then, Arvind Subramanian moved as CEA in October 2014.
KV Subramanian completed his three-year term as CEA on December 6 last year.
The government has initiated the process to appoint CEA which is an official secretary official attached to the Ministry of Finance.
Economy, according to an estimated face of the National Statistics Office (NSO), is expected to record 9.2 percent growth during the current fiscal, which is slightly lower than 9.5 percent projected by a reserve bank.
Because of the Covid-19 outbreak and subsequent national locking to examine the spread of the virus, the economy was contracted by 7.3 percent during 2020-21.
The impact of the virus in the economy is relatively less during the current financial year because locking is local and does not cause large-scale disorders in economic activities.
This survey is expected to project growth of around 9 percent for the next financial year, experts say quoting basic effects.
According to the recent report of the World Bank, India is projected to grow at 8.7 percent while India’s ranking and research said it expects India’s gross domestic product (GDP) to grow 7.6 percent in the year at FY23.
According to the ICRA report, the country’s real GDP is likely to maintain a growth rate of 9 percent in the fiscal year 2022 and 2023 amid concerns over the omicron covid variant.
Economic Survey 2020-21, released in January last year, has projected 11 percent GDP growth during the current financial year which ended March 2022.
The survey said growth would be supported by the supply side boost from reform and regulatory easing, encouraging infrastructure investment, encouragement Manufacturing through incentive schemes (pli) related production, recovery of hidden demand, increased discretionary consumption after the launch of vaccines and taking credit given adequate liquidity and low interest rates.