It is also lower than the 9 per cent growth estimate by the IMF in its World Economic Outlook for the current year and the next.īehind the conservative estimate for the next year are not just the many risks - global inflation to shortage of inputs - posed by Covid-19 the Survey points to, but also its assessment that the economic slowdown induced by the pandemic is not merely a demand problem. This is significantly lower than the 9.2 per cent expansion projected by the NSO in its first advance estimates for 2021-22. The Economic Survey 2021-22 has projected a modest 8-8.5 per cent growth rate for the next financial year, 2022-23. Why growth in FY23 is pegged at just 8-8.5% Though output in various contact intensive services remained below pre-pandemic levels, it said the macroeconomic strength provided buffers against likely stresses such as withdrawal of stimulus by global central banks. The Economic Survey tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman pointed out that buoyant tax revenues offered the government fiscal space to provide additional support to the economy and continue the push in favour of higher capital expenditure. Economic Survey: Buoyant tax mop-up frees fiscal space for spending The Survey has noted that growth in 2022-23 will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and the availability of fiscal space to ramp up capital spending. It has also taken stock of growing revenues to indicate the availability of fiscal space, should the government see the need to provide additional support. Putting the spotlight on the way forward after the pandemic, the Economic Survey of 2021-22 has analysed aspects such as inflation, global liquidity measures, and rising energy prices to detail the risks for the economy going ahead. (PTI Photo/Manvender Vashist) Explained: What the Economic Survey says Union Finance Minister Nirmala Sitharaman with Finance Secretary TV Somanathan, Revenue Secretary Tarun Bajaj and Chief Economic Advisor V Anantha Nageswaran, during a pre-Budget photo session in New Delhi, Monday, Jan.
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