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PDF Name: Economic Survey 2021-22 PDF
No. of Pages: 447
PDF Size: 64 MB
Language: Hindi
Category: Government
Source: Indiabudget.gov.in

Summary of Economic Survey 2021-22 PDF

The Economic Survey is an annual financial document that examines India’s economic progress during the previous fiscal year and analyses and presents thorough statistical data for all sectors, including industrial, agricultural, and industrial output, employment, prices, and exports. It also looks at other variables that affect the Indian economy, such as the money supply and foreign currency reserves.

Salient Features of Economic Survey 2021-22

The Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman Presented the Economic Survey 2021-22 in Parliament Today. The Salient Features of the Economic Survey Are as Follows:

Economy Status:
  • The Indian economy is projected to grow by 9.2 per cent in real terms in 2021-22 (as per the first advanced estimates) after contracting by 7.3 per cent in 2020-21.
  • GDP is projected to grow at 8-8.5 per cent in real terms in 2022-23.
  • The coming year is poised for a pickup in private sector investment with the financial system in a good position to provide support for the revival of the economy.
  • Comparable estimates with the World Bank and the Asian Development Bank’s latest forecasts of real GDP growth rates of 8.7 per cent and 7.5 per cent respectively for 2022-23.
  • According to the IMF’s latest World Economic Outlook projections, India’s real GDP is projected to grow at 9 per cent in 2021-22 and 2022-23 and at 7.1 per cent in 2023-2024, taking India to the world for all 3 years. The fastest growing major economy in the world. ,
  • Agriculture and allied sectors expected to grow by 3.9 per cent; The industry grew by 11.8 per cent and the services sector by 8.2 per cent in 2021-22.
  • In 2021-22, consumption is expected to grow by 7.0 per cent, Gross Fixed Capital Formation (GFCF) by 15 per cent, exports by 16.5 per cent and imports by 29.4 per cent in 2021-22.
  • Macroeconomic stability indicators suggest that the Indian economy is well prepared to meet the challenges of 2022-23.
  • The combination of high foreign exchange reserves, sustained foreign direct investment and rising export earnings will provide a substantial buffer against potential global liquidity crunch in 2022-23.
  • The economic impact of the “second wave” was little during the full lockdown phase in 2020-21, although the health impact was more severe.
  • The unique response of the Government of India included safety-nets to reduce the impact on weaker sections of the society and the business sector, significant increase in capital expenditure to boost growth and supply side reforms for sustained long-term expansion.
  • The government’s flexible and multi-layered response is partly based on an “agile” framework that uses a feedback-loop, and eighty high-frequency indicators (HFIs) in an environment of extreme uncertainty.
Fiscal Growth:
  • Revenue receipts from the central government (April to November, 2021) have increased by 67.2 per cent (y-o-y), while the expected growth of 9.6 per cent in the budget estimates for 2021-22 (over the provisional actuals of 2020-21) happened.
  • Gross tax revenue registered a growth of more than 50 per cent during April to November, 2021 on a yearly basis. This performance is even stronger than the pre-pandemic levels of 2019-2020.
  • During April-November 2021, capex has grown by 13.5 per cent (YoY), with a focus on infrastructure-intensive sectors.
  • Sustainable revenue collection and a targeted expenditure policy has kept the fiscal deficit at 46.2 per cent of the budget estimate for April to November, 2021.
  • With increased borrowing due to COVID-19, the central government’s debt has increased from 49.1 per cent of GDP in 2019-20 to 59.3 per cent of GDP in 2020-21, but is expected to recover. Along will follow the falling trajectory. Economy
Zone Out:
  • During the current financial year, India’s merchandise exports and imports saw a strong jump and surpassed pre-Covid levels.
  • Despite weak tourism revenue, there was a significant pickup in net services with both receipts and payments surpassing pre-pandemic levels.
  • Net capital inflows stood at over US$ 65.6 billion in the first half of 2021-22, due to continued inflow of foreign investment, revival in net external commercial borrowings, higher banking capital and additional special drawing rights (SDR) allocation.
  • India’s external debt increased to US$593.1 billion at the end of September 2021, from US$556.8 billion a year earlier, reflecting additional SDR allocation by the IMF, coupled with higher commercial borrowings.
  • Foreign exchange reserves crossed US$ 600 billion in the first half of 2021-22 and touched US$ 633.6 billion as of December 31, 2021.
  • As of the end of November 2021, India was the fourth largest foreign exchange reserve holder in the world after China, Japan and Switzerland.

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