Union Budget 2022: Nirmala Sitharaman tabled Economic Survey in parliament todayNew Delhi: Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-2022 in Parliament today. India will see economic growth of 8 to 8.5 per cent in the coming fiscal year, down from 9.2 per cent growth estimated in the current year, the annual Survey predicted a day before the Budget.Almost all indicators show that the economic impact of the “second wave” in the first quarter was much smaller than that experienced during the full lockdown phase in 2020-21 even though the health impact was more severe, the survey notes.Get NDTV UpdatesTurn on notifications to receive alerts as this story develops.Tourism Sector Remain Impacted By Pandemic: Sanjeev Sanyal
Sectors like financial, real estate and professional services have seen growth and gone back to the pre-pandemic levels. But sectors which are contact-intensive like travel and tourism continue to be impacted, Sanjeev Sanyal said.
Shape Of Economic Recovery A “Tilted W”: Principal Economic Adviser Sanjeev Sanyal
The shape of economic recovery can best be described as a “tilted W”, he said, which is what the best minds in the country could come up with. During the pandemic, the domestic industry sector witnessed erratic upward and downward movement, contractions as well as revivals and this led to the economic recovery resembling a “tilted W”.
Agriculture Least Affected By Lockdowns, Says Principal Economic Adviser Sanjeev Sanyal
The agriculture sector was the least affected by pandemic-induced lockdowns and is expected to have a growth rate of 4 per cent during the current fiscal, principal economic adviser Sanjeev Sanyal said.Economic Activities Reviving To Pre-Pandemic Levels: Sanjeev SanyalThe overall scenario, as envisaged in the economic survey, portrays revival of economic activity to pre-pandemic levels, principal economic adviser Sanjeev Sanyal said today.”There has been a revival of economic activity to pre-pandemic levels, as can be seen by many indicators like e-way bills collections, which have shown growth after having slumped during the second wave in the first quarter of the current fiscal,” Mr Sanyal said.Refined Core Inflation Much Below Conventional Core Inflation: Economic SurveyThe economic survey has made a pertinent observation by noting that refined core inflation, which was 5.9 per cent during April-December period of 2021, has been actually lower than the conventional core inflation.”Since June 2020, refined core inflation has been much below the conventional core inflation, indicating the impact of inflation in fuel items in the conventional core inflation measure,” the survey said.