Brief Outline on Economic Survey 2021-22

The Economic Survey provides a comprehensive overview of the state of the nation’s economy over the course of the preceding years as well as a forecast for the coming year,

 as well as a detailed assessment of the myriad of different economic sectors.

The Indian Ministry of Finance compiles and publishes an annual report known as the Economic Survey of India.

It is the most authoritative and up-to-date source of data about India’s economy, and it is contained within this report.

It is a report that the government delivers on the condition of the economy during the course of the previous year, 

the primary issues it anticipates, and the potential remedies to those problems.

Under the direction of the Chief Economic Advisor, it is crafted by the Economics Division of the Department of Economic Affairs (DEA), which is part of the Department of Economic Affairs.

It is often provided a day before the Union Budget is introduced in the Parliament where it is considered to be a prerequisite.

Key Points of the economic survey 2021-2022

It is anticipated that the gross domestic product (GDP) of India would expand by 9.2 percent in real terms in the year 2021-22.

In real terms, GDP expansion is anticipated to range between 8.0 and 8.5 percent in 2022-23.

The debt held by the Central Government has increased from 49.1 percent of GDP in 2019-20 to 59.3 percent of GDP in 2020-21 as a result of increased borrowings on account of COVID-19. 

However, it is anticipated that this debt will follow a declining trajectory in conjunction with the recovery of the economy.

The total amount of Rs. 89,066 crores that was raised through 75 Initial Public Offering (IPO) issues during 

April–November 2021 is significantly more than the amount raised in any single year over the preceding decade.

The Foreign Exchange Reserves reached a high of US $ 633.6 billion as of December 31, 2021,

 having surpassed US $ 600 billion during the first half of the fiscal year 2021-22.

The NITI Aayog Sustainable Development Goals India Index and Dashboard showed that India’s total score increased to 66 in 2020-21, up from 60 in 2019-20.

The primary focus of the Economic Survey of 2022

The “agile approach,” which was put into action by India’s economic response to the COVID-19 Pandemic shock, is the primary focus of the Economic Survey that was released this year.

The following is a summary of the most important information from the Economic Survey 2022:

For the following fiscal year 2022-23, the GDP growth rate is anticipated to be in the range of 8 to 8.5 percent (FY23)

Compared to the current price of $90 per barrel, growth predictions are based on an estimate of $70-$75 per barrel for the coming fiscal year.

Agriculture would suffer the least from the pandemic, and the industry is projected to increase by 3.9 percent in 2021-22, following growth of 3.6 percent the year before.

The global container market is not yet back to normal and will continue to have an effect on international maritime commerce for the foreseeable future.

This “helped make it possible to target the vulnerable sections/businesses better, limiting the pandemic’s economic toll at far less than what may have been” 

according to the Survey, which went into detail on the government’s use of the Barbell approach to COVID-19.

It is anticipated that the industrial sector will expand by 11.8 percent.

According to the findings of a survey, the services sector is expected to witness growth of 8.2 percent in 2021-22.

A look at the economic survey 2021

Nirmala Sitharaman, the Minister of Finance, presented the Economic Survey 2021-22 to both Houses of Parliament on Monday.

The poll, which was published the day before the Union Budget, 

highlights the current state of the economy and makes proposals for actions that should be taken by policymakers.

According to the Survey, “it is estimated that India’s GDP will rise in real terms by 8.0-8.5 percent in 2022-23.”strong export growth,”widespread vaccine coverage,” “gains from supply-side reforms and lightening of restrictions, and “availability of fiscal space to ramp up capital spending,”according to the report, will all contribute to the economy’s expansion.

The Central theme of the Economic Survey for the Years 2021 and 2022

According to the Economic Survey 2021-22, which was presented to Parliament today by Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, the argument is made that some form of feedback loop based policy-making has always been possible, but the “Agile framework” is particularly relevant today due to the explosion of real-time data that allows for constant monitoring. These types of information include, but are not limited to, the amounts collected from the Goods and Services Tax (GST), digital payments, satellite photographs, electricity production, cargo movements, internal and external trade,

 infrastructure roll-out, delivery of various schemes, and mobility indicators. Some of them can be accessed through publicly available platforms, while the private sector is responsible for the generation of many novel forms of data at this time. According to the Survey’s findings, this means that short-term policy responses can be adapted to an emerging scenario rather than what a model may have anticipated about the circumstance.

Conclusion

According to the Economic Survey 2021-22, the income receipts from the Central Government from April to November 2021 have increased by 67.2 percent (YoY),

 which is significantly more than the 9.6 percent rise that was anticipated in the 2021-22 Budget Estimates (over 2020-21 Provisional Actuals).

In comparison to the previous year, the total amount of tax revenue collected from April through November of 2021 shows an increase of more than fifty percent. 

This achievement is impressive when compared to the levels that existed before the pandemic in 2019-2020. 

The amount spent on capital expenditures increased by 13.5% year over year from April 2021 to November 2021, with an emphasis on infrastructure-intensive industries.