Highlights

  • GDP projected to grow by 8- 8.5 percent in real terms in 2022-23
  • Performance is strong compared to pre-pandemic levels

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Indian economy estimated to grow by 9.2 percent in real terms in 2021-22

V Anantha Nageswaran, the newly appointed Chief Economic Adviser, addressed media on Monday after Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022 in the Parliament earlier in the day.

The survey has been compiled by Principal Economic Adviser Sanjeev Sanyal & his advisers. Sanyal mentioned that the economy has bounced back to the pre-pandemic level.

Here is some data from the economic survey:

• Gross Tax Revenue registers a growth of over 50 percent during April to November, 2021 in YoY terms. This performance is strong compared to pre-pandemic levels of 2019-2020 also.

• India’s merchandise exports and imports rebounded strongly and surpassed pre-COVID levels during the current financial year.

• GVA of services crossed pre-pandemic level in July-September quarter of 2021-22; however, GVA of contact intensive sectors like trade, transport, etc. still remain below pre-pandemic level.

• Services exports surpassed pre-pandemic level in January-March quarter of 2020-21 and grew by 21.6 percent in the first half of 2021-22 - strengthened by global demand for software and IT services exports.

• With revival of economy, employment indicators bounced back to pre-pandemic levels during last quarter of 2020-21.

Also Watch: Budget 2022: Govt makes case for higher spending, fiscal space in Eco Survey

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