Union Budget 2022 Highlights: The Economic Survey, which is presented in the Parliament before the Union Budget to inform the state of the economy and suggest policy measures, often misses out on the Gross Domestic Product (GDP) forecast. . Sometimes this mistake is by a large margin. Explain that the General Budget is presented after the Economic Survey documents are presented in the Parliament.
This time, Finance Minister Nirmala Sitharaman will present the Economic Review for 2021-22 in the Lok Sabha soon after President Ram Nath Kovind’s address to both the Houses of Parliament on Monday. She will present the Union Budget on Tuesday for the next financial year beginning April 1, 2022.
The pre-budget economic review, to be prepared by a team led by the Chief Economic Adviser (CEA), is one of the main themes on which the Gross Domestic Product (GDP) estimates for the next fiscal year. The government has recently appointed economist V Anantha Nageswaran as the new CEA. He replaces KV Subramaniam whose three-year term ended in December 2021.
Budget 2022: When, where and how to watch the live coverage of the Union Budget? Know here complete details from date and timing
Regarding the economic review of 2021-22, it is expected that in view of Asia’s third largest economy showing signs of recovery from the global corona epidemic, it has estimated the growth for the next financial year to be around 9 percent. Will go
The last economic review presented in January 2021 had projected an economic growth of 11 per cent for 2021-22. However, India’s statistics ministry has estimated that the economic growth in the current financial year will be only 9.2 percent.
In the last economic review, it was estimated that the contraction of the economy could be 6-6.5 percent, but this estimate was months before the outbreak of the COVID epidemic, finally in 2020-21 the economy contracted to 7.3 percent. .
The economic activities were severely affected due to the strict lockdown imposed in the country after March 2020 to contain the spread of the corona virus. However, in the current financial year, India is set to become the world’s fastest growing large economy.
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