Economic Survey 2021-22 has been presented. Finance Minister Nirmala Sitharaman introduced it. It has projected a growth of 9.2 percent. This was already being expected. Now it has been confirmed that the country’s economy is returning to the path of rapid growth after the Corona hit. The economic survey has projected the growth rate to be 8 to 8.5 percent in the next financial year.
Stock market happy with economic survey
After the economic survey, there has been a tremendous rise in the stock market. Sensex has gone above 1000 points. The stock markets were open strong in the morning. The market has appeared happy with the higher forecast of growth in the Economic Survey. The reason for this is that higher growth will increase demand, which will have a direct impact on the performance of the companies.
Agri sector and industrial growth will provide support
The survey said that during the current financial year, the growth of the agri sector will be 3.9 percent. Industrial growth will be 11.8 per cent in this financial year. It also said that more than Rs 89,000 crore has been raised through IPO in this financial year till November.
Inflation will not be uncontrollable
In this survey, the inflation rate is expected to remain under control. This is a good thing for the economy. If inflation remains under control, there will not be much pressure on the Reserve Bank to increase the repo. This will not make the loan expensive.
Able to deal with the economy challenge
It has been said in the Economic Survey that all the indicators of the economy are showing that our economy is in a strong position to meet the challenges. It is getting support from agri and industrial growth. In the current financial year, the pace of the economy has picked up in the July-September period. With this, it has managed to come to the level before Corona.
Vaccination drive showed positive effect
The survey said a massive vaccination drive, supply-side reforms, easing of regulations, robust export growth and fiscal space to increase spending are supporting the economy. This has helped in increasing the capital expenditure.
Corona is not expected to be dangerous
However, the survey has made it clear that all its estimates will depend on the fact that there is not going to be a huge obstacle in front of the economy due to Corona going forward. Apart from this, the monsoon has also been expected to be normal. In this, the price of crude in the global market has been estimated to be $ 70-75 per barrel.
Crude oil price is expected to be $ 70 per barrel
Crude prices have a great impact on our economy. Difficulties increase for us when crude becomes expensive. India imports 80 per cent of its crude oil requirement. Crude oil has now reached close to $ 90 per barrel.
In the Economic Survey, many important things have been announced about the economy. The special thing is that this survey has been prepared when the post of Chief Economic Advisor (CEA) was vacant in the country. However, just before the Economic Survey, the government has appointed this post.
In the first advance estimate of the government’s economic growth rate, it has been said that the growth rate will be 9.2 percent. Now the same growth has been predicted in the Economic Survey as well. However, it is slightly lower than the growth forecast released by the Reserve Bank of India in December. Nevertheless, India’s growth is expected to be the fastest in the world after Corona. Evidence of this has been found from many economic data.
In the Economic Survey, which is recovering from the Corona epidemic, many important things have been said for the economy. In this, it has been told that the economy has exited the era of negative growth rate. However, important steps have to be taken to sustain the fast growth.
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