CNBC-TV18 According to the information received by quoting sources, the GDP of FY 2022 is estimated to be 9-9.5 percent in the Economic Survey 2022 to be presented today. With this, the GDP estimate for 2023 may remain at 9 percent. The Economy Survey, to be presented in Parliament today, is expected to focus on issues such as inflation-related challenges for the economy, consumption-led growth. Let us tell you that these issues have become a headache for policy makers even before the COVID epidemic.
Let us tell you that every year before the budget, the Economy Survey, which is presented before the budget, details the government’s views and plans ahead on issues like agriculture, industry, infrastructure services, social development, employment and even climate change. Is.
Along with this, the survey also reviews the work done in the last financial year on the country’s financial development, monetary management, currency position, financial policies, banking and other sectors. For the last two years, the government has been focusing on controlling inflation and increasing consumption in the country. The rate of domestic consumption in the country is 3 percent below the level of FY 2020. This information has been given in the recently released survey by NSO on India’s GDP.
There has been a slowdown in private consumption in India even before the corona pandemic. On a per capita basis, consumption growth in FY20 declined from 6.8 per cent in 2017 to 4.4 per cent in FY20. In FY 2021, it has seen a huge contraction of 10.1 percent. These figures are based on a recent report by Crisil.
Meanwhile, retail inflation has risen to 5.59 per cent from 4.91 per cent in November 2021. RBI has said in its estimate that inflation will be at its peak in the fourth quarter of the financial year 2021-22. After that it will start to soften again.
Where will the focus be in the economic survey
The survey could have a major focus on integrating the domestic industry along the global supply chain. Moneycontrol had already given the information. In this economic survey, the government may increase the focus on the PLI scheme to encourage the industry to invest in domestic manufacturing. For this, to promote exports and to push the domestic industry, the government can be seen taking steps forward on issues like freetrade agreement. For this, several strategic business partnership agreements can be talked about in 2022.
The commerce department is currently negotiating 8 free trade agreements. In the coming survey today, the focus may be on the employment session on the economy. Along with this, the matter of reducing the gap between the urban and rural areas of the country and the development of infrastructure can also be put loudly in the survey. According to the 2011 census, there are more than 6 lakh villages in India while there are around 7000 towns and urban areas. Out of the total 121 crore population, the percentage of rural population is 69 percent while that of urban population is 31 percent.
Those studying the demography believe that these figures have changed significantly in the last 10 years because of the large number of migrations from rural areas to urban areas. In the economy survey to be presented in Parliament today, there may also be a big focus on the issue related to the social sector. According to the information received from the sources, there may be an emphasis on the issues related to social security benefits in this survey. Apart from this, the survey on the development of basic needs like clean drinking water, toilets, better education, health facilities can also review the policies, schemes and progress made so far by the government.
Experts also say that after the passage of 2 years in the Corona period, it is expected that India’s domestic pharma sector, research and development from this sector and the government’s perspective on its entire value chain and further plans in the Economy Survey. description may be.
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