New Delhi: Finance Minister Nirmala Sitharaman has said many positive things for the economy through the Economic Survey 2022. He has claimed that the Indian economy is capable of meeting the challenge of Covid and we will become the fastest growing economy in the world.
The Finance Minister said, ‘GDP growth is estimated to be 9.2 percent in the financial year 2021-22. This will make India the fastest-growing economy in the world. In the coming days, good growth can be seen in new employment opportunities. The government will maintain its focus on infrastructure, which will increase investment. This will also be good for the stock markets.’
The government got control over inflation and NPA
The December retail inflation rate in the country remained at 5.6 percent as per the estimates and it is being successful in keeping the inflation figures under control. In the fiscal year 2022, between April-December, they were able to keep the retail inflation rate or CPI at 5.2 percent.
There is sufficient capital in the banking system and success has been achieved in reducing the NPAs of banks.
The country’s exports and imports have reached the level of pre-Covid. Strong support is being seen for economic reforms in the country. The growth forecast for 2021-22 has been kept on the basis of the crude prices of $ 70-75 per barrel.
We are on track to achieve the fiscal deficit target for the fiscal year 2022. The current account deficit is expected to widen in the second half.
The disruption in the global supply chain has reduced and the country’s imports and exports have come to a pre-Covid level.
A large Capex is expected to come into the railway sector in the next decade. Along with the railways, the result of the government’s innovation is also being seen in the locomotive segment.
There is a forex reserve equal to 13 months of imports in the country. The government is also ready for additional financial assistance if needed.
What will be the growth rate in which sector?
- In 2021-22, the GDP growth of the Indian economy will be 9.2 percent.
- In the next financial year (2022-23), GDP growth is expected to be 8 to 8.5 percent.
- In 2021-22, the growth of the agriculture sector will be 3.9 percent.
- The growth of the industrial sector is expected to be 11.8 percent.
- The growth of the service sector can be 8.2 percent.
- Export is expected to increase by 16.5 percent and import by 29.4 percent.
- Consumption has increased by 7 percent in the current financial year.
- The capital expenditure of the Railways in April-November has been Rs 65,157 crore.
- The price of crude oil is estimated to be $ 70-75 per barrel.
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