New Delhi: Finance Minister Nirmala Sitharaman presented the Economic Survey 2021-22 in Parliament on Monday. The survey, presented a day before the Union Budget, sheds light on the country’s economic condition over the previous year and outlines suggestions for policy changes.
According to the Economic Survey 2022, the country’s Gross Domestic Product (GDP) growth rate for the next fiscal year (FY23) is likely to be around 8-8.5 per cent.
The survey lauded the efforts of the government during the pandemic and said that economic activities have reached pre-pandemic levels. It also said that the economy is in a good position to overcome the challenges in 2022-23.
But what do India Inc leaders have to say on the Economic Survey and the projected GDP growth for the fiscal year (FY23)? Here’s a look.
Rajni Sinha, Chief Economist and National Director – Research, Knight Frank India, while talking to ABP News said, “The Economic Survey’s estimate of 8-8.5% of GDP for FY23 is quite conservative and has been projected by the IMF. The Economic Survey elaborates on the government’s approach to tackle the pandemic-induced crisis once in this century. The survey talks in detail about the ‘agile’ approach being adopted by the government, Which basically aims at closely tracking economic indicators with high frequency. And transforming the government’s response to crisis situations on a real-time basis. Besides discussing in detail on sectoral development and policy implementation, the survey will also focus on health and Talks in detail about development on social standards of education. As is the need of the hour, Sustainable economic development is also discussed in detail. Economic survey discusses the current issues in detail. Or Indian economy, now The important aspect would be that How do the central and state governments handle many of these issues going forward.”
Navin Kulkarni, Chief Investment Officer, Axis Securities, said, “Economic growth projections for FY23 look very strong. A fairly strong modest GDP growth means we are looking healthy in the next financial year. This also means Tax collections will continue to be strong and economic revival will get further impetus. Based on these projections, we remain very constructive on future prospects.”
Madhavi Arora, Principal Economist, Emkay Global Financial Services: “The Eco Survey sets the background for the Budget to be released tomorrow. It recognizes that the upcoming Budget will see a sharp policy tradeoff between promoting a nascent growth recovery and reducing fiscal space. Facing a -off. Challenging credit dynamics. Policy makers should ensure that fiscal impulses are maximized to improve potential growth, indicating adherence to medium-term fiscal stability. Including financing by aggressive asset sales through reforms, better resource allocation, and monetization of functional infrastructure, disinvestment / Strategic Sales in India’s GDP in FY 2012 after 9.25 in FY12 in Eco Survey A growth of 8-8.5% was witnessed, led by broader vaccine coverage, benefits from supply-side reforms and easing of regulations, strong export growth, and availability of fiscal space to ramp up capital expenditure. Stable global financial market with systematic G4 policy numbers reform and well-behaved oil markets (US$70-$75/bbl), and mitigating global supply chain disruptions.”
Arun M. Kumar – President and CEO, KPMG India: “India’s growth for FY23 based on broader vaccine coverage, benefits from supply-side reforms, reduction in process friction, and expected strong 8 in the Economic Survey 2021-22 -8.5%. Export growth. A reasonable, upbeat outlook that should be cautioned by exogenous factors such as geopolitical tensions and global oil prices.”
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