The Union Finance Minister has presented the Economic Survey 2021-22 in Parliament today. The key highlights of the Economic Survey are as follows:
- Indian economy estimated to grow by 9.2 % in real terms in 2021-22 (as per first advanced estimates) subsequent to a contraction of 7.3 % in 2020-21.
- GDP projected to grow by 8- 8.5 % in real terms in 2022-23. It is comparable with World Bank latest forecasts of real GDP growth at 7.5 % for 2022-23.
- As per IMF’s latest projections, India’s real GDP projected to grow at 9 % in 2021-22 and 2022-23 and at 7.1 % in 2023-2024.
- Gross Tax Revenue registers a growth of over 50 % during April to November, 2021 in YoY terms.
- Foreign Exchange Reserves crossed US$ 600 billion in the first half of 2021-22 and touched US $ 633.6 billion as of December 31, 2021.
- Repo rate was maintained at 4 % in 2021-22.
- The Gross Non-Performing Advances ratio of Scheduled Commercial Banks (SCBs) declined from 11.2 % (2017-18) to 6.9 % at the end of September, 2021. While, Net Non-Performing Advances ratio declined from 6 % to 2.2 % during the same period.
- India’s April-November 2021-22 fiscal deficit stood at Rs 7 lakh crore against Rs 10.8 lakh crore in 2020-21.
- Food inflation averaged at a low of 2.9 % in 2021-22 (April to December) as against 9.1 % in the corresponding period last year. While, Wholesale inflation based on Wholesale Price Index (WPI) rose to 12.5 % during 2021-22 (April to December).
- Index of Industrial Production (IIP) grew at 17.4 % (YoY) during April-November 2021 as compared to (-)15.3 % in April-November 2020.
- Capital expenditure for the Indian railways has increased to Rs. 155,181 crores in 2020-21 from an average annual of Rs. 45,980 crores during 2009-14 and it has been budgeted to further increase to Rs. 215,058 crores in 2021-22 – a five times increase in comparison to the 2014 level.
Click here for official press release:
Expectations from Union Budget 2022