Economic Survey 2022-23: GDP growth expected to be 8.5%, survey report presented in Lok Sabha

Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2022 today i.e. on 31 January. With this, the proceedings of the Lok Sabha have been adjourned till tomorrow. According to the Economic Survey, GDP growth (economic growth rate) has been estimated at 8-8.5% in 2022-23. This is lower than the growth forecast of 9.2% for 2021-22.

The Economic Survey said that vaccine coverage and supply-side reforms will support growth. The government's GDP estimate is based on the assumption that no further economic activity will be affected by the pandemic and the monsoon will also be normal. This means that if there is any effect of monsoon or epidemic then GDP may decrease.

130-150 million tonnes of coal needed by 2030 despite renewables

According to the Economic Survey, despite the incentives to renewables, the demand for coal will remain based on the draft National Energy Policy of NITI Aayog, and by the year 2030, there will be a demand of 130-150 crore coal.

IT-BPO sector grew by 2.26%

According to the survey, the IT-BPO sector, excluding e-commerce, grew at a rate of 2.26% every year to $ 19.4 trillion in the financial year 2020-21. The agriculture sector can grow at the rate of 3.9% in the current financial year. In the last financial year, it had grown at the rate of 3.6%.

GDP shows the health of the economy

GDP is one of the most common indicators used to track the health of the economy. GDP represents the value of all goods and services produced within a country over a specific period. In this, foreign companies that produce within the country's borders are also included. When the economy is healthy, unemployment levels are usually low.

Is India's economy growing fast?

Looking at the GDP figures, it seems that the economy is growing rapidly. But when we compare all the figures, the picture looks different. Actually, in March 2020, due to the lockdown imposed due to Corona, economic activities in the country came to a standstill. Later the lockdown opened, but still, it could not start completely. The effect of this was that the GDP base went down and it was measured at -7.3%. When the base goes too low, even a little bounce creates the illusion of a big correction.

Let us understand this with an example. Suppose the GDP of the country in 2019 was 1000 rupees. After a fall of 7.3% in 2020, it came down to Rs 927. Now if it has increased by 9.2% in 2021, then it has gone up but has reached 1012 only. That is, this is a good increase in comparison to 2020 but much less than 2019.

What do the GDP figures say when compared to previous years?

In the Economic Survey, government data is showing that in the year 2022, GDP growth can be 8.0-8.5%. This is lower than the 9.2% estimate for 2021. Earlier in 2020, the GDP growth rate in the year affected by Corona was -7.3%. That is, the economy affected by the first wave of Corona is now in recovery mode. At the same time, before the Corona period, the country's GDP was 6.5% in 2019.

What is Economic Survey?

We live in a country where the number of middle-class people is very high. A diary is made in most of our homes here. Complete accounts are kept in this diary. When we see after the end of the year, how did our house go? where did we spend How much did you earn? How much did you save? Based on this, we then decide how we have to spend in the coming year. How much to save? How will our condition be?

Economic survey is just like our home diary. Does this show how is the condition of our country's economy? In the Economic Survey, the accounts of the past year and the suggestions, challenges, and solutions for the coming year are mentioned. The Economic Survey is presented a day before the budget.