✅Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2021-22 ahead of the Union Budget 2022.

✅The Economic Survey 2021-22 shed light on different sectors of the economy as well as reforms that are needed in the future to accelerate growth.

✅ The macroeconomic stability indicators in the government’s Economic Survey suggest that the country’s economy is well-placed to take on the challenges of the financial year 2022-23.

✅STRONG REVENUE
The survey pointed out that revenues have witnessed a strong revival in FY22. This means that the government has fiscal room to provide support if necessary. High Foreign Reserves, Foreign Direct Investment (FDI), and rising exports have provided a buffer against liquidity tampering.

✅ GDP ESTIMATES
The Economic Survey projected an 8-8.5 percent gross domestic product (GDP) growth rate for the Indian economy in the 2022-23 fiscal year beginning on April 1.

✅ This compares to a 9.2 percent GDP expansion projected by the National Statistical Office (NSO) for the ongoing financial year. It also noted that the GDP growth rate contracted by 7.3 percent in 2020-21.

✅AGRICULTURE
Agriculture and allied sectors remained the silver lining during the Covid-19 pandemic and are expected to grow by 3.9 percent in 2021-22 after growing 3.6 percent in the previous year.

✅SERVICES SECTOR
The Covid-19 pandemic has hit the services sector the hardest. This sector is projected to grow by 8.2 percent this financial year following the previous fiscal’s 8.4 percent contraction.

✅INDUSTRIAL SECTOR
The growth of the industrial sector has been estimated at 11.2 percent in FY22.

✅CONSUMPTION
Total consumption is estimated to have grown by 7.0 percent in 2021-22 with significant contributions in the form of government spending.

✅AIR INDIA PRIVATISATION
The Economic Survey has highlighted that the privatization of Air India was a significant step in terms of boosting the privatization drive and gathering disinvestment proceeds.

✅ INCREASE IN CAPITAL SPENDING
According to the Economic Survey, there can be a sharp increase in capital spending by the government as a demand and supply-enhancing measure.

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