The Economic Survey report estimates 8-8.5% real GDP growth in 2022-23 even as it sees the country’s GDP growing at 9.2% in the current financial year.
"Growth in 2022-23 will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending. The year ahead is also well poised for a pick-up in private sector investment with the financial system in a good position to provide support to the revival of the economy," the Economic Survey Report said in its growth outlook for 2022-23.
The prediction comes with a caveat.
"This projection is based on the assumption that there will be no further debilitating pandemic related economic disruption, monsoon will be normal, withdrawal of global liquidity by major central banks will be broadly orderly, oil prices will be in the range of US$70-$75/bbl, and global supply chain disruptions will steadily ease over the course of the year," says the report.
The World Bank and Asian Development Bank have recently forecast that the real GDP growth of India would be 8.7% and 7.5% respectively for 2022-23.
As per the IMF's latest World Economic Outlook (WEO) growth projections released on 25th January, 2022, India's real GDP is projected to grow at 9 per cent in both 2021-22 and 2022-23 and at 7.1 per cent in 2023-24.
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Key highlights:
Indian economy in good position to witness GDP growth of 8-8.5%
Economy well placed to take on challenges in 2022-23
Govt finances to witness consolidation in 2021-22, after uptick in deficit and debt indicators during pandemic year FY21
Private sector investment to pick with financial system in good position to provide support to revival of economy
Robust export growth and availability of fiscal space to ramp up capital spending to support growth next fiscal
Growth in FY23 to be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations