Economic Survey 2022 will be presented today, attention on the GDP forecast

The pre-budget Economic Survey, which is presented before Parliament ahead of the Union Budget to present the state of the economy and offer policy prescriptions, frequently undershoots the GDP prediction, sometimes by a large margin.

Nirmala Sitharaman, the Finance Minister, will present the Economic Survey for 2021-22 in the Lok Sabha on Monday, shortly after the President's Address to both Houses of Parliament. On Tuesday, she will propose the Union Budget for the fiscal year beginning April 1, 2022.

The prediction of the Gross Domestic Product (GDP) for the following fiscal year, published by a team led by Chief Economic Advisor (CEA), is one of the most closely anticipated metrics in the pre-Budget Economic Survey.

In the midst of the Covid-19 outbreak, the preceding economic survey was presented. The glimmer of hope that the country is experiencing as it rebounds from the effects of the epidemic is likely to be highlighted in this year's economic report. Various high-frequency indicators, such as GST revenues and business profitability, are, nonetheless, indicating a strong increasing trend.

The government named economist V Anantha Nageswaran as the new CEA just days before the Economic Survey was released. K V Subramanian, a former executive with Credit Suisse Group AG and Julius Baer Group, is succeeded by Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group. Subramanian demitted the office of CEA in December 2021 after completing his three-year tenure.

As Asia's third-largest economy shows signs of recovery from the pandemic, the Economic Survey for 2021-22 is projected to estimate growth of roughly 9% for the following financial year.

The most recent survey, conducted in January 2021 in the midst of the Covid epidemic, predicted an 11 percent increase in economic growth for the years 2021-2022. However, India's statistics ministry estimates that the current fiscal year's economic growth will be merely 9.2%.

The economy shrank by 7.3 percent in 2020-21, compared to a prediction of 6-6.5 percent in the Economic Survey issued to Parliament months before the Covid epidemic in 2020.

India enforced a stringent lockdown in the later part of March 2020 to stop the spread of the virus, which had a significant impact on economic activity. The government and the Reserve Bank of India have taken a number of steps to help the economy.

According to the Economic Survey 2018-19, GDP growth for fiscal 2019-20 is expected to be 7%. The economy, on the other hand, grew by only 4%, falling far short of the target.

In the same way, the Economic Survey 2017-18 predicted a growth rate of 7-7.5 percent for 2018-19, while GDP actually grew by 6.5 percent.

Actual GDP growth in 2015-16 and 2017-18, on the other hand, was practically identical to the range forecast in the corresponding economic surveys. It's also worth noting that GDP grew faster in 2016-17 than predicted in the Economic Survey 2015-16.

Despite the pandemic, India's GDP is expected to grow at a rate of approximately 9% in the current fiscal year, making it the world's fastest big economy.

According to the National Statistical Office's (NSO) first projections, the economy will grow by 9.2% in the current fiscal year, slightly less than the Reserve Bank's projection of 9.5 percent.