Budget Session: Finance Minister Tables Economic Survey, FY22 GDP Growth Expected To Be 11%

Finance Minister Nirmala Sitharaman tabled the Economic Survey in the Lok Sabha on Day One of the Budget Session of Parliament on Friday following which the House was adjourned. According to the survey, GDP growth for the next financial year (FY2021-22) is expected to be 11 per cent.

Authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, the Survey assumes significance as the economy begins to recover from the coronavirus pandemic-hit year. As is customary, the Economic Survey 2020-21 has presented a picture of the economic health of the country and given a sneak peek into what to reasonably expect from the Union Budget which will be presented on February 1.

Advance estimates put out by the Centre suggests that the India’s economy may contract by 7.7 per cent in the current fiscal. Industry experts expect Sitharaman to continue with the spending plan as a result of which the fiscal deficit for the current fiscal is likely to be wider than 3 per cent of GDP mandated by law.

During the Union Budget 2020-21 presentation last year, Sitharaman had invoked the escape clause in the amended Fiscal Responsibility and Budget Management Act to increase the deficit target by 0.5% for FY20 and FY21 each.

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