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Economic Survey 2022 as it happened: FM Nirmala Sitharaman tables Survey, FY22 GDP growth seen at 9.2%
One of the most-watched numbers in the pre-Budget Economic Survey, authored by a team led by Chief Economic Advisor (CEA), is the projection of the Gross Domestic Product (GDP) for the next fiscal.
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Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2021-22 in the Lok Sabha on Monday soon after the President's Address to both Houses of Parliament. She will present the Union Budget for the next financial year beginning April 1, 2022, on Tuesday.
Here are the highlights of the Economic Survey 2021-22.
Economic Survey sees Agriculture sector growth of 3.9 percent, Industrial sector growth of 11.8 percent in FY22
Economic survey tabled. Govt forecasts 8-8.5 percent GDP growth in FY23, FY22 GDP growth seen at 9.2 percent.
CEA Dr V Anantha Nageswaran will address a press conference today at 3:45 PM in New Delhi on the Economic Survey 2022
Finance Minister Nirmala Sitharaman tables the Economic Survey 2022 in Lok Sabha along with Statistical Appendix.
Addressing both Houses of Parliament assembled together today, I salute lakhs of freedom fighters who gave highest priority to their duties and secured the rights of India. I also salute all the great personalities for their contribution in the development-journey of our country in these 75 years of independence, says President Kovind
In the year 2047, the country will complete its centenary of independence. We have to work hard today for the grand, modern and developed India of that time. We have to take our hard work to the end and ensure that it eventually yields beneficial results. We all have a share in this and have equal participation: President Kovind
Today the country's achievements and successes are as limitless as the country's potential and possibilities. These achievements are not of any one institution or establishment, but of various citizens of the country. The labor and sweat of crores of countrymen have been involved in this: President Kovind
We successfully airlifted many of our citizens and many Afghan-Hindu-Sikh-minorities from Kabul, despite many challenges. Under 'Mission Karmayogi', the government has established Capacity Building Commission to increase the capacity of civil servants. 'Mission Karmayogi' will also be helpful in the career of civil servants, and will also prepare them for the new responsibilities of nation building: President Kovind
My Government is also modernizing the Indian Railways at a fast pace. In the last seven years, 24 thousand km of railway route has been electrified: President Kovind
My Government has started a new Central Sector Scheme for the industrial development of Jammu and Kashmir at a cost of about Rs 28,000 crores: President Kovind
Our MSMEs have been the backbone of our economy, and have been driving a self-reliant India. Our goal is that the goods needed by our forces should be developed in India and manufactured in India itself: President Kovind
7 Mega Integrated Textile Regions and Apparel Parks are being set up by my Government with an investment of about Rs.4500 crores for the development of the textile industry. This will create an integrated textile value chain in the country: President Kovind
The contract has been signed with Hindustan Aeronautics Limited for the manufacture of 83 LCA Tejas fighter aircraft. The Government has taken important steps to transform the Ordnance Factories into 7 Defense PSUs. My government is working with determination for the security of the country. Due to the policies of the government, the country's self-reliance in the defense sector, especially in defense production, is increasing continuously: President Kovind
In March 2014, the total length of national highways in our country was 90 thousand kilometers, whereas today their length has increased to more than one lakh forty thousand kilometers. Services have been started on 11 new metro lines in the country, which are benefiting lakhs of people in 8 states every day: President Kovind
Building roads, resources and infrastructure in rural areas is taking flight to the country's potential which had been neglected for decades. The achievements of Pradhan Mantri Gram Sadak Yojana are something to be proud of: President Kovind
To give further impetus to the infrastructure-development works, my government has clubbed the workings of different ministries together in the form of Pradhan Mantri Gatishakti National Master Plan: President Kovind
Khadi, which was a symbol of the country's consciousness under the leadership of Bapu in the freedom struggle, is once again becoming a support for small entrepreneurs. Due to the efforts of the government, the sale of Khadi in the country has increased three times as compared to 2014: President Kovind
Women empowerment is one of the top priorities of my government. Giving equal status to sons and daughters, my Government has also introduced a bill in Parliament to raise the minimum age for marriage for women from 18 years to 21 years at par with men: President Kovind
Today India has emerged as the second largest mobile phone manufacturer in the world: President Kovind
With the continuous efforts of my Government, India has once again become one of the fastest growing economies of the world.: President Kovind
Our start-up eco-system is an example of the endless new possibilities that are rapidly taking shape under the leadership of our youth. Due to the policies of my government, today India is one of the countries where the cost of internet is the lowest, and the cost of smart phones is also the lowest. The young generation of India is getting huge benefit from this: President Kovind
With the policy decisions and encouragement of my government, the number of women police personnel in various police forces has more than doubled as compared to 2014. Local languages are being promoted through the National Policy on Education. Emphasis is being laid on conducting important entrance examinations for undergraduate courses in Indian languages as well. This year, teaching in 6 Indian languages is starting in 19 engineering colleges in 10 states: President Kovind
The government has started to free the society from this evil practice by declaring triple talaq as a legal offense: President Kovind
The role of women in driving the rural economy is becoming more widespread. In 2021-22, 28 lakh self-help groups have been given assistance of Rs 65 thousand crore by banks. This amount is 4 times more than in 2014-15: President Kovind
The country's agricultural exports have also increased at a record level due to the efforts of the government. Agriculture exports registered a growth of more than 25 percent in the year 2020-21. This export has reached about Rs 3 lakh crore.
One lakh eighty thousand crore rupees have been given to more than 11 crore farmer families through the Pradhan Mantri Kisan Samman Nidhi. With this investment, big changes are visible in the agriculture sector today : President Kovind
Due to the continuous efforts of the last years, more than two crore pucca houses have been provided to the poor under the Pradhan Mantri Awas Yojana. Under the 'Pradhan Mantri Awas Yojana-Gramin', one crore seventeen lakh houses have been sanctioned in the last three years at a cost of about 1.5 lakh crore rupees. Jal Jeevan Mission started with the objective of delivering 'Har Ghar Jal' has started making a big difference in the lives of the people. My government is working relentlessly to empower the rural economy and the farmers of the country. Keeping in mind the record production, the government has made a record government procurement: President Kovind
Dr BR Ambedkar had said that his ideal society would be the one based on independence, equality & harmony. Democracy is not just a form of the govt, democracy's base is sense of respect for people. My Govt considers the ideals of Babasaheb its guiding principle: President Kovind
I would also appreciate the vision of the government for the success of the country's UPI platform in the context of Digital India and the growing spread of the digital economy. In December 2021, more than 8 lakh crore rupees have been transacted through UPI in the country: President Kovind
The way my government has linked Jan Dhan-Aadhaar-Mobile i.e. JAM trinity with citizen empowerment, we are also constantly seeing the effect of it. Due to the connectivity of more than 44 crore poor countrymen with the banking system, crores of beneficiaries have got the benefit of direct cash transfer during the pandemic.: President Kovind
Under the Pradhan Mantri Garib Kalyan Anna Yojana, my government is giving free ration every month to all the poor: President Kovind
The government has reduced the cost of treatment by making medicines available at affordable prices through more than 8000 Jan Aushadhi Kendras. As a result of the efforts made by the government, the popularity of Yoga, Ayurveda and traditional medicine is increasing continuously. The faith of my government is in the basic mantra of Antyodaya, in which there should be social justice, there should be equality, there should be respect and there should also be equal opportunities: President Kovind
Due to the sensitive policies of my government, now health services are easily accessible to the common man in the country. More than 80 thousand health and wellness centers and crores of Ayushman Bharat cards have helped the poor in their treatment: President Kovind
The Pradhan Mantri Ayushman Bharat Health Infrastructure Mission, launched by the government at a cost of Rs.64 thousand crores, is a commendable example. This will not only help in meeting the present health needs but also prepare the country for the coming crises: President Kovind
Today, more than 90 percent of adult citizens in the country have received one dose of the vaccine, while more than 70 percent have received both .Vaccines being made in India are playing an important role in making the whole world free from epidemics and saving the lives of crores of people., Prez Kovind.
The proof of India's capability in this fight against Covid-19 has been seen in the Covid Vaccination Program. We have crossed the record of administering more than 150 crore vaccine doses in less than a year, Prez Kovind.
This mutual trust, coordination and cooperation between government and citizens is an unprecedented example of the power of democracy. For this, I congratulate every health and front line worker of the country, every countryman, says Prez.
I bow to lakhs of freedom fighters of the country, who gave top priority to their duties and gave India its rights. I also remember with reverence all the great personalities who have contributed in the development journey of the country in these 75 years of independence.
President Ram Nath Kovind arrives at the Central Hall of the Parliament. President's Address to both Houses shortly.
The economy, as per the advance estimates of the National Statistical Office (NSO), is expected to record a growth of 9.2 per cent during the current fiscal, which is a tad lower than the 9.5 per cent projected by the Reserve Bank
India is poised to grow as the fastest large economy in the world during the current financial year with the economy projected to grow around 9 per cent despite the pandemic.
President Ram Nath Kovind's cavalcade arrives at the Parliament as the Budget Session commences todaỵ He will deliver the President's Address to both House of the Parliament, shortly.
Similarly, the Economic Survey 2017-18 had projected a growth rate of 7-7.5 for 2018-19, but the GDP expanded by only 6.5 per cent.
The Economic Survey 2018-19 had estimated the GDP growth for fiscal 2019-20 at 7 per cent. However, the economy expanded by only 4 per cent, missing the target by a wide margin.
The previous economic survey was presented in the midst of the Covid-19 pandemic. The ray of optimism as the country recovers from the impact of the pandemic is likely to figure prominently in the current year's economic survey. However, various high-frequency indicators like GST collections and corporate profitability are pointing towards significant upward movement.
Economic activities were severely impacted as India imposed a strict lockdown in the latter part of March 2020 to check the spread of the virus. The government and the Reserve Bank of India rolled out several measures to support the economy.
The economy had contracted by 7.3 per cent during 2020-21 as against the projection of 6-6.5 per cent in the Economic Survey presented in Parliament months before the outbreak of the Covid pandemic in 2020.
The last survey, presented in January 2021 amid the Covid pandemic, had projected the economic growth for 2021-22 at 11 per cent. However, India's statistics ministry has estimated the economic growth at only 9.2 per cent for the current fiscal.
Just days before the presentation of the Economic Survey, the government appointed economist V Anantha Nageswaran as the new CEA. Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, succeeds K V Subramanian, who demitted the office of CEA in December 2021 after the completion of his three-year term.
One of the most-watched numbers in the pre-Budget Economic Survey, authored by a team led by Chief Economic Advisor (CEA), is the projection of the Gross Domestic Product (GDP) for the next fiscal.
The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin.
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