Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharam on Monday tabled the Economic Survey 2021-22 along with the Statistical Appendix in Lok Sabha on the first day of the Budget Session of Parliament.
The Budget Session of the parliament commenced today with President Ram Nath Kovind addressing both the houses in a joint session, reported ANI.
According to the Economic Survey, India’s Gross Domestic Product (GDP) was expected to grow by 9.2 percent in the current financial year.
The survey noted, “Advance estimates suggest that the Indian economy is expected to witness real GDP expansion of 9.2 per cent in 2021-22 after contracting in 2020-21. This implies that overall economic activity has recovered past the pre-pandemic levels”.
It added that even though the health impact was more severe, most of the indicators showed that the economic impact of the second wave of the pandemic in the first quarter was much smaller than the one experienced during the full lockdown on 2020-21.
During the first day of the Budget Session, Finance minister Nirmala Sitharaman also tabled the annual report in the Lok Sabha.
The agriculture and allied sectors were the least affected by the pandemic and was expected to grow by 3.9 percent in 2021-22 following a 3.6 percent rise in the previous year.
Advance estimates also suggest that the GVA of the industry (including mining and construction) will rise by 11.8 percent in 2021-22 after contractinhg by 7 percent in 2020-21.
Meanwhile, the Services sector was the hit hardest by the pandemic, especially segments involving human contact. The sector is estimated to grow by 8.2 percent in this financial year after it had contracted by 8.4 percent in the last.
Further, the total consumption is estimated to grow by 7.0 percent in 2021-22 largely due to government spending. Gross Fixed Capital Formation also exceeded pre-pandemic levels following ramped up public expenditure on infrastructure.
Exports of both goods and services was exceptionally strong so far in 2021-22, but imports also strongly rose with recovery in domestic demand as well as higher international commodity prices.
The Economic Survey will be tabled in the Upper House next. Following the session, the Lok Sabha was adjourned till tomorrow.
Notably, the first part of the Union Budget session of the Parliament will be held from January 31 to February 11 and the second part of the budget session will take place from March 14 to April 8.
