Budget 2022: GDP growth expected to be 8.5%

The budget session of Parliament has started. Finance Minister Nirmala Sitharaman presented the Economic Survey Report for the year 2021-22 in the Lok Sabha. According to the Economic Survey, GDP growth (economic growth rate) has been estimated at 8-8.5% in 2022-23. It will be made public after being presented in Rajya Sabha at 3.30 pm. Chief Economic V Ananth Nageswaran will give information related to the Economic Survey in the press conference at 3.45 pm.

The Economic Survey said that vaccine coverage and supply-side reforms will support growth. The government's GDP estimate is based on the assumption that no further economic activity will be affected by the pandemic and the monsoon will also be normal. This means that if there is any effect of monsoon or epidemic then GDP may decrease.

In this economic review for the financial year 2021-22, it will be known how the country progressed between the second and third wave of Corona. According to the Economic Survey, an economic growth rate of 8-8.5% has been projected in 2022-23. This is lower than the growth estimate of 9.2% for the current fiscal.

GDP is one of the most common indicators used to track the health of the economy. GDP represents the value of all goods and services produced within a country over a specific time period. In this, foreign companies that produce within the country's borders are also included. When the economy is healthy, unemployment levels are usually low.