The government Economic Survey, issued a day earlier, forecasted FY22 real GDP growth at 9.2 percent, in line with the first advance projections released lately by the Central Statistical Organization. The country's economy is predicted to grow at a 9.2 percent annual rate in the current fiscal year, according to Finance Minister Nirmala Sitharaman, who presented the Union Budget for fiscal year 2022-23 on February 1.
Sitharaman further stated that the virtuous cycle of investment will be revived as a result of capital spending and crowding in private investment.
"Since 2014, the government's priority has been the impoverished and marginalised." "The government works hard to give the essential ecology to the middle class," Sitharaman stated in her Budget address, when revealing the expected economic growth rate.
A day earlier, the government's Economic Survey forecast FY22 real GDP growth at 9.2 percent, in line with the first advance estimates provided recently by the Central Statistical Organization. The Economic Survey predicted 8.0-8.5 percent GDP growth in fiscal year 2022-23. The International Monetary Fund (IMF) boosted its prediction for India's GDP growth in FY23 by 50 basis points (bps) to 9 percent last week. The increase in India's prediction for the next fiscal year was accompanied by a lower revision of the growth estimate for FY22 to 9%. The IMF predicted that India's GDP will increase by 9.5 percent in FY22 in October 2021. Since then,The National Statistical Office's first advance estimate of national income for FY22 puts GDP growth at 9.2 percent for the year.