Finance Minister Nirmala Sitharaman presented the Economic Survey 2021-22 in Lok Sabha on Monday, the first day of Parliament’s budget session. According to the Economic Survey, India’s GDP growth could be 9.2 percent in the current fiscal year. It has been said in the survey that in the financial year 2022-23, the growth of India’s economy is estimated to be 8-8.5 percent. Let’s understand the important things of the Economic Study in 10 points…
1. The lesser impact of the epidemic in the agricultural sector
Agriculture and related sectors have been the least affected by the pandemic. The growth of the agricultural sector is expected to be 3.9 percent in the fiscal year 2021-22. During the previous fiscal year, growth in the agricultural sector was 3.6 percent. Priority will be given to diversifying crops into oilseeds, legumes and horticulture.
2. Greater inflow of FDI in the service sector
The worst effect of the Covid-19 epidemic has been in the service sector. Growth in this sector is expected to be 8.2 percent during the current year. While in the previous year, the growth of the sector was 8.4 percent. It has been said in the Economic Study that the maximum inflow of FDI occurred in the services sector. In the first half of 2021-22, the service sector received FDI capital inflows of $16.73 billion.
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3. The third largest startup ecosystem in the world
India has the third largest startup ecosystem in the world after the US and China. 5000 startups were started in Delhi between April 2019 and December 2021. At the same time, their number has been 4,514 in Bangalore. During April-November 2021, companies raised Rs 89,066 crore through 75 IPO issues. In the same period of 2020, 29 companies raised Rs 14,733 crore.
4. Now more than 50 percent of bank deposits are insured
Since the deposit insurance limit was raised to Rs 5 lakh, the number of insured accounts increased to 98 per cent. While the global benchmark is 80 percent. This thing has come to light in the Economic Study. It has been said in the survey that if we talk about the amount, by March 2021, the total insured deposits was Rs 76.2 lakh crore, which is 50.9 per cent of the total accessible deposits.
5. 221 lakh individual demat accounts linked till November
It has been said in the Economic Survey that between April and November 2021, 221 lakh individual demat accounts were added. Additionally, there have been 4.6 billion UPI transactions. In December 2021 alone, transactions worth Rs 8.26 lakh crore were made. The share of individual investors in total NSE turnover has risen to 44.7 percent.
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6. Estimated GDP growth rate of 8-8.5 percent in FY23
In the Economic Survey, it has been estimated that India’s GDP growth rate will be 8 to 8.5 percent in the next financial year. In the growth projection, oil prices have been estimated at 70-75 dollars per barrel in the next fiscal year. Currently, the price of crude oil is at the level of $90 per barrel. Apart from this, the problems in the global container market are not over yet, the impact of which can be seen in the global maritime trade.
7. Situation of exports and imports
In the current exercise, the growth of the industrial sector has been estimated at 11.8 percent in the Economic Study. India’s total exports are expected to grow by 16.5 percent in the fiscal year 2021-22. At the same time, imports are estimated to increase by 29.4 percent. Spending on social services will rise 9.8 per cent to Rs 71.61 lakh crore.
8. Home sales are expected to strengthen
Several states have cut taxes, which is expected to boost home sales. Middle-class borrowing to buy a home is well below annual growth of 21.1 percent. Consumption has increased by 7 percent in the fiscal year 2021-22, public spending has an important role in this.
9. 73% increase in spending in the health sector
It has been said in the Economic Survey that government spending on health has risen by 73 per cent to Rs 4.72 lakh crore. In the last financial year it was at the level of Rs 2.73 lakh. In the survey it has been said that the effect of the epidemic has been felt in almost all social services. It has seriously hit the health sector. It has been said in the survey that India has come a long way in healthcare.
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10. Risk of imported inflation
The Economic Study highlights imported inflation as a risk due to high energy prices worldwide. The survey noted that inflation in the WPI Fuel and Power group was above 20 percent, reflecting higher international oil prices.