Know Highlights and Download copy of Economic Survey 2022
The Finance Minister Nirmala Sitharaman has presented the Economic Survey in the Lok Sabha. It comes in 2 volumes- the first looks at overall macroeconomic and sectoral developments, and the second is a revamped statistical appendix. Below are some of the highlights of the Economic Survey:
- Indian economy is expected to witness real GDP expansion of 9.2 per cent in 2021-22 Indian economy is in a good position to witness GDP growth of 8.0-8.5 per cent in 2022-23.
2. Out of total 271 compliances which belong to Income-tax Act, 74 have already been reduced. However, out of the remaining 197 compliances, 152 are already online and 45 are offline. Out of these 45 offline, 42 will be made online soon.
3. Indian Average Wireless Mobile Data Usage Per Month has Increased from just 1.24 GB per month FY18 to a whooping 14.1 GB per month in FY22.
4. Government recognised over 14,000 new startups as compared to only, only 733 new startups during 2016-17. As a result, more than 61,400 startups have been recognised in India as of January 10, 2022.
5. Macroeconomic stability indicators look healthy and should provide a buffer from global uncertainty. Forex reserves at approx. US$635bn, equivalent to 13.2 months of imports.
6. Banking system is well capitalized. Gross and Net NPA ratio steadily declining despite the pandemic shock.
7. Record risk capital has been mobilized from capital markets by corporates. More importantly there has been a sharp increase in starups across India in 2021-22.
8. Strong growth in Tax and Non-tax revenue have improved fiscal position despite increased spending in health & infra sector.
9. Economic Survey 2022 analyses volatility in tomato & onion prices every year to discern the impact of seasonality and weather shocks.
10. Over the course of an year, India delivered 157 crore doses that covered 91 crore people with atleast 1 dose and 66 crore with both doses.
11. India’s unique Covid policy response based on Barbell Strategy, Safety Nets & Agile Framework-Combining safety-nets for vulnerable sections while responding iteratively based on Bayesian-updating of information
12. Economic Survey discusses various measures for helping vulnerable, both as pandemic response and longer term strategy. Impressive progress in providing tap connections to households under Jal Jeevan Mission
13. Economic Survey discusses supply side measures in terms of barbell strategy to create “Flexibility and Innovation” on one hand and “Atmanirbhar Resilience” on the other.
14. Satellite photos of Night-time Luminosity between 2012 & 2021 shows expansion of electricity supply, economic activity and urban growth.
15. Economic Survey shows expansion of national highways from 71772 km in 2011 to 140152 km in 2021.
16. Economic Surevey shows number of operationalized airports increased from 62 in 2016 to 130 in 2021 (Post-UDAN).
17. Using new geo-spatial methods, Economic Survey 2022 compares the extent of urban expansion in Delhi-NCR, Mumbai and Bangalore over time.