Indian economy to grow by 9.2% in FY22: Economic Survey 2022

The survey revealed that India sees 8-8.5% GDP growth in FY23.

Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2022 in Lok Sabha. The Economic Survey will be undertaken separately by FM Sitharaman in both Houses and as per the Rajya Sabha schedule, it will be delivered at around 2.40 pm today.

In consonance with the survey, the Indian economy is estimated to grow by 9.2 per cent in real terms in 2021-22 (as per the First Advance Estimates), after a contraction of 7.3 per cent in 2020-21 amid the outbreak of the pandemic.


As per the IMF’s latest World Economic Outlook (WEO) growth predictions unleashed on 25 January, India’s real GDP is projected to grow at 9% in both FY22 and FY23 and 7.1% in FY24. “This projects India as the fastest-growing major economy in the world in all these three years,” the Survey said.

Furthermore, the survey revealed that India sees 8-8.5% GDP growth in FY23. The agriculture sector increased 3.9 % in 2021-22 along with significant growth in the Industrial sector by 11.8% in 2021-22. The services sector expanded 8.2% in 2021-22.

Quoting projections from global agencies, the Survey declared that the economy’s robust rebound from the 7.3% contraction witnessed in the last fiscal has placed it as the “fastest-growing major economy” for the years FY22-24.

“The Indian economy, as seen in quarterly estimates of the gross domestic product (GDP), has been staging a sustained recovery since the second half of 2020-21. Although the second wave of the pandemic in April-June 2021 was more severe from a health perspective, the economic impact was muted compared to the national lockdown of the previous year,” the survey expressed.

The survey holds on to the share of the industrial sector in GVA at 28.2 per cent for the current year. “In contrast to the steady performance of the primary sector, the industrial sector went through a big swing by first contracting by 7 per cent in 2020-21 and then expanding by 11.8 per cent in this financial year,” the survey said.

“Growth in FY23 will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending. The year ahead is also well poised for a pick-up in private sector investment with the financial system in a good position to provide support to the revival of the economy,” as per the Survey, signed off by principal economic advisor in the finance ministry Sanjeev Sanyal.