Editor's Pick: Economic Survey pegs growth at 8-8.5% in ’22-23

India's GDP is expected to grow by 9.2% this year and between 8% an 8.5% in 2022-23, though hardening inflation and energy prices along with tightening of global liquidity pose a challenge, according to the Economic Survey for 2021-22 tabled by Union Finance Minister Nirmala Sitharaman in Parliament on the eve of the presentation of the Union Budget. Newly appointed Chief Economic Adviser V. Anantha Nageswaran termed the 8%-8.5% GDP growth estimate for the coming year as a conservative projection. The projection hinges on assumptions that "there will be no further debilitating pandemic related economic disruption, monsoon will be normal, withdrawal of global liquidity by major central banks will be broadly orderly, oil prices will be in the range of $70-$75 barrel, and global supply chain disruptions will steadily ease over the course of the year." While last year's Economic Survey talked of a V-shaped recovery for India's COVID-hit economy, there is no mention of that aspect of the shape of the recovery in this year's 442-page document. Doodling a sort of 'W' shape in the air, Principal Economic Adviser Sanjeev Sanyal, who steered this Survey, said it was up to observers to "decide what letter of the alphabet we prefer to use" to depict the recovery. Mr. Nageswaran said the theme of the Survey was in line with the policies pursued by the government of providing short term support to vulnerable sectors while keeping an eye on the medium-term fiscal health and undertaking process as well as supply side reforms. With the Opposition accusing the Government of ignoring poverty and joblessness in the Survey, all eyes will be now on the Budget. Will the Budget spell out a change of approach? The Survey is the lead in the newspaper coming as it does in the wake of risks posed by the COVID-19 pandemic, which has world economies in its grip, a rising inflation all over, and an overwhelming prevalence of distress. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor's Pick and more. Click hereThe Hindu's Editorial Turbulence ahead: On Tata Group acquisition of Air India Another one: On Nadal's Australian Open win Try out The Hindu's daily news quiz Which part of Ukraine is already annexed by Russia in a previous invasion in 2014? 1. Crimea 2. Kharkiv 3. Lviv 4. Bakhmut To find out the answer and play the full quiz, click here.

Editor's Pick 01 FEBRUARY 2022

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Economic Survey pegs growth at 8-8.5% in '22-23 India's GDP is expected to grow by 9.2% this year and between 8% an 8.5% in 2022-23, though hardening inflation and energy prices along with tightening of global liquidity pose a challenge, according to the Economic Survey for 2021-22 tabled by Union Finance Minister Nirmala Sitharaman in Parliament on the eve of the presentation of the Union Budget. Newly appointed Chief Economic Adviser V. Anantha Nageswaran termed the 8%-8.5% GDP growth estimate for the coming year as a conservative projection. The projection hinges on assumptions that "there will be no further debilitating pandemic related economic disruption, monsoon will be normal, withdrawal of global liquidity by major central banks will be broadly orderly, oil prices will be in the range of $70-$75 barrel, and global supply chain disruptions will steadily ease over the course of the year." While last year's Economic Survey talked of a V-shaped recovery for India's COVID-hit economy, there is no mention of that aspect of the shape of the recovery in this year's 442-page document. Doodling a sort of 'W' shape in the air, Principal Economic Adviser Sanjeev Sanyal, who steered this Survey, said it was up to observers to "decide what letter of the alphabet we prefer to use" to depict the recovery. Mr. Nageswaran said the theme of the Survey was in line with the policies pursued by the government of providing short term support to vulnerable sectors while keeping an eye on the medium-term fiscal health and undertaking process as well as supply side reforms.  With the Opposition accusing the Government of ignoring poverty and joblessness in the Survey, all eyes will be now on the Budget. Will the Budget spell out a change of approach? The Survey is the lead in the newspaper coming as it does in the wake of risks posed by the COVID-19 pandemic, which has world economies in its grip, a rising inflation all over, and an overwhelming prevalence of distress. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor's Pick and more. Click here The Hindu's Editorial Turbulence ahead: On Tata Group acquisition of Air India Another one: On Nadal's Australian Open win Try out The Hindu's daily news quiz Which part of Ukraine is already annexed by Russia in a previous invasion in 2014? 1. Crimea 2. Kharkiv 3. Lviv 4. Bakhmut To find out the answer and play the full quiz, click here.

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