Economic Survey 2022: Here are the key highlights of India's economy | helppediaindia
the overall theme of the economic survey as has been the theme of the policies that the government has pursued especially in these corporate years the government has pursued a four-branched approach short-term support to the economy especially to the vulnerable sections
During these uncertain times while keeping a firm eye on the medium term fiscal stability at the same time never to let go of the opportunity that a crisis provides to initiate structural and supply side reforms the government has undertaken several measures as well at the same time as sanji would walk you through
There has been considerable attention and emphasis on process reforms as well so these are the four pillars of the government's approach in dealing with the coveted pandemic and also to prepare the economy for a post-pandemic world [Music] clear point we make right up front in the survey is that there's been a revival of economic activity to
Pre-pandemic levels in the year 21-22 then a sharp revival a more shallow slowdown during the second wave so even though there was the the health cost of the second wave was much more severe the economic cost of it by almost all accounts was much milder but there was an impact and then a subsequent revival so where does that leave us well as you know from the advanced estimates
The economy this year is estimated to have grown by nine point two percent after a contraction of three of seven point three percent in the previous year we have now grown past the pre-pandemic level and you will see that the agriculture sector not surprisingly this is the sector what was the least affected by uh lockdowns of various kinds so this is a sector that grew
Even in 2021 and then again in 2122 so in that sense it is now a little short of eight percent above where it was in pre-pandemic phase exports have been a major driver of growth and you can see they are now very significantly above the pre-covered level but of course imports have also been very strong there has been a very sharp increase in both tax and non-tax revenue collections of the government and it is not just the case that these
Collections are high on a year-on-year basis from the pandemic hit numbers of 2021 they are actually very significantly above what they were pre-pandemic as well so this is real genuine you know boost to revenue collections of the government which is great because this allows uh support for another part leg of the government strategy which is support for
Capital expenditure and you can see that capital expenditure is now a level above where it used to be pre-pandemic i mean this was something that was ramped up very sharply through the second half of the last financial year as part of the demand push but has as you can see been quite strong ever since but the num publicly available numbers for april to remember clearly show that the fiscal deficit is not only below
What it was for last year for the same period but also below what it was in the pre-pandemic phase in nominal rupee terms this is also true by the way of the primary deficit which is very substantially it's it's half of what it was in the uh uh the pre-pandemic period in rupee crore terms so this is a very substantial correction but you can see
That uh april to november 2021 is particularly good with numbers coming in at just 46 percent of the fourier number so this is a particularly good performance also important to note how strong the capital markets have been and you can see the amount of resource mobilization that has happened through ipos um through through this year in fact just
The april to december number is good enough to reach all-time records so we've already crossed all time records in the first three fourths of the year so not even taking the last three months we are already in record territory now of course when people hear about this they tend to have in their minds that what we are really talking about is all the big corporates or
The unicorns that everybody likes talking about these days in the media but the fact is what you are witnessing here is a change in risk appetite and animal spirits in the economy which is very much widespread across the country and at every level and particularly showing through in this field of startups there are at least 555 districts in the country with at least one startup this is quite
Incredible and you can see it's scattered across the country there's obviously the usual suspects delhi ncr area there is mumbai pune area there's another point that we have made so far the economy is in a good place to grow strongly into the next year or two and all the macro uh stability indicators suggest that you know there is a fair amount of buffer so
How did we manage to do this what was unique about our policy strategy and here i would like to highlight something that we talked about briefly in the last economic survey which is a barbell strategy why what is this all about well when you're living in an extremely uncertain environment it is very difficult because there are a lot of unpredictable things happening so how do you deal with an extremely
Uncertain unpredictable environment how do you make policy in this environment and this iterative approach is driven by uh high frequency indicators that many of us have been using they are published incidentally the 80 of the 80 odd of them and they are published every month in the monthly economic review that the ministry of finance publishes but again you can see what i'm just
Giving you a very quick overview of what these are you can see and you'll see in every one of the case this sharp dip revival shallower dip and then revival most of them will show something in those lines fuel consumption gst railways freight and so on and of course you also see that even in high contact services as well the same thing shows up but obviously in these areas like air traffic railway passenger
Traffic etc in these contact intensive areas obviously the recovery is still not complete you
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