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Single Volume Economic Survey Likely This Year In Absence Of Chief Economic Advisor

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Government is most likely to come out with a single volume financial study file this fiscalNew Delhi: The financing ministry is anticipated to come out with a single volume economic survey for 2021-22 predicting a growth of around 9 percent for the next financial year.The survey, which is tabled in Parliament by the financing minister ahead of the union budget plan, is being prepared by primary financial advisor and other officials in lack of the primary economic consultant (CEA), who generally is the main architect of the document.Even the very first financial study of the Modi government presented by the then finance minister Arun Jaitley in July 2014 was prepared by senior economic consultant Ila Patnaik.At that time the post of CEA was uninhabited following the visit of Raghuram Rajan as governor of Reserve Bank of India (RBI).

Later On, Arvind Subramanian moved in as CEA in October 2014.

Arvind Subramanian's successor K V Subramanian completed his three-year term as CEA on December 6 last year.

The government has already initiated the procedure for selecting CEA who is a secretary rank main connected to the finance ministry.The economy, according to the advance estimates of the National Statistical Office (NSO), is anticipated to record a development of 9.2 per cent during the current financial, which is a tad lower than 9.5 per cent predicted by the RBI.On account of the outbreak of Covid-19 and subsequent nation-wide lockdown to examine the spread of the virus, the economy contracted by 7.3 per cent throughout 2020-21.

The impact of virus on the economy was comparatively less throughout the current fiscal year as the lockdowns were regional in nature and did not trigger massive disturbance in financial activity.The study is anticipated to forecast a growth of about 9 percent for the next fiscal year, experts stated mentioning base effect.As per the recent report of the World Bank, India is projected to grow at 8.7 percent while India Rankings and Research study said it anticipates India's gdp (GDP) to grow 7.6 per cent on-year in FY23.As per ICRA report, the country's genuine GDP is most likely to maintain a 9 per cent growth rate in financial 2022 and 2023 amidst concerns over the Omicron variant of Covid.The financial survey 2020-21, launched in January in 2015, had actually predicted GDP development of 11 per cent during the existing financial year ending March 2022.

The survey had actually stated growth will be supported by supply-side push from reforms and reducing of policies, push for infrastructural investments, increase to producing sector through the production-linked incentive (PLI) plans, recovery of suppressed demand, boost in discretionary intake subsequent to rollout of vaccines and pick up in credit provided appropriate liquidity and low interest rates.




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