Post-third Covid wave economic reset by year-end: Finance Ministry

Manufacturing, construction to drive growth on back of PLIs & spending on infra

With the muted impact of the third wave of the pandemic on economic activity, the Indian economy may undergo an economic reset by end of the year, clocking 9 per cent growth in 2021-22 (FY22) and around 8 per cent in 2022-23 (FY23), the finance ministry said on Wednesday.

“The Budget has targeted a nominal gross domestic product (GDP) growth rate of 11.1 per cent in FY23, with a GDP deflator of 3-3.5 per cent. The implied real gro­wth component of around 8 per cent is close to the forecast in the Economic Sur­vey of FY22, as well as 7.8 per