Economic Survey 2021-22: Costlier oil a risk to growth forecast

Analysts feel Budget will provide support to sectors worst hit by pandemic

India’s real gross domestic product (GDP) is expected to grow by 8-8.5 per cent in financial year 2022-23 (FY23), the Economic Survey of 2021-22 has projected.

This is higher than the Reserve Bank of India’s last forecast of 7.3 per cent, but lower than the International Monetary Fund’s 9 per cent. Among other agencies, the World Bank projected India’s FY23 GDP growth at 8.7 per cent, while the Asian Development Bank sees it growing at 7.5 per cent. (See chart)

“With the vaccination programme having covered the bulk of the population, economic momentum building back and the likely long-term benefits