Growth rate will reach 9.2% in 2021-22: Economic survey report

New Delhi – Union Finance Minister Nirmala Sitharaman presented the Economic Survey Report-2022 in the Lok Sabha on Monday. Moreover, the report has expressed confidence that the Indian growth rate for the year 2021-22 will be at 9.2%. The report also predicted that the growth rate for the year 2022-23 would be in the range of 8% to 8.5%. The report informed that the Indian foreign exchange reserves reached a whopping $634 billion by the end of last year. The report has cited this fact and mentioned that the Indian economy is readying itself to face future challenges.

The Economic Survey report, presented before the annual budget, is also known as the report card for the state of the economy, was presented in the Lok Sabha on Monday. The report has some significant notes. The claims made in the report regarding the country’s economic growth rate are critical. There are clear indications that the Indian economy is set to progress rapidly, leaving behind the Coronavirus crisis. The economy’s growth rate will be 9.2% for the current fiscal 2021-22. It has become the highest growth rate globally, and even the President quoted this during his address.

The Economic Survey Report clarified that the economy would grow between 8% and 8.5% in fiscal 2022-23. The reports by the World Bank, International Monetary Fund and the Asian Development Bank have inferred that India will be the fastest-growing economy in the world from 2021 to 2024. The Economic Survey report also stated that if India has to attain the $5 trillion economy target by 2025, investments of $1.4 trillion will have to be made in infrastructure facilities in this fiscal.