Economic Survey: India completely out of the economic effects of the epidemic

- Government policies saved the economy, now the country is ready for the future

Ahmedabad. Monday, January 31, 2022

The budget is in the final stages of 2022-23 and the country's economy has recovered from the effects of the Corona epidemic, according to an economic survey released on Monday. The steps taken by the Indian government, the improvement seen in the Indian economy, show that the effects of the epidemic are now over and a bright future awaits India. Nowhere in the 415 pages of the survey is it mentioned that the economy needs any relief, a change in the policies adopted by the central government. The path taken by the government is the best!

If crude oil prices average 70 70-75 per barrel (currently 88 88-91), the country's economic growth rate will be 8 to 8.5 percent in 2022-23, the survey said. GDP growth is expected to be 9.2 per cent in the current financial year, which means it will decline next year. According to the survey, the central government's non-tax and non-tax revenues are growing at an alarming rate, so the government may continue to invest next year. In this situation, the total size of the central government's budget is Rs. 39 lakh crore and the budget deficit is likely to remain high. Accordingly, even in the financial year 2022-23, the central government has spent Rs. The possibility of a huge market borrowing of Rs 13 lakh crore cannot be ruled out.

India is not worried about high energy prices

The Economic Survey states that India does not need to worry about inflation at all. The consumer price index was 5.6 per cent in December and the wholesale price index is in double digits but it will automatically decline due to the impact of the previous year. "India does not need to worry at all due to high global crude oil prices and high prices of imported goods," the survey said.

India survived the incomparable policies of the government

Like other countries, the Indian government adopted a different approach and policies instead of adopting a specific path to avoid the effects of the epidemic. Due to these policies, India is effectively entering 2022-23 by removing the effects of the epidemic during 2021-22. The government has protected the underprivileged while supporting others. The Government of India, in the light of the forthcoming figures, has taken precise steps to save the economy.

Government's focus on supply rather than demand

At a time when demand was declining at the time of the epidemic, the Indian government had taken steps to increase supply. The Government of India has taken measures such as privatization, retrospective taxation, manufacturing-oriented assistance to manufacturing to solve the problem of supply disruption. The Government of India has laid the foundation for future development by focusing on investment and this has enabled the country to meet the challenges of the future.

There will be no direct relief in the budget

This literally means that no direct relief should be expected in Budget 2022-23. Direct relief means relief in which tax exemption is given, drastic reduction in tax rate or any increase in income of the people. According to the survey, the demand of the people has increased, the profits of the companies have increased and now the impact of the epidemic is not felt in any sector except trade, hotels, travel. So any action taken in Budget 2022-23 will be indirect. Measures that do not impose any burden on the exchequer. The government will continue its investment process by borrowing more next year, which will result in more allocations from the budget in the areas of infrastructure, health, education and manufacturing.