The Economic Survey of 2022 has been tabled in the Lok Sabha by the finance minister on Monday, January 31. It’s a tradition to present the Economic Survey, a day before the Union Budget. Often touted as the prequel to Budget, the Economic Survey provides a detailed glance at how Indian economy has progressed in the last one year.
The Economic Survey also gives an account of how the coronavirus pandemic has affected the Indian economy. Agriculture sector has been the least impacted by the Covid-19 outbreak, the Economic Survey 2022 mentioned. It also added that the agri-sector will grow by 3.9 per cent in 2021-22. Agri sector now accounts for 18.8 per cent of GVA.
Meanwhile the service sector has been the hardest hit by the Covid-19 pandemic in the country. “In contrast to the steady performance of the primary sector, the industrial sector went through a big swing by first contracting by 7 per cent in 2020-21 and then expanding by 11.8 per cent in this financial year,” said the Economic Survey. The manufacturing, construction and mining sub-sectors went through the same swing although the utilities segment experienced a more muted cycle as basic services such as electricity and water supply were maintained even at the height of the national lockdown. The share of industry in GVA is now estimated at 28.2 per cent
Advance estimates suggested that the GVA of industry (including mining and construction) will rise by 11.8 per cent in 2021-22, according to Economic Survey.
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