Sitharaman tables Economic Survey in Parliament

Union finance minister Nirmala Sitharaman tabled the Economic Survey in the Lok Sabha on Monday, the first day of the Budget session of Parliament. The survey forecast its economy will grow between 8-8.5% for the fiscal year starting in April.

This is down from 9.2% projected in the current year.

All the macro indicators showed that India is well placed to face challenges posed by the Covid-19 pandemic, helped by improving farm and industrial output growth.

"This (growth) projection is based on the assumption that there will be no further debilitating pandemic-related economic disruption," said Sanjeev Sanyal, principal economic adviser at the finance ministry and the lead author of the report.

The Lok Sabha was adjourned after Sitharaman tabled the Economic Survey. The chief economic advisor will hold a press conference later in the day to talk about the survey.

The annual report presents a report card of India's economic achievements and provides new estimates.

Last year, it forecast annual economic growth of 11 percent, that was later revised down by the Ministry of Statistics to 9.2%, after economic activity was hit hard by the Omicron variant.