The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast.
Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 in the Lok Sabha, after the President's Address to both Houses of Parliament.
One of the most-watched numbers in the pre-Budget Economic Survey, authored by a team led by Chief Economic Advisor (CEA), is the projection of the Gross Domestic Product (GDP) for the next fiscal.
The previous economic survey was presented in the midst of the Covid-19 pandemic.
The Economic Survey for 2021-22 is expected to give a growth projection of around 9 per cent for the next financial year as Asia's third-largest economy is showing signs of recovery from the pandemic.
The last survey, presented in January 2021 amid the Covid pandemic, had projected the economic growth for 2021-22 at 11 per cent.
However, India's statistics ministry has estimated the economic growth at only 9.2 per cent for the current fiscal.
The economy had contracted by 7.3 per cent during 2020-21 as against the projection of 6-6.5 per cent in the Economic Survey presented in Parliament months before the outbreak of the Covid pandemic in 2020.
The Economic Survey 2018-19 had estimated the GDP growth for fiscal 2019-20 at 7 per cent. However, the economy expanded by only 4 per cent, missing the target by a wide margin.
(With inputs from PTI)
