New Delhi: Principal Economic Adviser Sanjeev Sanyal and Chief Economic Advisor (CEA) Dr V Anantha Nageswaran presented  Economic Survey 2022 on Monday. Economic Survey-2022  projected India's GDP to grow in real term by 8-8.5 per cent in 2022-23. 

"We will still be the world's fastest economy," said  Principal Economic Advisor Sanjeev Sanyal.

Sanjeev Sanyal said there has been a revival in economic activities to pre-pandemic levels in 2021-22. Even though the health cost of the second COVID wave was much more severe, the economic cost of it was much milder.

As per Economic Survey-2022, the economy is estimated to have grown by 9.2 per cent this year after a contraction of 7.3 per cent in the previous year.

The agriculture sector, not surprisingly, was least affected by lockdowns of various kinds. This sector grew in even 2020-21 and again in 2021-22. The industrial sector did go through a contraction and now it is about 4.1 per cent above pre-pandemic levels.

The services sector was the most affected by the lockdowns. It is just a little short of where it was pre-pandemic.

The segment (of services sector) which includes tourism, travel, and hotels is still 8.5 per cent below where it was before the pandemic. It is a sector that is still impacted.

The total consumption is just shy of where we were before the pandemic. Govt consumption has been reasonably strong but private consumption still lags.

Exports have been a major driver of growth and they are now very significantly above the pre-COVID levels. But imports have also been very strong. Overall, GDP is 1.3 per cent above where it was pre-pandemic.

The inflation during the year 2021 reflected the disruptions caused by the lockdown & supply chain disruptions. Since things opened up this year, Consumer Price Index (CPI) came back into the tolerance band and remain so at 5.6 per cent.