On Monday, Minister of State of Finance, Pankaj Chaudhary, said that India’s GDP reckoned to grow at 9.2%. In 2021-22 the estimated GDP will grow 9.2% to Rs 147.5 lakh crores.
Chaudhary also said in a written reply to a query in the Lok Sabha that the government implemented various significant reforms in recent years for GDP growth and to boost investment.
India’s GDP to grow at 9.2%
Pankaj Chaudhary said, “As per the first advance and first revised estimates of GDP released by the National Statistical (NSO), the size of real GDP has been increased from Rs 105.3 lakh crore in 2014-15 to Rs 135.6 lakh crore in 2020-21 and estimated to be Rs 147.5 lakh crore in 2021-22.”
The central part of the 2020-21 policy response includes the change in the definition of MSMEs, development of the Land bank and Industrial Information System, new PSU policy, higher FDI limits in defence and space sector, and commercialization of coal mining.
Furthermore, Pankaj Chaudhary also said the policy includes revamping the viability gap funding scheme for social infrastructure and a new power tariff policy incentivizing to undertake sector reforms.
The Union Budget 2022-23 has announced a 35.4% increase in the outgoings of the capital expenditure.
Chaudhary added the Union budget is in accordance to support growth measures continuously.
The PM GatiShakti National master Plan for seamless multimodal connectivity and logistics efficiency and expansion of guarantee cover for MSME are among the Union budget 2022-23 supportive measures.
What’s ahead of India’s GDP growth?
The Union Budget also includes Ease of Doing Business 2.0 reforms, urban development, export promotion, human capital formation through universalization of quality education and the establishment of a digital university.
Furthermore, the budget includes clean and sustainable mobility and an extension of ECLGS by Rs 50,000 crore to Rs 5 lakh crore.
Estimate of the poverty line in India
As Pankaj Chaudhary replied to another question, he said that in 2011-12, the number of people living below the poverty line in India reached 27 crores.
A Press Note issued on 22 July 2013 stated the estimation based on erstwhile Planning Commission estimated poverty lines and poverty ratio.
The extant Tendulkar Committee methodology followed the estimation.
However, he also said that the government had not released an estimate of poverty.
Lastly,
The Union budget 2022-23 is beneficial for various industries and sectors affected by Covid-19. Furthermore, the Emergency Credit Line Guarantee Scheme provides collateral-free guaranteed loans to business enterprises in several sectors.
Also Read – Union Budget 2022-23: Focus On Infrastructure to Drive Real Estate Growth
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