The finance ministry is expected to release a single volume economic survey in 2021 -- 22 and project a growth of 9 per cent for the next financial year.
The survey, which is being presented to Parliament by the Finance Minister ahead of the Union Budget, is being prepared by Principal Economic Advisor and other officials in the absence of Chief Economic Advisor CEA, who traditionally is the main architect of the document.
Even the first Economic Survey of the Modi government presented by then Finance Minister Arun Jaitley in July 2014 was prepared by Senior Economic Advisor Ila Patnaik.
The post of CEA was vacant at the time after the appointment of Raghuram Rajan as Governor of Reserve Bank of India. Arvind Subramanian moved in as CEA in October 2014.
K V Subramanian completed his three-year term as CEA on December 6th, last year. The process for appointing CEA is being initiated by the government, who is a Secretary rank official attached to the finance ministry.
The National Statistical Office NSO estimates that the economy will record a growth of 9.2 per cent during the current fiscal, which is a tad lower than 9.5 per cent projected by the Reserve Bank.
The economy contracted by 7.3 per cent during the outbreak of COVID-19 and subsequent nation-wide lock-down to check the spread of the virus, the economy contracted by 7.3 per cent after the outbreak of COVID-19.
The effects of the virus on the economy were comparatively less during the current financial year, as the lockdowns were local in nature and did not cause large-scale disruption to economic activity.
The survey is expected to project a growth of 9 per cent for the next financial year, according to experts.
India is projected to grow at 8.7 per cent, while India Ratings and Research said India's gross domestic product GDP is expected to grow 7.6 per cent on-year in FY 23.
As per the ICRA report, the country's real GDP is likely to maintain a 9 per cent growth rate in fiscal 2022 and 2023, due to concerns over the Omicron variant of Covid.
Growth will be supported by supply-side pushes from reforms and easing of regulations, push for infrastructural investments, recovery of pent-up demand, increase in discretionary consumption after the vaccine roll out and low interest rates, as well as a boost to the manufacturing sector, according to the survey.