India: FM Nirmala Sitharaman to table annual budget in Parliament today| Union Budget 2022 Live News

so kicking off the budget session of the parliament india's finance minister nirmala sitharaman table the economic recovery and the economic survey in the parliament the survey is the flagship annual document that reviews the state of the economy and it has projected india's gdp growth to be about in the neighborhood of eight to eight point five percent for the forthcoming year well the country's gdp growth has been projected at about nine point two percent now amongst other progress projections the survey is also indicated that india has more fiscal space to ramp up capital expenditure while challenges remain for the economy on the macro economic front asia's third largest economy india is fighting a spike in the number of carbon 19 infections and also the inflationary pressure that is on the country however grocery the survey point points out that all macroeconomic indicators show that india's that asia's third largest economy is actually well placed to face the challenges that india confronts and amongst the positives working for the indian economy are improving farm and industrial output growth while vaccination progress is of course a major stability indicator and also india's ranking in the global innovation index has climbed by as much as about 35 notches from the 81st position in the year 2015 2016 to the 46th position and some of the biggest risks to the indian economy remain of course the inflationary pressures backed by high crude prices and also some pretty sluggish domestic demand this of course is going to be one of the key changes that the government will have to address in the coming days why is the demand collapsing the government has been resorting to addressing the supply side issues but the demand side issues will have to be addressed by the government the sooner it does the better and another aspect which the government will have to look up is in terms of the carved 19 infections and half to ensure that further waves of infections if they happen do not damage india's economic prospects and also private consumption accounting for nearly about 55 of the gdp remains weak amidst the rising levels of household debt the growth projections are all based on a number of factors including a normal monsoon season and also an orderly withdrawal of global liquidity by major central banks the survey also assumes the crude prices will be in the range of 70 to 75 per barrel for the economic growth to continue and india's economy has been on demand after the government lifted mobility measures in the month of june to curb the spread of the coronavirus after contracting by almost about 7.3 percent in the previous fiscal year and after a surge in the omicron infections early in the month many private economists and the international monetary fund have also cut growth estimates to about nine percent from an earlier estimate of almost about 11 percent before is now available in your country download the app now and get all the news on the move