India's GDP likely to grow at 9.2% in FY22: Pankaj Chaudhary
Minister of State for Finance Pankaj Chaudhary has said that India's gross domestic product (GDP) is projected to grow at 9.2 percent to Rs 147.5 lakh crore in 2021-22. He stated that the government has implemented several major reforms in recent years to boost investment and GDP growth.
The minister noted that as per the first advance and first revised estimates of GDP released by the National Statistical Office (NSO), the size of real GDP has been increased from Rs 105.3 lakh crore in 2014-15 to Rs 135.6 lakh core in 2020-21 and estimated to be Rs 147.5 lakh crore in 2021-22. In FY 2020-21, he said that as a major part of its policy response to the pandemic, the government while providing a safety net to the vulnerable sections of the society implemented several structural reforms to strengthen private sector investment.
He noted that these include the change in the definition of MSMEs, new PSU policy, commercialisation of coal mining, higher FDI limits in defence and space sector, development of the Land Bank and Industrial Information System. He said it also includes the revamp of the viability gap funding scheme for social infrastructure, new power tariff policy and incentivising states to undertake sector reforms, among others. He added that it also includes the revamp of the viability gap funding scheme for social infrastructure, new power tariff policy and incentivising states to undertake sector reforms, among others.
