Economic Survey 2022

The demand for work under MGNREGS is an indicator of rural labour markets. An analysis of the latest data on demand for work under MGNREGS suggests that the employment peaked during the nationwide lockdown in 2020. However, the demand for MGNREGS work stabilised after the second COVID wave as per the Economic Survey. The survey said that the aggregate MGNREGS employment is still higher than the pre-pandemic level. The aggregate demand for MGNREGS work peaked in June 2020, and has thereafter stabilised, it said.

Center on Thursday handed over the management control of national carrier Air India to a subsidiary of Tata Sons. The recently-introduced New Public Sector Enterprise Policy and Asset Monetisation Strategy by the Centre reaffirm its commitment towards privatization and strategic disinvestment of public sector enterprises, the Survey document said.

While the 8-8.5% GDP projections for FY23 are on the back of a high base of 9.2% in the current financial year, ASSOCHAM is of the view that India's economic growth can surprise us on higher side. "Even as the pandemic is still raging in most parts of the world, its latest variant is less damaging. Besides, with 75% of eligible Indians fully vaccinated and booster dose being rolled out, India would be far better prepared to take on challenges," ASSOCHAM Secretary General Deepak Sood said.

According to it, reserve and broad money supply growth in 2021-22 so far was lower than in the previous year. The Survey noted that reserve money growth did not fully translate into commensurate broad money supply growth due to the smaller (adjusted) money multiplier reflecting large deposits by banks with the RBI under reverse repo window.

Sanjeev Sanyal said this while responding to questions on the economic rebound in the post-pandemic era. His optimism is seconded by the economic survey data, as during both the lockdown period, the agriculture sector was seen as the least affected sector among others. The economic survey 2021-22 says that the gross value added (GVA) growth in the agriculture sector did not have a negative trend even during the pandemic time.

To negate the downside risks that emanated from the pandemic, the RBI's Monetary Policy Committee had cut the repo rate by 115 basis points (bps) during February to May 2020, besides another 135 basis points reduction in the preceding twelve months. Almost since the start of the pandemic, the MPC has maintained status quo on the policy repo rate by keeping it unchanged at four per cent.

The Survey looks at the use of a new kind of data – geo-spatial data and cartographic techniques – to track, compare and represent longer term developments. Geospatial maps not only lets users visualise the data, but also helps users to better understand trends, relationships and patterns. The use of maps is not entirely new and previous Economic Surveys have used them for years, but there is now a plethora of information from satellites, drones, mobile phones and other sources.

"Strategies to incentivise production during lean season should be designed. Investments in processing of surplus production of tomato, and processing and storage infrastructure of onion must be promoted. Cutting wastage of the production, better supply chain management will also help in meeting the demand," said the Survey, tabled in Parliament by Union Finance Minister Nirmala Sitharaman on Monday,