The Economic Survey for 2021-22 has projected a growth rate of 8 to 8.5 per cent for the Indian economy for 2022-23 fiscal year.
Finance Minister Nirmala Sitharaman tabled the survey in Parliament on the first day of the Budget Session on Monday.
The Economic Survey pegged GDP growth in 2021-22 at 9.2 per cent and noted economic activity had recovered to pre-pandemic levels.
The survey stated the economy was well placed to take on challenges in the coming fiscal year. The survey noted India's economic response to devastation caused by the pandemic has been supply side reforms rather than demand management. It emphasised that widespread vaccine coverage, easing of regulations and gains from supply side reforms would support growth in the coming fiscal year.
Referring to the private sector, the survey noted investment would pick up as the financial system was in a good position to provide support.
The survey noted government finances would witness consolidation in 2021-22 after an uptick in deficit and debt indicators.
On foreign exchange reserves, the Economic Survey said India transformed from being among 'Fragile Five' nations to having the fourth-largest forex reserves, giving policy room for manoeuvring.