Economic Survey indicator to positive budget: CAIT

Mail News Service

Jamshedpur, Jan 31: “The economic survey for financial year 2022 projects a progressive figure in all economic spheres that reflects a bright future for the Indian economy and indicates towards possible policies and incentives for small businesses in India,’ observed Praveen Khandelwal, Secretary General of Confederation of All India Traders (CAIT) and National Secretary Suresh Sonthalia in a joint statement.

They further averred, “We have to see the economic survey in a comprehensive manner in the background of the COVID waves that adversely affected the smooth flow of goods and services in the economy.”

At the same time, both CAIT officials appreciated the central government’s timely and dynamic measures that accounted for positive results and lauded the vaccination coverage that rebuilt the confidence of the nation and shut out the COVID fear psychosis.

The CAIT Secretary General and National Secretary were highly appreciative of the union government by putting the economy back on rails with intermittent reforms along the supply chain. They said, “Availability of fiscal space has helped a long way in ramping up the capital spending by the government. The government consumption has shown a growth graph rise of about 16.5 percent during the present fiscal that has initiated more flow of funds into the economy.”

Praveen Khandelwal and Suresh Sonthalia opined that this happy state of national economy paved the way for a brighter view vis-à-vis the GDP projection at 8.85 percent during the forthcoming fiscal year. They stated, “This GDP projection in the coming fiscal will help in achieving a 5 trillion dollar economy,” and added that it was a matter of satisfaction that the COVID factor had not impacted the agriculture sector. “The agriculture sector is expected to grow by 3.9 percent. To add to the positive factor is the expected double digit growth of 11.8 percent in the industrial sector that shows the policies are yielding good results. The only cause of concern is growth in imports at 29.4 percent that has to be brought down to maintain the balance of payment position in our favor. The Rupee has to be further strengthened in the International currency arena,” they said.