India GDP Estimated at INR 147.5 Trillion in FY22: MoS Finance Pankaj Chaudhary

Minister of State for Finance, Mr. Pankaj Chaudhary stated that India’s gross domestic product (GDP) is expected to expand by 9.2% to Rs 147.5 lakh crore (US$ 2 trillion) in FY22.

The government adopted several key changes in recent years to enhance investment and GDP development such as, providing a safety net for the most disadvantaged members of society, implementing structural reforms to enhance private sector investment, changing the definition of MSMEs, introducing new PSUs policies, commercialising coal mining, increasing FDI limitations in defence and space sectors, construction of the Land Bank and Industrial Information system, revision of the viability gap funding plan for social infrastructure, a new electricity pricing strategy, incentivizing governments to pursue sector changes, and launching the Emergency Credit Line Guarantee Scheme (ECLGS) to provide collateral- free guaranteed loans to businesses.

 A 35.4% rise in capital investment, the PM GatiShakti National Master Plan for seamless multimodal connectivity and logistics efficiency, the expansion of MSME guarantee cover, Ease of Doing Business   2.0 reforms, human capital generation through universalisation of quality education and the establishment of a digital university, urban development, export promotion, clean and sustainable transportation, and the expansion of ECLGS by Rs 50,000 crore (US$ 6.69 billion) to Rs 5 lakh crore (US$ 66.91 billion) are some of the growth supportive measures proposed in  the Union Budget 2022-23.