Economic Advisory Council to PM optimistic about Growth Prospects

at 8:05 pm

New Delhi: A meeting of the Economic Advisory Council to the Prime Minister (EAC-PM) was held in Delhi today.

All the Members were unanimously agreed on the Budget of 2021-22 that it was well taken in all the spheres due to the transparency, realism, reformist and clear growth-oriented Budget.

Looking beyond the current year, 2021-22, Members were optimistic about real and nominal growth prospects in 2022-23. Other than an element of the base effect, the contact intensive sectors and construction should recover in 2022-23.

Once capacity utilization improves, private investments should also recover. Therefore, Members felt a real rate of growth of 7 to 7.5% in 2022-23 was likely.

However, this should not mean that the Union Budget for 2022-23 should project unrealistically high tax revenue or tax buoyancy numbers.

The Union Budget for 2021-22 was applauded because of reform measures, as well as transparency and realism in the numbers, an official release said.