Amit Mitra, Principal Chief Advisor to West Bengal Chief Minister and Finance Department, on Tuesday said there is huge gap between expectation and performance in terms of growth projection as indicated in the Economic Survey.
As per the Survey, India’s GDP growth rate in FY23 is expected to be 7 per cent (in real term). Budget Estimate 2022-23 expects GDP growth rate to be 9.2 per cent (in real terms). “There is huge gap between expectation and performance,” he said, reacting to the Economic Survey released on Tuesday.
On the employment front, unemployment rate in 2020-21 is 4.2 per cent and unemployment rate (Dec 2022) is 8.3 per cent (Source: CMIE), which is at a 16-month high. There is a huge negative impact on the common people due to high unemployment.
The country’s trade deficit has doubled between 2021 and 2022 (April- Nov period). According to Ministry of Commerce data, trade deficit was at ₹8.56 lakh crore during Apr-Nov 2021 and at ₹15.53 lakh crore during April - Nov 2022.
“Finance Ministry is publicly appealing to the industry to invest which is an indication that private investment is not coming in the manner expected by the government,” he said.