Is the Economic Survey GDP forecast for FY23 rosy or realistic?

Setting the tone for the Union Budget 2022-2023, the Economic Survey 2022 projected the GDP forecast for FY23 at 8-8.5 per cent. The Advance estimates suggest that GDP will record an expansion of 9.2 per cent in 2021-22. The survey added that the level of real economic output will surpass the pre-COVID level of 2019-20.

"With the vaccination programme having covered the bulk of the population, economic momentum building back and the likely long-term benefits of supply-side reforms in the pipeline, the Indian economy is in a good position to witness GDP growth of 8.0-8.5 per cent in 2022-23." the Economic Survey 2022 said.