KEY HIGHLIGHTS of Economic Survey 2022-2023

India’s GDP growth for the upcoming financial year 2023–2024 has been estimated by the Economic Survey for 2022–2023 to be between 6 and 8.8 percent. The Survey’s initial real GDP growth projection is 6.5%. Nirmala Sitharaman, the finance minister, presented the survey to the Parliament today. It was created under the direction of the Chief Economic Advisor and the Ministry of Finance.

This year’s Survey is being released at a time when Western economies are worried about a recession and India’s economy is being praised as a shining example. The Survey is released the day before Nirmala Sitharaman, the Finance Minister, delivers the Budget 2023.

Prime Minister Narendra Modi stated that the Union Budget will make an effort to realise the dreams and ambitions of ordinary citizens prior to the Parliamentary Budget Session. In the midst of the world’s economic difficulties, he claimed that the Budget would be a glimmer of optimism.

Check out the Key Highlights of the Economic Survey 2022–2023, which was presented to Parliament on Tuesday, are as follows:

• India’s economy will expand by 6.5% in 2023–2024 compared to this financial year’s 7% and 2021–2022’s 8.7% growth.
• India will continue to be the world’s fastest-growing major economy. GDP will be 11% nominally in the upcoming financial year.
• Growth driven by Private consumption, more capital expenditures, a stronger corporate balance sheet, increased financing to small enterprises, and the return of migrant workers to cities all contributed to growth.
• India third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of exchange rate Economy has nearly ‘recouped’ what was lost, ‘renewed’ what had paused, and ‘energised’ what had slowed during the pandemic and since the conflict in Europe Real GDP growth to be in the range of 6-6.8% next financial year.
• Real GDP growth to be in the range of 6-6.8% next financial depending on global economic, political developments India’s recovery from the pandemic was relatively quick, growth next financial to be supported by solid domestic demand, pick up in capital investment
• The development of public digital platforms and initiatives to increase manufacturing output will both contribute to economic growth.
• Despite the year’s greater income spending requirements, the Union Government has kept a focus on capital expenditures (Capex). From a long-term average of 1.7% of GDP (FY09 to FY20) to 2.5% of GDP in FY22 PA, the Center’s Capex has consistently climbed.
• The Union Government finances have shown a resilient performance during the year FY23, facilitated by the recovery in economic activity, buoyancy in revenues from direct taxes and GST, and realistic assumptions in the Budget.
• Foreign Direct Investment (FDI) flows into the Pharma Industry has risen four times, from US $180 million in FY19 to US $699 million in FY22.
• With a rise in handset manufacturing from 6 crore units in FY15 to 29 crore units in FY21, India has become the second-largest mobile phone manufacturer in the world.
• As of January 4th, 2023, around 22 crore beneficiaries of the Ayushman Bharat Scheme had been confirmed. Under Ayushman Bharat, more than 1.54 lakh Health and Wellness Centers have been operationalized nationwide.
• The rise in Capex has significant favourable effects on medium-term growth, with a focus on infrastructure-intensive industries including roads and highways, railroads, and housing and urban affairs.
• The nation is presently the world’s second-largest producer of crude steel and a major player in the steel industry. The performance of the steel industry has been strong during the current financial year, with total production and consumption of finished steel at 88 MT and 86 MT, respectively.

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