edited by: Namit Singh Sengar
Last Update: January 31, 2023, 13:33 IST
Finance Minister Nirmala Sitharaman in Parliament on Tuesday
Economic Survey 2023: This is the official report card of the country’s economy presented a day before the Union Budget is presented.
Finance Minister Nirmala Sitharaman presented the Economic Survey 2023 in Parliament on Tuesday.
According to the Economic Survey, India’s real GDP growth for the next financial year is pegged at 6-6.8 per cent.
The survey noted that private consumption in H1 is the highest since FY2015 and this has boosted production activity resulting in increased capacity utilization across sectors.
Private capex rush due to central government capex and strengthening balance sheets of corporates is one of the growth drivers of the Indian economy in the current year.
Credit growth to the MSME sector was higher at an average of 30.6 per cent during January-November 2022.
The survey said retail inflation is likely to return to the RBI’s target range in November 2022.
The Indian rupee performed well in comparison to other emerging market economies in April-December 2022.
Direct tax collections for the April-November 2022 period remain buoyant.
Decreasing urban unemployment rate and faster net enrollment in Employees’ Provident Fund saw an increase in job creation.
Expansion of public digital platforms and measures to boost manufacturing output will boost economic growth.
economic survey 2023 live updates
The Economic Survey is the official report card of the country’s economy a day before the presentation of the Union Budget.
Earlier, reports also suggested that the Economic Survey is likely to peg GDP growth at 6-6.8% for 2023-24.
India’s CAD stood at 4.4% of GDP in the July-September quarter, up from 2.2% a quarter ago and 1.3% a year ago, as rising commodity prices and a weak rupee widened the trade gap.
Meanwhile, the International Monetary Fund in its latest World The Economic Outlook raised its output growth forecast on emerging markets for this year.
It said that with projections now showing the economic downturn in the region could ease in 2022, when China reopens, a flexible India And the unexpected growth in Russia.
Projecting growth into 2023, the IMF said India looks to grow at over 6% this year and next, while China’s upward revision of 0.8 percentage points sees it grow at over 5% this year. kept on track for growth of Rs.
It said inflation in India is expected to ease to 5 per cent in the next fiscal from 6.8 per cent in the current fiscal year ending March 31, and then fall to 4 per cent in 2024.
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