Economic Survey 2023
Finance Minister Nirmala Sitharaman present the Economy Survey 2023 PDF on 31st January 2023. According to reports, the Economic Survey is expected to peg India’s GDP growth at 6.5% for 2023-24 under the baseline scenario. This growth would be the slowest in three years and nominal growth is likely to be projected at 11% for 2023-24.
The economic survey is an annual report of the Ministry of Finance, Government of India. Every year the Department of Economic Affairs, Ministry of Finance introduces the survey in the parliament prior to the Union Budget. The Budget is prepared under the guidance of the Chief Economic Adviser of India. The economic survey is presented to both the Parliament House during the Budget session.
Economic Survey 2023 – Highlights
- Indian economy staging a broad based recovery across sectors, positioning to ascend to
pre-pandemic growth path in FY23 - Retail inflation is back within RBI’s target range in November 2022
- Direct Tax collections for the period April-November 2022 remains buoyant
- Enhanced Employment generation seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund
- Creating public goods to enhance opportunities, efficiencies and ease of living, trust-based governance, enhancing agricultural productivity and promoting the private sector as a co-partner in development is the focus of the government reforms.
- Cleaner balance sheets led to enhanced lending by financial institutions
- Growth in credit offtake, increased private capex to usher virtuous investment cycle.
- Non-food credit offtake by Scheduled Commercial Banks growing in double digits since April 2022
- Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of 5.0
- Social sector expenditure (Centre and States combined) increases to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16
- Central and State Government’s budgeted expenditure on health sector touched 2.1% of GDP in FY23 (BE) and 2.2% in FY22 (RE) against 1.6% in FY21.
- More than 220 crore COVID vaccine doses administered
- Survey highlights the findings of the 2022 report of the UNDP on Multidimensional Poverty Index which says that 41.5 crore people exit poverty in India between 2005-06 and 2019-20.
- India declared Net Zero Pledge, to achieve net zero emissions goal by 2070.
- A mass movement LIFE– Life style for Environment launched.
- National Green Hydrogen Mission to enable India to be energy independent by 2047.
- Private investment in agriculture increases to 9.3% in 2020-21
- Free foodgrains to about 81.4 crore beneficiaries under the National Food Security Act for one year
- About 11.3 crore farmers were covered under PM KISAN in its April-July 2022-23 payment cycle.
- India stands at the forefront to promote millets through the International Year of Millets initiative
- Investment of ₹47,500 crores under the PLI schemes in FY22- 106% of the designated target for the year
- India’s e-commerce market is projected to grow at 18 per cent annually through 2025
- Merchandise exports of US$ 332.8 billion for April-December 2022.
- India is the largest recipient of remittances globally receiving US$ 100 billion in 2022.
You can download the Economic Survey 2023 PDF using the link given below.