Economic Survey 2022-23

For the current fiscal year the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman tabled the Economic Survey 2022-23,

Economic Survey 2022-23 projects a baseline GDP growth of 6.5 per cent in real terms in FY24. The projections by the Economic Survey 2022-23 is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB, RBI and domestically.

Despite undergoing the three shocks i.e COVID 19 pandemic, Russian Ukraine conflict and the Central Banks across economies led by Federal Reserve responding with synchronised policy rate hikes to curb inflation, leading to appreciation of US Dollar and the widening of the Current Account Deficits (CAD) in net importing economies, agencies worldwide continue to project India as the fastest-growing major economy at 6.5-7.0 per cent in FY23

India’s economic growth in FY23 has been principally led by private consumption and capital formation and they have helped generate employment as seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund, the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector has been remarkably high, over 30.6 per cent, on average during January – November 2022, supported by the Union government extended Emergency Credit Linked Guarantee Scheme (ECLGS)

HIGHLIGHTS

In FY 2024 India’s GDP growth is expected to remain robust. GDP forecast for FY24 to be in the range of 6-6.8 %, Retail inflation is back within RBI’s target range in November 2022, Direct Tax collections for the period April-November 2022 remain buoyant. Economic growth is to be boosted from the expansion of public digital platforms and varied measures to boost manufacturing output

The Gross Tax Revenue registered a YoY growth of 15.5 per cent from April to November 2022, driven by robust growth in the direct taxes and Goods and Services Tax (GST), The Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of 5.0, Import duty on major inputs were brought to zero while tax on export of the iron ores and concentrates increased from 30 to 50%

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