New Delhi: The Economic Survey has been presented in the Lok Sabha. Finance Minister Nirmala Sitharaman presented this economic survey. In 2023-24, the growth rate has been estimated at 6.5 percent. This report will be given to the members on the Members Portal.
Highlights of the report:
The Indian economy is improving on a broad-scale basis in all sectors, which is in a position to move forward and it has reached the pre-pandemic growth path in FY23.
Retail inflation has returned within the RBI’s target range in November 2022.
Direct tax collections for the period April-November 2022 continue to boom
Declining urban unemployment rate and fast net registration in Employees’ Provident Fund saw an increase in job creation
Creation of public goods to create opportunities, competencies and ease of living, trust-based governance, increasing agricultural productivity and promoting the private sector as a co-partner in development are the focus of the government’s reforms.
There has been an increase in lending by financial institutions due to clean balance sheets
Increase in credit offtake, increase in private capex are boosting investment
Non-food credit offtake by scheduled commercial banks has been rising in double digits since April 2022
The gross non-performing assets (GNPA) ratio of SCB Scheduled Commercial Banks (SCBs) has fallen to a seven-year low of 5.0
Social sector expenditure (centre and states combined) has increased to Rs 21.3 lakh crore.
It is in FY23 (BE Budget Estimate Budget Estimate) while in FY16 it was Rs 9.1 lakh crore.
The central and state government’s budgetary expenditure on the health sector reached 2.1% of GDP in FY23 (Budget Estimate) and 2.2% in FY22 (Revised Estimates) as against 1.6% in FY11.
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Private investment in agriculture increased to 9.3% in 2020-21
Free foodgrains for one year to about 81.4 crore beneficiaries under National Food Security Act
India is a pioneer in promoting millets through the International Year of Millet Initiative
Investment of ₹47,500 crore under PLI schemes in FY22- 106% of the target set for the year
India’s e-commerce market is projected to grow at 18 per cent annually by 2025
Merchandise exports worth US$ 332.8 billion for April-December 2022
India is the largest recipient of USD 100 billion globally in 2022.