Economic Survey 2023 outlines short & medium term prospects of Indian Economy. Take a glance at the key highlights
#Topic Cover
- Highlights of the Econimic Survey 2023
- india's mid-Term Growth Outlook
- what is the Economic Survey
- Final words
# Highlights of the Econimic Survey 2023
- The 2023 Economics Survey projected India’s economic growth rate at 6-6.5% for the next Fiscal year starting from End Of March 2023.
- The baseline nominal GDP growth rate is pegged at 10%., while the Indian economy will grow in 2023-23 by 6%.
- The report cautioned that the Indian rupee could come under further pressure if the current account deficit continues to widen.
- There will be further loss of export stimulus resulting from slowing world growth and shrinking global bissiness
- Therefour, the survey has shown confidence in India’s growth story based on robust fundamentals.
- According to the report, higher Finence expenditure, growth in private consumption and credit to small businesses, strengthening corporate balance sheets, and returning migrant labourers will be the primary driving force for the country’s economy.
- The survey mentioned that India has recouped what’d lost, and energised what had slowed down. renewed what’d paused
- Despite slower GDP growth in 2023-24, India will continue to be one of the fastest growing economies. It currently ranks sixth in exchange rate and fourth in purchasing power parity.
- Inflation Retail is back in the range of RBI.
- There is a drop in the Town City unemployment rate with an increase in employment generation and net registration in the Employee Provident Fund.
- Good economic reform plans by the government include creating public goods to increase opportunities and integrate the private sector as a co-partner in driving growth. It also suggests that increasing agricultural productivity, ease of living and building trust-based governance are the primary drivers for accelerating economic recovery.
- According to the report, India’s e-commerce is projected to grow at 16% annually till 2025.
- UPI transactions continued to grow in value (120 %) and volume (115 %) between 2019-2022.
- The Indian economy has shown broad-based recovery from locdown-induced contraction, the war Russia-Ukraine conflict, and global inflation and might ascend to the pre-pandemic growth path in FY2
#india's mid-Term Growth Outlook
The survey report also comments on India's medium-term growth prospects.
According to the report, the Indian economy will post healthy growth in the coming year after the shock of the pandemic and rising commodity prices from inflation ease. Various structural and governance changes have taken place in the country's economy between 2014-2022 which have strengthened the country's fundamentals. The transformational reforms undertaken by the government have increased its overall efficiency and will help the economy recover faster once the global economic slowdown and commodity price spike is lifted. There is a presence of a strong medium-term growth stimulus benefiting the country's growth.
# what is the Economic servey
The Economic Survey report is presented on the eve of the budget session in which information is given about the economic performance of the country on the basis of various economic parameters. The Economic Survey presents the government's economic forecasts for the coming year and outlines the general structure of the upcoming budget.
The Economic Survey of 2022 projected India's GDP growth to 8.8.4% in 2022-23. It has been moderated to 6-6.7% in 2023-24, supported by a widespread vaccine drive, supply-side recovery, strong export growth, and increasing capital expenditure.
The Economic Survey presents a critical evaluation of the country's economic performance. One can expect tomorrow's budget will be based on the findings of the survey report. To learn more about Union Budget 2023, junaid jd
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