Economic Survey | India will remain fastest-growing major economy

The global economy is still recovering from the setback due to the Covid-19 pandemic, the Economic Survey said. With geopolitical conflicts refusing to go away, India could successfully steer through the situation owing to its dedicated support to infrastructure through increased capex and strong macroeconomic fundamentals, the Economic Survey said on Tuesday.

The Emergency Credit Linked Guarantee Scheme shielded India's micro, small and medium enterprises from financial distress, as per the Economic Survey 2022-23.

The scheme offered quick recovery supported by "remarkably high" credit growth and it reflected in the rise of goods and services tax paid by the units.

According to the survey, "The credit growth to the micro, small and medium enterprises sector has been remarkably high, over 30.6 per cent on average during January-November 2022, supported by the extended Emergency Credit Linked Guarantee Scheme (ECLGS) of the Union government".

India's economy is projected to slow to 6.5 per cent in the fiscal year starting April, as per the Economic Survey 2022-23 released Tuesday. However, it will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced,.

Reserve Bank of India's projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest, according to the Economic Survey.

However, entrenched inflation may prolong the tightening cycle and therefore, borrowing costs may stay "higher for longer", it said.

"The widening of current account deficit (CAD) may also continue as global commodity prices remain elevated and the growth momentum of the Indian economy remains strong. The loss of export stimulus is further possible as the slowing world growth and trade shrinks the global market size in the second half of the current year," the Survey said.

The country's current account deficit widened to 4.4 per cent of the GDP in the quarter ending September, from 2.2 per cent of the GDP during the April-June period due to a higher trade gap, according to the latest Reserve Bank data.

Economy has nearly recouped what was lost, renewed what had paused; re-energised what had slowed during the pandemic: Economic Survey.

Finance Minister Sitharaman tabled the Economic Survey in the Parliament and said it found India will remain fastest-growing major economy, despite a projected lower GDP growth of six per cent - 6.8 per cent.

Government is striving to get rid of every sign of slavery. An example of the same is the name change of Rajpath to Kartavya Path: President Murmu.

My government's priority are 11 crore small farmers who were for decades deprived of the benefits rolled out by the government: President Murmu.

Today, there is a stable, fearless and decisive government in the country that is working towards realising the big dreams: President Murmu

We will have to make an India which is self reliant, says President Murmu in her address to Parliament.

The Aam Aadmi Party (AAP) will boycott the address by President Droupadi Murmu to the joint sitting of both Houses in Parliament on Tuesday. AAP MLA Sanjay Singh, in a tweet, called her address "a bundle of false promises and false claims by the Narendra Modi Government".

President Droupadi Murmu will address the joint sitting of Parliament for the first time since being elected to the post. She will outlay the government`s vision for the current year.

The Parliament Budget session will commence from Tuesday and the Finance Minister will table the Economic survey. She will present the Union Budget on Wednesday.

The Narendra Modi government is likely to increase the rail budget and the focus will be on completion of projects. 

Read more...

The Economy Survey is also expected to give some idea about the tone and texture of the actual Budget for 2023-24, which will be presented on Wednesday. The Economic Survey tabled in 2022 projected India`s GDP growth of 8.0-8.5 per cent in 2022-23.

The Economic Survey document is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance. It is formulated under the supervision of the chief economic adviser V Anantha Nageswaran. The document is meant to give insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year.

Union Finance Minister Nirmala Sitharaman will table the Economic Survey in the Parliament  on Tuesday after President Droupadi Murmu`s address to the joint sitting of the two houses of Parliament.