HIGHLIGHTS OF ECONOMIC SURVEY 2023

Finance Minsiter Nirmala Sitharaman tabled Economic survey 2023 in Parliament

India's GDP growth is expected to remain robust in FY23 at 7 per cent (in real terms). This follows an 8.7 per cent growth in the previous financial year. GDP forecast for FY24 to be in the range of 6-6.8 %, depending on the trajectory of economic and political developments globally.

Economic Survey 2022-23 projects a baseline GDP growth of 11 per cent in nominal terms and 6.5 per cent in real terms in FY 24. India is third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of exchange rate

Private consumption as a per cent of GDP stood at 58.5 per cent in Q2 of FY23, the highest among the second quarters of all the years since FY15, supported by a rebound in contact-intensive services such as trade, hotel and transport.

While India’s retail inflation rate peaked at 7.8 per cent in April 2022, above the RBI’s upper tolerance limit of 6 per cent, the overshoot of inflation above the upper end of the target range in India was however one of the lowest in the world.

Credit growth to the Micro, Small and Medium Enterprises (MSME) sector has been remarkably high, over 30.5 per cent, on average during Jan-Nov 2022. Capital expenditure of the central government, which increased by 63.4 per cent in the first eight months of FY 23, was another growth driver of the Indian economy in the current year.