The Economic Survey for 2023-24 was tabled in the Parliament on Tuesday, January 31, 2023, a day ahead of the Union Budget which will be presented by the Finance Minister Nirmala Sitharaman on Wednesday February 1, 2023.
At 2 pm, chief economic advisor (CEA) Dr V Anantha Nageswaran addressed a press conference, in which he unveiled the document for the public. It is an annual report card of the economy, which is presented a day before the budget and examines the performance of each and every sector with a provided way forward.
Here are 10 important highlights from Economic Survey 2023
1. GDP forecast for FY24 to be in the range of 6-6.8 %, depending on the economic and political developments of the globe.
2. Bank credit growth likely to be brisk in FY24 on back of benign inflation, moderate credit cost
3. India’s export growth is likely to be flat in the next fiscal if the global economy does not pick up its pace.
4. Indian economy is staging a broad based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23.
5. India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility.
6. Borrowing cost may remain ‘higher for longer’, entrenched inflation may prolong tightening cycle.
7. Urban employment rate declined while Employee Provident Fund registration increased.
8. The Gross Tax Revenue registered a Year on Year growth of 15.5 percent from April to November 2022, driven by robust growth in the direct taxes and GST.
9. Credit growth to small businesses high at over 30.5% in January-November, 2022.
10. The year FY22 saw improvement in Gross Enrolment Ratios (GER) in schools and improvement in gender parity.