Economic Survey 2022-23: Highlights

January 31, 2023

Economic Survey is presented a day before the Budget session. Finance Ministry prepares the survey. The survey says that in 2024, India’s GDP will be in the range of 6% to 6.8%. Public digital platforms played a major role in increasing economic growth in 2022. The performance of the Indian Rupee was better compared to the other developing economies.

Key Highlights

In November 2022, the retail inflation returned to the target set by RBI
The government of India is focusing on recovery and putting the economy back on the pre-pandemic path
Direct Tax collections between April 2022 and November 2022 were buoyant. Tax buoyancy means the revenue rate increases without an increase in the tax rate
The urban unemployment rate is decreasing
The Gross Non – Performing Assets ratio of the Scheduled Commercial Banks have reduced to 5. This is the lowest in the past seven years.
Health expenditure of Central and State Government in Fiscal Year 2023: 2.1% of GDP. It was 2.2% in 2022 and 1.6% in 2021.
220 crores of COVID vaccines were administered in FY23
From the UNDP’s Multi-dimensional Poverty Index: 41.5 crore people out of poverty between 2005 and 2019
Achieve net zero emissions by 2070
National Green Hydrogen Mission: to make India energy independent by 2047
Agricultural investments from the private sector: Increased by 9.3% in 2020-21
National Food Security Act: 81.4 crores benefitted
PM KISAN: 11.3 crores of farmers benefitted between April and July in 2022-23
International Year of Millets: 2023; UN announced upon India’s insistence. India to push millets production
Merchandise Exports: 332.8 billion USD between April and December 2022
Remittances in 2022: 100 billion USD; largest in the world
UPI-based transactions: Increased by 121% between 2019 and 2022