Download Economic Review 2022-23 Hindi PDF
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|Economic Review 2022-23 Hindi PDF
|No. of Pages
|Feb 3, 2023
Overview of Economic Review 2022-23
Union Finance Minister Nirmala Sitharaman has presented the Economic Review 2022-23 in PDF before the General Budget today. The economic review period to 2023 is globally uncertain. While still recovering from the pandemic, war broke out in Ukraine in February 2022. Food, fuel and fertilizer prices skyrocketed. As the rate of inflation accelerated, the central banks of those countries tightened their monetary policy in response. Many developing countries, especially in the South Asian region, faced severe economic hardship due to a combination of weak currency, high import prices, rising cost of living and a strong dollar, which made services more expensive and proved difficult to recover from.
Happened. India’s GDP growth rate during 2023-24 will be 6.0 to 6.8 percent, depending on global economic and political developments.The Economic Survey 2022-23 estimates that the GDP growth rate for FY24 on a real basis will be 6.5 percent. The economy is estimated to grow at 7 per cent (real) for the year ending March 2023, up from 8.7 per cent in the previous fiscal. Central government capital expenditure (capex), which grew at 63.4 percent during the eight months to FY2023, has been a major driver of growth for the Indian economy for the current year.
- Credit to the Micro, Small and Medium Enterprises (MSME) sector registered a sharp growth of 30.6 per cent on an average during January-November, 2022, thanks to the Emergency Credit Linked Guarantee Scheme (ECLGS) of the Central Government. got support The pace of recovery in the MSME sector has picked up, which is reflected in the amount of Goods and Services Tax (GST) they pay. Their Emergency Credit Linked Guarantee Scheme (ECLGS) is easing credit worries.
- In addition, the growth in bank credit has also been influenced by changing trends in borrowers, who are investing in the riskier bond market, where wealth creation is high. If inflation eases in FY2024 and the real cost of credit does not rise, credit growth for FY24 will remain strong.
- The capital expenditure (capex) of the central government increased by 63.4 per cent in the first 8 months of FY2023, which has been a major driver of growth for the Indian economy in the current financial year. There has been an increase in private capital expenditure from the January-March quarter of 2022. Going by current trends, it looks like the capital expenditure budget for the full year will be achieved. Private capital investment is also expected to increase, as the balance sheets of the corporate world strengthen, which will lead to an increase in lending. ,
- The survey highlights the constraints faced by construction activities due to the pandemic. Survey says vaccination has facilitated migrant workers to come back to cities. This has strengthened the housing market. This is reflected in the fact that there has been a significant reduction in the inventory of manufacturing materials, which has stood at 33 months in Q3 FY2023 as against 42 months in the previous year.
- The survey states that the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is directly providing employment in rural areas and indirectly helping rural households to diversify their sources of income. Schemes like PM Kisan and PM Garib Kalyan Yojana are ensuring food security in the country and their effects have also been recommended by the United Nations Development Program (UNDP). The results of the National Family Health Survey (NFHS) also showed that rural well-being indicators have improved from FY 2016 to FY 2020, covering themes such as gender, fertility rate, household facilities and women empowerment.
- The survey expects the Indian economy to recover from the effects of the pandemic and recover faster than other countries in FY2022. The Indian economy is now set to move back to the pre-pandemic growth path in FY2023. However, in the current year, India faces the challenge of containing the rise in inflation caused by the European conflict. Measures taken by the government and the RBI and moderation in global commodity prices helped bring down retail inflation below the RBI’s target range from November 2022.