Economic Survey 2023: Key takeaways

New Delhi, Jan 31: Finance Minister Nirmala Sitharaman tabled Economic Survey in Parliament which projected India's real gross domestic product (GDP) growth at 6-6.8% for the fiscal year 2023-24.

According to the survey, India will remain the fastest-growing major economy in the world.

It added that India is the third-largest economy in the world in PPP (purchasing power parity) terms and fifth largest in terms of the exchange rate.

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

Also, in FY22, India grew at 8.7 per cent, it added.

Recovering from pandemic-induced contraction, Russian-Ukraine conflict, and inflation, the Indian economy is staging a broad-based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23.

India's GDP growth is expected to remain robust in FY24. GDP forecast for FY24 to be in the range of 6-6.8 %.

Private consumption in H1 is the highest since FY15 and this has led to a boost to production activity resulting in enhanced capacity utilisation across sectors.

The Capital Expenditure of Central Government and crowding in the private Capex led by the strengthening of the balance sheets of the Corporates is one of the growth drivers of the Indian economy in the current year.

The credit growth to the MSME sector was over 30.6 per cent on average during Jan-Nov 2022.

Retail inflation is back within RBI's target range in November 2022.

Indian Rupee performed well compared to other Emerging Market Economies in Apr-Dec2022.

Direct Tax collections for the period April-November 2022 remain buoyant.

Enhanced Employment generation seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund.

Economic growth to be boosted from the expansion of public digital platforms and measures to boost manufacturing output.