FULL Economic Survey 2023 released ahead of Union Budget: Read here

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022-23 in the Parliament on Tuesday, January 31, which projected India's real Gross Domestic Product (GDP) growth at 6-6.8 per cent for the fiscal year 2023-24. The Economic Survey was presented a day ahead of the presentation of the Union Budget on February 1.

According to the Economic Survey, India is the fast growing economy in the world currently and set to grow at 7 per cent in the year ending March.

Key Highlights of Economic Survey 2022-23

• India's GDP growth is expected to remain robust at 7 per cent in the 2024 financial year. The GDP forecast for fiscal year 2023-24 to be in the range of 6-6.8 per cent. 

• Economic growth will be driven by private consumption and higher capex.

• India remains the fastest growing major economy in the world. 

• India the third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of exchange rate. 

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

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

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

• With an underlying emphasis on improving the ease of living and doing business, the reforms after 2014 were based on the broad principles of creating public goods, adopting trust-based governance, co-partnering with the private sector for development, and improving agricultural productivity.

• The Indian economy is well placed to grow faster in the coming decade once the global shocks of the pandemic and the spike in commodity prices in 2022 fade away.

• Timely policy intervention by the government in housing sector, coupled with low home loan interest rates propped up demand and attracted buyers more readily in the affordable segment in FY23.

• Credit to Micro, Small and Medium Enterprises (MSMEs) has grown by an average of around 30% since January 2022 and credit to large industry has been showing double-digit growth since October 2022.

• India is the largest recipient of remittances in the world receiving US$ 100 bn in 2022. Remittances are the second largest major source of external financing after service export.

Read Economic Survey here: 

What is Economic Survey?

The Economic Survey is a comprehensive document that provides a review of the Indian economy of the current financial year. The document summarises the performance of primary development projects and forecasts GDP growth and other important economic indicators for the next fiscal year. 

The Economic Survey, tabled in both Lok Sabha and Rajya Sabha, gives a better understanding of the Union Budget by analysing the country’s economic situation and the areas that needs to be focussed on in the next financial year.