Are you in search of Economic Survey 2022 highlights? Read the summary of the Economic Survey 2022-23 here.
My intention in this article is to explain the summary of the Economic Survey 2022-2023 in layman’s terms by raising certain questions to the readers.
I hope the readers of ClearIAS.com will find it useful.
Feel free to share your feedback about the Economic Survey 2022 in the comment section below.
What will be the rate of India’s GDP growth in the next financial year?
India is to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally.
Economic survey 2022-23 projects a baseline GDP growth of 6.5 per cent in real terms in the Financial Year 2023-2024.
What is the rate of India’s GDP growth in the current year?
Indian Economy is expected to grow at 7 per cent (in real terms) for the year ending march 2023. This follows an 8.7 per cent growth in the previous financial year. So, the Indian growth rate is decreasing. However, a similar or much worser trend is there across the globe.
What are the factors that drive India’s GDP growth?
Credit growth to the micro, small, and medium enterprises (MSME) sector has been remarkably high, over 30.5 per cent, on average during Jan-Nov 2022.
Capital expenditure (CAPEX) of the central government, which increased by 63.4 per cent in the first eight months of FY 2022-23, was another growth driver of the Indian economy in the current year.
What is the inflation rate in India in the current financial year?
RBI projects headline inflation at 6.8 per cent in FY 2022-23, which is outside its target range.
How did the Indian infrastructure sector perform this year?
The return of migrant workers to construction activities helped the housing market witness a significant decline in inventory overhang to 33 months in Q3 of FY 2022-23 from 42 months last year.
Is there an increase in Indian exports?
Yes. The surge in growth of exports in FY 2021-22 and the first half of FY 2022-23 induced a shift in the gears of the production processes from mild acceleration to cruise mode.
What is the trend in private consumption in India?
Private consumption as a percentage of GDP stood at 58.4 per cent in Q2 of FY 2022-23, the highest among the second quarters of all the years since 2013-14, supported by a rebound in contact-intensive services such as trade, hotel and transport.
What is the forecast with respect to global trade by the Economic Survey 2022?
Survey points to the lower forecast for growth in global trade by the World Trade Organisation, from 3.5 per cent in 2022 to 1.0 per cent in 2023.
Economic Survey 2022-2023: What is worrying?
- Fiscal Deficit: 6.4% of GDP
- CPI Inflation: 6.8%
- WPI Inflation: 11.5%
- Dip in Foreign Exchange Reserves
- Dip in GDP growth rate
- Dip in Industrial growth rate