Economic Survey 2022-23: Highlights

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

The focus of Government Reforms

The Economic Survey of 2022-23 says that the Government of India is to focus on the following reforms:

  • Ease of living for the public
  • Deliver governance efficiently and gain the trust of the citizens
  • Develop partnerships with the private sector to develop the economy
  • Increase the production from the agricultural sector



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