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Economic Survey 2022-2023 highlights
February 2 , 2023
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- India's Finance Minister Nirmala Sitharaman tabled in parliament the Economic Survey 2022-2023 on 31st January.
- It reviews how the economy performed in this fiscal year and the road ahead for the next year.
- India is to remain the fastest growing major economy in the world.
- India’s GDP growth is expected to remain robust in FY23 at 7 per cent (in real terms).
- Retail inflation is back within RBI's target range in November 2022.
- An Enhanced Employment generation was seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund.
- The unemployment rates are falling from 5.8 percent in 201819 to 4.2 per cent in 202021.4.
- Private investment in agriculture increases to 9.3% in 2020-21.
- The services sector is expected to grow at 9.1% in FY23, as against 8.4% (YoY) in FY22.
- 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.
- The credit growth to the MSME sector was over 30.6 per cent on average during Jan-Nov 2022.
- Foreign Direct Investment (FDI) flows into the Pharma Industry has risen four times, from US $180 million in FY19 to US $699 million in FY22.
- As of December 2022, Forex Reserves stood at US$ 563 bn covering 9.3 months of imports.
- As of end-November 2022, India is the sixth largest foreign exchange reserves holder in the world.
- UPI-based transactions grew in value (121 per cent) and volume (115 per cent) terms, between 2019-22, paving the way for its international adoption.
- Total telephone subscriber base in India stands at 117.8 crore (as of Sept,22), with 44.3 per cent of subscribers in rural India.
- Prasar Bharati (India’s autonomous public service broadcaster) broadcasts in 23 languages, 179 dialects from 479 stations.
- It reaches 92 per cent of the area and 99.1 per cent of the total population.
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