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Summarizing the Indian Economic Survey 2023

    2 February , 2023         Fdiindia

Summarizing the Indian Economic Survey 2023

The Indian Economic Survey 2023 provides projections for growth for the present financial year (FY 2022-2023) and commentary on prospects of growth for the forthcoming (FY24). It helps in evaluating the consumption patterns and inflation trajectory of India. 

Major takeaways are listed below.

  • Current Condition of the Indian Economy According to the economic survey of 2022-23, the real gross domestic product OF India (GDP) growth is expected to stay robust in FY23 at seven percent. 

Furthermore, the nation should register the growth of the GDP in the 6-6.8 percent range in FY 2024, depending on global headwinds. 

A baseline GDP growth of 6.5 percent in real terms and 11 percent in nominal terms in FY 2024 is projected by The Economic Survey of India.

The survey stated- “Despite strong global headwinds and tighter domestic monetary policy, a robust growth forecast for India in the range of 6.5-7 percent is a reflection of India’s underlying economic resilience, of its ability to recoup, renew and re-energize the growth drivers of the economy”. 

  • Industry and Service Sectors Leading India’s Growth

India has a sizeable population for supports and growing the thriving industrial and service industries. The manufacturing sector has the potential to produce employment, attract foreign capital, and contribute to external stability by engaging in activities that are low-high value added with the potential for export. 

The Indian Industry is on the verge of a resurgence for growth, which is made possible by public investment and enabling policies that have increased viability and barriers that are lowered for doing business. Bank lending to businesses has increased especially micro, small, and medium-sized firms. 

Foreign Direct Investment (FDI) into India has been consistent, and investors are now visibly more interested in including India in their diversification plans of the supply chain.  

In the upcoming years, increasing the cost of India and its competitiveness regarding export is anticipated to be the main goal for PM Gati Shakti and the National Logistics Policy. 


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