Friday 29th of March 2024

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6.5 per cent growth forecast in 2023-24

 NEW DELHI:The Economic Survey has been introduced in the Lok Sabha by the Finance Minister Nirmala Sitharaman. The growth rate is estimated to be 6.5 percent in 2023-24,in the survey report.

The Indian economy is improving on a broad basis across all sectors, which is poised to grow and it has reached the pre-pandemic growth path in FY23,the finance Minister said.

Key Points:

Retail inflation is back within RBI's target range in November 2022.

Direct tax collection remains buoyant for April-November 2022 period

Decreasing urban unemployment rate and increasing employment generation in net registrations have been seen in the Employee Provident Fund

 

 

 Building public goods to facilitate opportunities, skills and livelihoods, trust-based governance, increasing agricultural productivity and promoting the private sector as co-partners in development are the focus of the government's reforms.

A clean balance sheet has led to an increase in lending by financial institutions

Increase in credit offtake, increase in private capex is boosting investment

From April 2022, Non-Food Loans by Scheduled Commercial Banks are increasing in double digits

Gross Non-Performing Assets (GNPA) ratio of SCBs Scheduled Commercial Banks (SCBs) falls to seven-year low of 5.0

Social sector expenditure (combined by Center and States) has increased to Rs 21.3 lakh crore in FY23 (BE Budget estimate) as against Rs 9.1 lakh crore in FY16.

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