Header Ads

Economic Survey 2022-23: Key Highlights with Details

Economic Survey 2022-23: Key Highlights with Details

Dear Aspirants, EducationBro is here with a Daily Current Affairs Dose. In this session, we will make the candidates aware of the daily current affairs topics, which will improve their general awareness, while also taking care that the candidates should not have any shortage of trending current affairs related to any country and abroad. Today’s Current Affairs topic is Economic Survey 2022-23: Key Highlights with Details.

Our Daily Current Affairs Dose 2023 will help you to crack the General Awareness section of Banking Insurance SSC Railway UPSC and all government jobs exams.

Economic Survey 2022-23: Key Highlights with Details

Economic Survey 2022-23: Key Highlights with Details: The Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament.

According to the Economic Survey 2022-23, India will 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.

Read Also: Economic Survey 2022-2023: India's GDP growth 6 to 6.8 pc in 2023-24

The optimistic growth forecasts stem from a number of positives like the rebound of private consumption given a boost to production activity, higher Capital Expenditure (Capex), near-universal vaccination coverage enabling people to spend on contact-based services, such as restaurants, hotels, shopping malls, and cinemas, as well as the return of migrant workers to cities to work in construction sites leading to a significant decline in housing market inventory, the strengthening of the balance sheets of the Corporates, a well-capitalised public sector banks ready to increase the credit supply and the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector to name the major ones.

ECONOMIC SURVEY 2022-23: Key Highlights with Details Given Below

  • Indian economy staging a broad based recovery across sectors, positioning to ascend to pre-pandemic growth path in FY23.
  • India's GDP growth is expected to remain robust in FY24. GDP forecast for FY24 to be in the range of 6-6.8 %.
  • Retail inflation is back within RBI's target range in November 2022.
  • Direct Tax collections for the period April-November 2022 remain buoyant.
  • Enhanced Employment generation seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund.
  • Creating public goods to enhance opportunities, efficiencies and ease of living, trust-based governance, enhancing agricultural productivity and promoting the private sector as a co-partner in development is the focus of the government reforms.
  • Cleaner balance sheets led to enhanced lending by financial institutions.
  • Growth in credit offtake, increased private capex to usher virtuous investment cycle.
  • Non-food credit offtake by Scheduled Commercial Banks growing in double digits since April 2022.
  • Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of 5.0.
  • Social sector expenditure (Centre and States combined) increased to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16.
  • Central and State Government’s budgeted expenditure on health sector touched 2.1% of GDP in FY23 (BE) and 2.2% in FY22 (RE) against 1.6% in FY21.
  • More than 220 crore COVID vaccine doses administered.
  • Survey highlights the findings of the 2022 report of the UNDP on Multidimensional Poverty Index which says that 41.5 crore people exited poverty in India between 2005-06 and 2019-20.
  • India declared Net Zero Pledge, to achieve net zero emissions goal by 2070.
  • A mass movement LIFE– Life style for Environment launched.
  • National Green Hydrogen Mission to enable India to be energy independent by 2047.
  • Private investment in agriculture increases to 9.3% in 2020-21.
  • Free foodgrains to about 81.4 crore beneficiaries under the National Food Security Act for one year.
  • About 11.3 crore farmers were covered under PM KISAN in its April-July 2022-23 payment cycle.
  • India stands at the forefront to promote millets through the International Year of Millets initiative.
  • Investment of ₹47,500 crores under the PLI schemes in FY22- 106% of the designated target for the year.
  • India’s e-commerce market is projected to grow at 18 per cent annually through 2025.
  • Merchandise exports of US$ 332.8 billion for April-December 2022.
  • India is the largest recipient of remittances globally receiving US$ 100 billion in 2022.
  • PM GatiShakti National Master Plan creates a comprehensive database for integrated planning and synchronised implementation across Ministries/ Departments.
  • UPI-based transactions grew in value (121 per cent) and volume (115 per cent) terms, between 2019-2022, paving the way for its international adoption.

Important facts for upcoming exams from the above Current Affairs Topic

  • President of India: Droupadi Murmu 
  • Vice President of India: Jagdeep Dhankhar
  • Prime Minister of India: Narendra Modi 
  • Chief Justice of India: Justice DY Chandrachud
  • Lok Sabha Speaker of India: Om Birla 
  • Capital of India: New Delhi 
  • Largest city of India: Mumbai 
  • Official languages of India: Hindi / English 
  • Currency of India: Indian rupee (₹) (INR) 
  • Total Population of India 2018 estimate: Neutral increase 1,352,642,280

Post a Comment