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2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 1/20
Ministry of Finance
SUMMARY OF THE ECONOMIC SURVEY 2022-23
INDIA TO 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 GLOBALL Y
ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP
GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24
ECONOMY IS EXPECTED TO GROW AT 7 PER CENT (IN REAL
TERMS) FOR THE YEAR ENDING MARCH 2023, THIS FOLLOWS
AN 8.7 PER CENT GROWTH IN THE PREVIOUS FINANCIAL
YEAR
CREDIT GROWTH TO THE MICRO, SMALL, AND MEDIUM
ENTERPRISES (MSME) SECTOR HAS BEEN REMARKABL Y
HIGH, OVER 30.5 PER CENT, ON AVERAGE DURING JAN-NOV
2022
CAPITAL EXPENDITURE (CAPEX) OF THE CENTRAL
GOVERNMENT, WHICH INCREASED BY 63.4 PER CENT IN THE
FIRST EIGHT MONTHS OF FY23, WAS ANOTHER GROWTH
DRIVER OF THE INDIAN ECONOMY IN THE CURRENT YEAR
RBI PROJECTS HEADLINE INFLATION AT 6.8 PER CENT IN
FY23, WHICH IS OUTSIDE ITS TARGET RANGE
Press Information Bureau
Government of India
? ? ? ? ?
Page 2


2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 1/20
Ministry of Finance
SUMMARY OF THE ECONOMIC SURVEY 2022-23
INDIA TO 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 GLOBALL Y
ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP
GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24
ECONOMY IS EXPECTED TO GROW AT 7 PER CENT (IN REAL
TERMS) FOR THE YEAR ENDING MARCH 2023, THIS FOLLOWS
AN 8.7 PER CENT GROWTH IN THE PREVIOUS FINANCIAL
YEAR
CREDIT GROWTH TO THE MICRO, SMALL, AND MEDIUM
ENTERPRISES (MSME) SECTOR HAS BEEN REMARKABL Y
HIGH, OVER 30.5 PER CENT, ON AVERAGE DURING JAN-NOV
2022
CAPITAL EXPENDITURE (CAPEX) OF THE CENTRAL
GOVERNMENT, WHICH INCREASED BY 63.4 PER CENT IN THE
FIRST EIGHT MONTHS OF FY23, WAS ANOTHER GROWTH
DRIVER OF THE INDIAN ECONOMY IN THE CURRENT YEAR
RBI PROJECTS HEADLINE INFLATION AT 6.8 PER CENT IN
FY23, WHICH IS OUTSIDE ITS TARGET RANGE
Press Information Bureau
Government of India
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 2/20
RETURN OF MIGRANT WORKERS TO CONSTRUCTION
ACTIVITIES HELPED HOUSING MARKET WITNESSING A
SIGNIFICANT DECLINE IN INVENTORY OVERHANG TO 33
MONTHS IN Q3 OF FY23 FROM 42 MONTHS LAST YEAR
SURGE IN GROWTH OF EXPORTS IN FY22 AND THE FIRST
HALF OF FY23 INDUCED A SHIFT IN THE GEARS OF THE
PRODUCTION PROCESSES FROM MILD ACCELERATION TO
CRUISE MODE
PRIVATE CONSUMPTION AS A PERCENTAGE OF GDP STOOD
AT 58.4 PER CENT IN Q2 OF FY23, THE HIGHEST AMONG THE
SECOND QUARTERS OF ALL THE YEARS SINCE 2013-14,
SUPPORTED BY A REBOUND IN CONTACT-INTENSIVE
SERVICES SUCH AS TRADE, HOTEL AND TRANSPORT
SURVEY POINTS TO THE LOWER FORECAST FOR GROWTH IN
GLOBAL TRADE BY THE WORLD TRADE ORGANISATION,
FROM 3.5 PER CENT IN 2022 TO 1.0 PER CENT IN 2023
Posted On: 31 JAN 2023 2:00PM by PIB Delhi
India to 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.
 
? ? ? ? ?
Page 3


2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 1/20
Ministry of Finance
SUMMARY OF THE ECONOMIC SURVEY 2022-23
INDIA TO 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 GLOBALL Y
ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP
GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24
ECONOMY IS EXPECTED TO GROW AT 7 PER CENT (IN REAL
TERMS) FOR THE YEAR ENDING MARCH 2023, THIS FOLLOWS
AN 8.7 PER CENT GROWTH IN THE PREVIOUS FINANCIAL
YEAR
CREDIT GROWTH TO THE MICRO, SMALL, AND MEDIUM
ENTERPRISES (MSME) SECTOR HAS BEEN REMARKABL Y
HIGH, OVER 30.5 PER CENT, ON AVERAGE DURING JAN-NOV
2022
CAPITAL EXPENDITURE (CAPEX) OF THE CENTRAL
GOVERNMENT, WHICH INCREASED BY 63.4 PER CENT IN THE
FIRST EIGHT MONTHS OF FY23, WAS ANOTHER GROWTH
DRIVER OF THE INDIAN ECONOMY IN THE CURRENT YEAR
RBI PROJECTS HEADLINE INFLATION AT 6.8 PER CENT IN
FY23, WHICH IS OUTSIDE ITS TARGET RANGE
Press Information Bureau
Government of India
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 2/20
RETURN OF MIGRANT WORKERS TO CONSTRUCTION
ACTIVITIES HELPED HOUSING MARKET WITNESSING A
SIGNIFICANT DECLINE IN INVENTORY OVERHANG TO 33
MONTHS IN Q3 OF FY23 FROM 42 MONTHS LAST YEAR
SURGE IN GROWTH OF EXPORTS IN FY22 AND THE FIRST
HALF OF FY23 INDUCED A SHIFT IN THE GEARS OF THE
PRODUCTION PROCESSES FROM MILD ACCELERATION TO
CRUISE MODE
PRIVATE CONSUMPTION AS A PERCENTAGE OF GDP STOOD
AT 58.4 PER CENT IN Q2 OF FY23, THE HIGHEST AMONG THE
SECOND QUARTERS OF ALL THE YEARS SINCE 2013-14,
SUPPORTED BY A REBOUND IN CONTACT-INTENSIVE
SERVICES SUCH AS TRADE, HOTEL AND TRANSPORT
SURVEY POINTS TO THE LOWER FORECAST FOR GROWTH IN
GLOBAL TRADE BY THE WORLD TRADE ORGANISATION,
FROM 3.5 PER CENT IN 2022 TO 1.0 PER CENT IN 2023
Posted On: 31 JAN 2023 2:00PM by PIB Delhi
India to 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.
 
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 3/20
 
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 signi?cant 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.
 
? ? ? ? ?
Page 4


2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 1/20
Ministry of Finance
SUMMARY OF THE ECONOMIC SURVEY 2022-23
INDIA TO 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 GLOBALL Y
ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP
GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24
ECONOMY IS EXPECTED TO GROW AT 7 PER CENT (IN REAL
TERMS) FOR THE YEAR ENDING MARCH 2023, THIS FOLLOWS
AN 8.7 PER CENT GROWTH IN THE PREVIOUS FINANCIAL
YEAR
CREDIT GROWTH TO THE MICRO, SMALL, AND MEDIUM
ENTERPRISES (MSME) SECTOR HAS BEEN REMARKABL Y
HIGH, OVER 30.5 PER CENT, ON AVERAGE DURING JAN-NOV
2022
CAPITAL EXPENDITURE (CAPEX) OF THE CENTRAL
GOVERNMENT, WHICH INCREASED BY 63.4 PER CENT IN THE
FIRST EIGHT MONTHS OF FY23, WAS ANOTHER GROWTH
DRIVER OF THE INDIAN ECONOMY IN THE CURRENT YEAR
RBI PROJECTS HEADLINE INFLATION AT 6.8 PER CENT IN
FY23, WHICH IS OUTSIDE ITS TARGET RANGE
Press Information Bureau
Government of India
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 2/20
RETURN OF MIGRANT WORKERS TO CONSTRUCTION
ACTIVITIES HELPED HOUSING MARKET WITNESSING A
SIGNIFICANT DECLINE IN INVENTORY OVERHANG TO 33
MONTHS IN Q3 OF FY23 FROM 42 MONTHS LAST YEAR
SURGE IN GROWTH OF EXPORTS IN FY22 AND THE FIRST
HALF OF FY23 INDUCED A SHIFT IN THE GEARS OF THE
PRODUCTION PROCESSES FROM MILD ACCELERATION TO
CRUISE MODE
PRIVATE CONSUMPTION AS A PERCENTAGE OF GDP STOOD
AT 58.4 PER CENT IN Q2 OF FY23, THE HIGHEST AMONG THE
SECOND QUARTERS OF ALL THE YEARS SINCE 2013-14,
SUPPORTED BY A REBOUND IN CONTACT-INTENSIVE
SERVICES SUCH AS TRADE, HOTEL AND TRANSPORT
SURVEY POINTS TO THE LOWER FORECAST FOR GROWTH IN
GLOBAL TRADE BY THE WORLD TRADE ORGANISATION,
FROM 3.5 PER CENT IN 2022 TO 1.0 PER CENT IN 2023
Posted On: 31 JAN 2023 2:00PM by PIB Delhi
India to 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.
 
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 3/20
 
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 signi?cant 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.
 
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 4/20
? ? ? ? ?
Page 5


2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 1/20
Ministry of Finance
SUMMARY OF THE ECONOMIC SURVEY 2022-23
INDIA TO 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 GLOBALL Y
ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP
GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24
ECONOMY IS EXPECTED TO GROW AT 7 PER CENT (IN REAL
TERMS) FOR THE YEAR ENDING MARCH 2023, THIS FOLLOWS
AN 8.7 PER CENT GROWTH IN THE PREVIOUS FINANCIAL
YEAR
CREDIT GROWTH TO THE MICRO, SMALL, AND MEDIUM
ENTERPRISES (MSME) SECTOR HAS BEEN REMARKABL Y
HIGH, OVER 30.5 PER CENT, ON AVERAGE DURING JAN-NOV
2022
CAPITAL EXPENDITURE (CAPEX) OF THE CENTRAL
GOVERNMENT, WHICH INCREASED BY 63.4 PER CENT IN THE
FIRST EIGHT MONTHS OF FY23, WAS ANOTHER GROWTH
DRIVER OF THE INDIAN ECONOMY IN THE CURRENT YEAR
RBI PROJECTS HEADLINE INFLATION AT 6.8 PER CENT IN
FY23, WHICH IS OUTSIDE ITS TARGET RANGE
Press Information Bureau
Government of India
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 2/20
RETURN OF MIGRANT WORKERS TO CONSTRUCTION
ACTIVITIES HELPED HOUSING MARKET WITNESSING A
SIGNIFICANT DECLINE IN INVENTORY OVERHANG TO 33
MONTHS IN Q3 OF FY23 FROM 42 MONTHS LAST YEAR
SURGE IN GROWTH OF EXPORTS IN FY22 AND THE FIRST
HALF OF FY23 INDUCED A SHIFT IN THE GEARS OF THE
PRODUCTION PROCESSES FROM MILD ACCELERATION TO
CRUISE MODE
PRIVATE CONSUMPTION AS A PERCENTAGE OF GDP STOOD
AT 58.4 PER CENT IN Q2 OF FY23, THE HIGHEST AMONG THE
SECOND QUARTERS OF ALL THE YEARS SINCE 2013-14,
SUPPORTED BY A REBOUND IN CONTACT-INTENSIVE
SERVICES SUCH AS TRADE, HOTEL AND TRANSPORT
SURVEY POINTS TO THE LOWER FORECAST FOR GROWTH IN
GLOBAL TRADE BY THE WORLD TRADE ORGANISATION,
FROM 3.5 PER CENT IN 2022 TO 1.0 PER CENT IN 2023
Posted On: 31 JAN 2023 2:00PM by PIB Delhi
India to 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.
 
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 3/20
 
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 signi?cant 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.
 
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 4/20
? ? ? ? ?
2/2/23, 3:18 PM Press Information Bureau
https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1894932 5/20
The Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman tabled the Economic
Survey 2022-23 in Parliament today, which projects a baseline GDP growth of 6.5 per cent in real
terms in FY24. The projection is broadly comparable to the estimates provided by multilateral
agencies such as the World Bank, the IMF, and the ADB and by RBI, domestically.
 
 
? ? ? ? ?
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FAQs on Summary of Economic Survey 2022-23: PIB - Indian Economy for UPSC CSE

1. What is the Economic Survey 2022-23?
Ans. The Economic Survey 2022-23 is an annual document prepared by the Government of India's Ministry of Finance. It provides an overview of the country's economic performance in the past year and outlines policy recommendations for the future.
2. What are the key highlights of the Economic Survey 2022-23?
Ans. The key highlights of the Economic Survey 2022-23 include: 1. Strong rebound in economic growth: The survey highlights the significant rebound in economic growth, with GDP growth estimated at 9.2% for the fiscal year 2021-22. 2. Robust recovery in industrial and services sectors: The survey highlights the strong recovery in industrial and services sectors, driven by increased domestic demand and improved global conditions. 3. Impact of COVID-19 on the economy: The survey analyzes the impact of the COVID-19 pandemic on the Indian economy and highlights the government's response to mitigate its effects. 4. Structural reforms and policy measures: The survey discusses the various structural reforms and policy measures implemented by the government to promote economic growth and development. 5. Inflation and monetary policy: The survey provides an analysis of inflation trends and the effectiveness of monetary policy in maintaining price stability.
3. What are the policy recommendations given in the Economic Survey 2022-23?
Ans. The Economic Survey 2022-23 provides several policy recommendations to enhance economic growth and development. Some of the key recommendations include: 1. Focus on healthcare infrastructure: The survey emphasizes the need for increased investment in healthcare infrastructure to strengthen the healthcare system and improve public health outcomes. 2. Boosting manufacturing and exports: The survey suggests measures to promote manufacturing and exports, such as improving ease of doing business, reducing logistics costs, and enhancing competitiveness. 3. Enhancing agricultural productivity: The survey recommends measures to enhance agricultural productivity, including the adoption of technology, improving access to credit and markets, and promoting sustainable farming practices. 4. Encouraging innovation and entrepreneurship: The survey emphasizes the importance of innovation and entrepreneurship in driving economic growth and suggests measures to promote research and development, startup ecosystem, and intellectual property rights. 5. Reforming the financial sector: The survey highlights the need for financial sector reforms, including strengthening the banking system, improving access to credit, and deepening capital markets.
4. How has the COVID-19 pandemic affected the Indian economy, as mentioned in the Economic Survey 2022-23?
Ans. The Economic Survey 2022-23 acknowledges the significant impact of the COVID-19 pandemic on the Indian economy. It mentions that the pandemic led to disruptions in economic activities, supply chain disruptions, and a decline in consumer and investor confidence. The survey highlights the government's response in terms of fiscal stimulus packages, policy measures to support various sectors, and vaccination drive to control the spread of the virus and revive economic growth.
5. What is the estimated GDP growth rate for the fiscal year 2021-22, as per the Economic Survey 2022-23?
Ans. According to the Economic Survey 2022-23, the estimated GDP growth rate for the fiscal year 2021-22 is 9.2%. This indicates a strong rebound in economic growth compared to the previous year, which was severely impacted by the COVID-19 pandemic.
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