Union Budget 2023-24: With the beginning of the budget session in the Parliament, the Economic Survey 2022-23 has been presented. Economic Survey is an important document that tells the present condition of the country's economy. Along with this, it also gives an estimate of how the economy will grow in the coming years. After the speech of President Draupadi Murmu, the economic survey has been presented on the table of Parliament. In this, during the next financial year 2023-24, the economic growth rate has been estimated to be 6.5 percent. It has also been said that India will remain the fastest growing economy in the world.
Know 10 big things related to the Economic Survey…
The economy will grow at the rate of 6.5 percent in 2023-24. While it has been 7 percent in the current financial year. Before this, the growth rate in the previous financial year 2021-22 was 8.7 percent.
India will continue to be the fastest growing economy in the world. In terms of Purchasing Power Parity, India is the world's third largest economy and in terms of exchange rate, the world's 5th largest economy.
Inflation of 6.8 per cent for the current financial year is not high enough to curtail private consumption or low enough to reduce investment.
The economy has almost regained what it lost during the Corona pandemic. What was stopped has been restored. The one whose speed slowed down, he regained his speed.
The revival of the country is very fast after the Corona epidemic. Growth supported by domestic demand, capital investment picks up.
Current account deficit may widen as global commodity prices remain high, rupee may also come under pressure.
India has sufficient foreign exchange reserves, which is enough to cover the current account deficit and intervene in the forex market.
India has weathered the extraordinary challenges better than most economies.
Borrowing costs may remain 'high' for a longer period, higher inflation may prolong the higher interest rate cycle.
With global growth slowing down, a slowdown in global trade has hurt exports in the second half of the current financial year.
It has been said in the economic review that PM Kisan and PM Garib Kalyan Yojana have contributed significantly in reducing poverty in the country. At the same time, apart from distribution of loans, capital investment cycle, public digital platform, PLI scheme, National Logistics Policy and PM Gati Shakti program have contributed in the country's economic growth.
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