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Economic Survey 2022-23

The Economic Survey of India 2022-2023, tabled by the Finance Minister of India, marks a significant milestone in the Indian economic growth journey. The report highlights the government’s policy measures that have helped the country overcome the challenges of the pandemic and return to a path of robust economic growth.

The report highlights that the Indian economy is poised for a strong recovery in the coming years. The growth rate of GDP is projected to be 8.5% in 2022-23, which is significantly higher than the 6.5% growth rate estimated for 2021-22. The report attributes this growth to the continued reforms undertaken by the government, such as the production-linked incentive (PLI) schemes and the National Infrastructure Pipeline (NIP).

The report also notes that the Indian economy has demonstrated resilience in the face of the pandemic. Despite the severe impact of the pandemic, the Indian economy is estimated to have grown at a rate of 7.5% in 2021-22, which is higher than the global growth rate of 5.6%. The report credits the effective management of the pandemic by the government, which included measures such as the rollout of the vaccination program and the provision of fiscal and monetary stimulus.

The report also notes that India’s current account balance has improved significantly, with the balance moving into a surplus of 0.9% of GDP in 2021-22. This is attributed to the strong export performance, which has been supported by the PLI schemes and the Atmanirbhar Bharat initiative. The report also notes that foreign direct investment (FDI) inflows have remained strong, with a total inflow of USD 82.4 billion in 2021-22.

The report emphasizes the importance of agriculture in the Indian economy and notes that the sector has shown remarkable resilience during the pandemic and is expected to grow at a higher rate than the average growth rate over the last five years. The credit for this growth is accorded to the government’s initiatives, such as the PM-KISAN scheme and the procurement of food grains at minimum support prices.

The report also highlights the need for reforms in the Indian healthcare sector, given the lessons learned during the pandemic. The report notes that the government has taken several steps to improve healthcare infrastructure and access, including the rollout of the Ayushman Bharat scheme and the National Digital Health Mission. However, the report also emphasizes the need for continued investment in the sector to improve access and affordability.
The Economic Survey of India 2022-2023 offers a generally upbeat assessment of the Indian economy, with significant growth anticipated over the next few years. The report outlines the government’s initiatives to address these issues and clear the road for a strong recovery while also acknowledging the difficulties the pandemic has caused. To achieve sustained and inclusive growth, the report also emphasises the need for ongoing reforms and investments in important sectors like healthcare.

Dr. Maryam Sabreen
Department of Economics
Email : maryam.sabreen@gmail.com