Economic Survey 2023: Here are the key figures

FM Nirmala Sitharaman tabled the Economic Survey 2023 in the Parliament on January 31.

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023 in Parliament on Tuesday. The Survey, released a day before Budget 2023 is scheduled to be presented, comes amid recessionary fears around the globe.
Here are the key figures from the 2023 Survey.

Economic growth

India’s baseline GDP growth in real terms for FY24 has been pegged at 6.5 percent. This is broadly comparable to the estimates provided by multilateral agencies, such as the World Bank and International Monetary Fund (IMF). However, the actual outcome for real GDP growth in FY24 will probably lie between 6 and 6.8 percent, depending on the global economic and political scenario, according to the Survey. This is lesser than the 7.0 percent growth estimate for FY23, and the 8.7 percent growth achieved in FY22.

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Inflation

The 6.8 percent inflation projection of RBI for FY23 is neither too high to weaken private consumption nor weaken the inducement to invest, the Survey said.

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Meanwhile, the report also mentions RBI’s CPI inflation projection for Q1 FY24 at 5.0 percent and for Q2 FY24 at 5.4 percent on the assumption of a normal monsoon.

Growing exports

The Survey highlighted the resilience displayed by India’s exports this fiscal on the back of record levels of exports in FY22. Petroleum products, gems & jewellery, organic & inorganic chemicals, and drugs & pharmaceuticals were among the leading export items. Merchandise exports touched $332.8 billion in April-December 2022, compared to the $305 billion during the same period the year before.

Current Account Deficit

India’s current account balance (CAB) recorded a deficit at 4.4 percent in Q2FY23 in contrast to 1.3 percent during the corresponding period of the previous year. The widening of the current account deficit (CAD) was mainly due to higher merchandise trade deficit of $83.5 billion and an increase in net investment income outgo, according to the Survey.

For the period between April and September 2022, India recorded a CAD of 3.3 per cent of GDP, compared to 0.2 percent a year before.

Growth in capex

The Centre’s capital expenditure (capex) went up 63.4 percent between April and November 2022. The increased capex has become a growth driver of the economy, said the Survey.