Thread by @PIB_India

IMF, in its World Economic Outlook Update, has maintained India's GDP forecast for current FY at 6.8%, next FY at 6.1% and for 2024-25 at 6.8%

India's economy is poised to do better in the remainder of this decade

- Chief Economic Advisor V . Anantha Nageswaran #EconomicSurvey

Recovery of economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don't have to speak of pandemic recovery any more, we have to look ahead to the next phase

- Chief Economic Advisor #EconomicSurvey

Leverage ratio in corporate sector went very sharply in first decade of millenium, second decade was thus a payback time, excessive credit growth had to be adjusted for in second decade, balance sheets now have been repaired, & credit growth is picking up

- CEA #EconomicSurvey

Reforms of last eight years spanning multiple dimensions including digital, social and physical infrastructure were happening even as banking clean up was going on, observes Chief Economic Advisor, in his presentation on #EconomicSurvey

#EconomicSurvey 2022-23 points out that the story of reforms in last eight years strikes a parallel to the reforms undertaken during 1998 - 2002

#EconomicSurvey

The lagged effect of reforms will show through, the full effect of reforms could not be reflected in data in past years due to successive one-off shocks

- Chief Economic Advisor

The philosophy of economic management revolves around making it easier for people and businesses to pursue their economic activities, leading to enhanced potential for higher growth

It's not just about govt. being enabler, but a partner

- Chief Economic Advisor #EconomicSurvey

Share of private sector investment in agriculture has reached a high level, faciliated by various government initiatives

The sector is no longer about being a primary sector, it has tremendous export potential as well, observes Chief Economic Advisor

#EconomicSurvey

Insolvency and Bankruptcy Code which ensures borrower payment culture, RERA which ensures trust between developers and buyers, decriminalization of offences under Companies Act and such other initiatives have strengthened a trust-based governance model

- #EconomicSurvey

Quality of public expenditure has gone up, govt. has become more transparent with budget deficit numbers, there is increased transparency in public procurement; various such dimensions have led to improved expenditure management - Chief Economic Advisor

#EconomicSurvey

There has been significant growth in critical physical infrastructure during 2011 - 2020, PM Gati Shakti is about reducing info asymmetries and ensuring that govt. projects are executed without time or cost overruns

- Chief Economic Advisor #EconomicSurvey

Phase 1 reforms in digital public infrastructure have set the stage for new-age reforms which will ensure that hitherto-neglected segments of society such as low-income households and microbusinesses get fair shot at accessing national and int'l markets

#EconomicSurvey

India's improved balance sheets and digital infrastructure together will add anywhere between 50 - 100 basis points to India's potential GDP growth, which is what we were missing in the second decade of the millenium - Chief Economic Advisor

Interventions made by the government in strengthening social infrastructure have been substantial, outlays have become outcomes, notes #EconomicSurvey

Government has been spending more for better quality of life, leading to improved outcomes such as reduced school dropout rate, better pupil to teacher ratio

#EconomicSurvey

Wideranging efforts have been taken by government for ensuring quality health, India's COVID-19 vaccination programme has been instrumental in facilitating our economic recovery process as well, states Chief Economic Advisor

#EconomicSurvey

Due to government interventions and health insurance programmes, a family which used to spend nearly 2/3rds of health expenditure on its own is now spending only 48%

- #EconomicSurvey

Tax cuts of 2019 played big role in enabling private sector to clean up balance sheets and consider investing, it also paved way for Production Linked Incentive scheme to be implemented, PLI is ensuring that India creates global scale in manufacturing for export

#EconomicSurvey

Liberalized norms for foreign investment has led to a structural shift, it has gone up from 2.2% to 2.6% as a proportion of GDP - #EconomicSurvey

Urban unemployment ratio has come down to 7%, worker population ratio has picked up to become 45%

As private investment begins to pick in and as construction sector comes back to life, employment scenario will become as it did in the 1st decade - CEA

#EconomicSurvey

Redefinition of MSMEs and ECGLS have enabled MSME sector to remain in good health, evidence is the GST paid by MSMEs

- Chief Economic Advisor

#EconomicSurvey

India is well ahead of its targets for renewable energy mix, observes Chief Economic Advisor, in his presentation on #EconomicSurvey 2022-23

Private investment in 10 sectors in first half of 2022-23 is higher than what it was in first half of 2021-22

- CEA, noting that industry and services sectors are registering steady growth

#EconomicSurvey

Credit growth is picking up across sectors, credit to MSMEs has grown at ~30% since Jan 2022, NPAs in NBFCs is lower than what it was 15 months ago

- #EconomicSurvey

Indian economy expected to grow at 6.5% in 2023-24, range is 6.0% - 6.8%

- #EconomicSurvey

What more can be done to ensure that the potential GDP growth of India does not stop at 6.5% - 7.0%, even if global growth and export prospects remain moderate?

Here is what the #EconomicSurvey recommends