Thread on major takeaways from #EconomicSurvey report tabled by FM @nsitharaman ji in simple language that explains why India 🇮🇳 under @narendramodi ji is emerging as a SILVER LINING amidst dark,gloomy global clouds of economic turmoil & pain
Here ⬇️
GDP Growth
India’s GDP growth to remain strong,robust in 2023-2024
FY23 GDP - 7%
FY24 GDP- 6-6.8%
Even the IMF report acknowledges that India will be the fastest growing largest economy
India is 3rd largest economy in PPP terms,5th largest in terms of exchange rate
1/n
Inflation
Retail inflation is back within the Reserve Bank of India’s (RBI) target range of 6%
IMF predicts it will further fall to 5% in 2023 & 4% in 2024
This is a feat most developed nations couldn’t achieve! Let’s remember we were struck by Covid & Ukraine - Russia 2/n
Indian Rupee did well against Dollar compared to EMEs
8.8% depreciation- April to Dec 2022 even as S.Africa, Brazil, Australia saw double digit depreciation; India has sufficient forex reserves to finance CAD,intervene in forex market for managing rupee 3/n
Gross Fixed Capital formation highest since FY15
Private Capex is up ⬆️
India’s economic growth in FY23 principally led by private consumption and capital formation
4/n
Direct Tax collections for the period April-November 2022 remain buoyant.
Up from ₹5.4lakh cr in FY19 to ₹8.7 lakh cr in FY23
Avg monthly GST collections up from ₹0.9lakh cr in FY18 to ₹1.49lakh cr in FY23
5/n
Gross NPAs as % of Gross Advances is at 5% (lowest in 7 years)
We remember how bad loans & NPA were a hallmark of UPA 2 govt
6/n
India’s stock market outperformed USA,UK,Germany,China,Japan,US, S Korea 7/n
Govt debt to GDP growth was a mere 3% compared to Japan,US,UK,France ,China etc which saw more than 50/60% growth
8/n
This despite the fact that Modi govt has enhanced govt spending on Education, Health, other social welfare by staggering amounts
9/n
Agriculture gets Govt support
MSP for mandated crops at 1.5xCost
Institutional credit to agriculture expanded
Foodgrain production rises to 315.7 million tonnes
10/n
Hotel occupancy rate doubled
Housing sales gain pre-pandemic levels
Auto sales are up
Electronic exports almost 3x of FY19
11/n
Manufacturing & Employment
PMI manufacturing is in expansion mode
Unemployment rate at 4 year low
Net addition to EPFO rising
Labour force participation rate, worker population ratio are rising
12/n
Big infra push by Modi govt
Electricity , Railways, National Highways & Cargo handling capacity of ports see substantial boost since 2011
13/n
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