Thread by @CAChirag

Top 30 Highlights of #EconomicSurvey A thread

1) India's GDP growth is expected to remain robust in FY24. GDP forecast for FY24 to be in the range of 6-6.8 %.

2) The credit growth to the MSME sector was over 30.6 per cent on average during Jan-Nov 2022.

3) Retail inflation is back within RBI's target range in November 2022.

4) Direct Tax collections for the period April-November 2022 remain buoyant.

5) GST has stabilised as a vital revenue source for central and state governments, with the gross GST collections increasing at 24.8 per cent on YoY basis from April to December 2022.

6) The Capital-to-Risk Weighted Assets Ratio (CRAR) remains healthy at 16.0.

7) While India’s retail inflation rate peaked at 7.8 per cent in April 2022, above the RBI’s upper tolerance limit of 6 per cent, the overshoot of inflation above the upper end of the target range in India was however one of the lowest in the world.

8) Social sector expenditure increases to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16.

9) Central and State Government’s budgeted expenditure on health sector touched 2.1% of GDP in FY23 (BE) and 2.2% in FY22 (RE) against 1.6% in FY21.

10) Labour markets have recovered beyond pre-Covid levels, in both urban and rural areas, with unemployment rates falling from 5.8 per cent in 2018-19 to 4.2 per cent in 2020-21.

11) Aadhaar played a vital role Co-WIN platform administration of over 2 billion vaccine doses.

12) Nearly 22 crore beneficiaries have been verified under the Ayushman Bharat Scheme as on 04 January, 2023. Over 1.54 lakh Health and Wellness Centres have been operationalized across the country under Ayushman Bharat.

13) India declared the Net Zero Pledge to achieve net zero emissions goal by 2070.

14) About 50% cumulative electric power installed capacity to come from non-fossil fuel-based energy resources by 2030.

15) National Green Hydrogen Mission to enable India energy independent 2047

16) 62.8 lakh individual household toilets and 6.2 lakh community and public toilets constructed (August 2022) under the National Mission on Sustainable Habitat.

17) Private investment in agriculture increases to 9.3% in 2020-21.

18) Foodgrains production in India saw sustained increase and stood at 315.7 million tonnes in 2021-22.

19) About 11.3 crore farmers were covered under the Scheme in its April-July 2022-23 payment cycle.

20) Online, Competitive, Transparent Bidding System with 1.74 crore farmers and 2.39 lakh traders put in place under the National Agriculture Market (e-NAM) Scheme.

21) Electronics exports rise nearly threefold, from US $4.4 billion in FY19 to US $11.6 Billion in FY22.

22) Over 39,000 compliances have been reduced and more than 3500 provisions decriminalized as of January 2023.

23) The services sector is expected to grow at 9.1% in FY23, as against 8.4% (YoY) in FY22.

24) Merchandise exports were US$ 332.8 billion for April-December 2022.

25) India is the largest recipient of remittances in the world receiving US$ 100 bn in 2022. Remittances are the second largest major source of external financing after service export

26) As of December 2022, Forex Reserves stood at US$ 563 bn covering 9.3 months of imports.

27) As of end-November 2022, India is the sixth largest foreign exchange reserves holder in the world.

28) UPI-based transactions grew in value (121 per cent) and volume (115 per cent) terms, between 2019-22, paving the way for its international adoption.

29) 200 per cent increase in rural internet subscriptions between 2015 and 2021.

30) More than 98 per cent of the total telephone subscribers are connected wirelessly. The overall tele-density in India stood at 84.8 per cent in March 22.