Thread by @Shehzad_Ind

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