Economic Survey 2023 - Lets understand the Indian Economy in 2023
- India as the fastest-growing major economy at 6.5-7.0 per cent in FY23. GDP growth for FY 2024 to be in the range of 6.0% to 6.80%
- Healthy banking and Financial Institutes Balance Sheet. They are now repaired and credit growth is rising:
2005-2012: Credit Boom that led to balance sheet stress later
2015: Phase of higher NPA
2018: ILFS Collapse leading to stress in NBFC sector
2019-20: Covid 19 Pandemic
2022: Commodity Price shocks and supply chain discruption - Reforms of last eight years:
Financial Inclusion
Infrastructure, Investment
Transparent Taxes, Ease of doing business - CREDIT GROWTH TO THE MICRO, SMALL, AND MEDIUM ENTERPRISES (MSME) SECTOR HAS BEEN REMARKABLY HIGH, OVER 30.5 PER CENT, ON AVERAGE DURING JAN-NOV 2022
5. RBI PROJECTS HEADLINE INFLATION AT 6.8 PER CENT IN FY23, WHICH IS OUTSIDE ITS TARGET RANGE
