Quick Summary
Indian economy staging a broad based recovery across sectors, positioning to ascend to pre-pandemic growth path in FY23 Retail inflation is back within RBIs target range in November 2022 Direct Tax collections for the period April-November 2022 remains buoyant Enhanced Employment generation seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund Creating public goods to enhance opportunities, efficiencies and ease of living, trust-b
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FAQ :
The Indian economy is staging a broad-based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23, with GDP growth expected to remain robust in FY24.
Retail inflation has returned within the RBI's target range in November 2022. While India's retail inflation peaked at 7.8% in April 2022, it was one of the lowest overshoots compared to advanced economies.
The government's reforms focus on creating public goods, adopting trust-based governance, co-partnering with the private sector for development, and improving agricultural productivity, all aimed at enhancing ease of living and doing business.
Cleaner balance sheets have led to enhanced lending by financial institutions. Non-food credit offtake by Scheduled Commercial Banks has been growing in double digits since April 2022, and the Gross Non-Performing Assets (GNPA) ratio has fallen to a seven-year low of 5.0%.
Social sector expenditure (Centre and States combined) has significantly increased to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16. Health sector expenditure also saw an increase.
According to the UNDP's Multidimensional Poverty Index report, 41.5 crore people exited poverty in India between 2005-06 and 2019-20.
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