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Economic Survey 2022-23

Published on January 31, 2023
Current context: A day before the Budget session, the Economic Survey is presented. The Finance Ministry creates the survey. According to the report, India's GDP will be between 6% and 6.8% in 2024.
Economic Survey 2022-23

  • Public digital platforms significantly contributed to the acceleration of economic growth in 2022. When compared to other developing economies, the Indian Rupee performed better.
  • In November 2022, retail inflation returned to the target the Reserve Bank of India set. The Indian government is focused on economic recovery and returning to pre-pandemic conditions.
  • Direct tax collections from April to November 2022 were substantial, with revenue increasing without an increase in tax rates.
  • The urban unemployment rate is declining, and Scheduled Commercial Banks' Gross Non-Performing Assets ratio has decreased to its lowest point in seven years.
  • The central and state governments' health expenditure in FY2023 was 2.1% of GDP, compared to 2.2% in 2022 and 1.6% in 2021. 220 crore COVID vaccines were administered in FY23.
  • 41.5 crore people were lifted out of poverty between 2005 and 2019, according to the UNDP's Multi-dimensional Poverty Index.
  • India aims to achieve net zero emissions by 2070 and has established the National Green Hydrogen Mission to become energy independent by 2047.
  • Agricultural investments from the private sector increased by 9.3% in 2020-21, and 81.4 crore people have benefited from the National Food Security Act. 11.3 crore farmers have benefitted from the PM KISAN program between April and July 2022-23. 2023 has been designated as the International Year of Millets by the UN at India's request, with the country pushing for increased millet production.
  • Merchandise exports were 332.8 billion USD from April to December 2022, and remittances in 2022 were 100 billion USD, the largest in the world. UPI-based transactions increased 121% from 2019 to 2022.
  • According to the Economic Survey for 2022–2023, the Indian government should prioritise the following reforms:
  1. Ease of living for the public
  2. Deliver governance efficiently and gain the trust of the citizens
  3. Develop partnerships with the private sector to develop the economy
  4. Increase the production from the agricultural sector

Question:

Q.1 Which of the following is true about the Economic Survey of India?
a. The Ministry of Commerce prepares it.
b. It predicts that India's GDP growth will be less than 6% in 2024.
c. It was presented a week before the Budget session.
d. It highlights the contribution of public digital platforms to economic growth in 2022 and the improved performance of the Indian Rupee compared to other developing economies.

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