Economic Survey 2023 Highlights: India's GDP growth pegged at 6-6.8% in FY24 as FM Nirmala Sitharaman tables annual document in Parliament

Economic Survey 2023

Recovery of economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don't have to speak of pandemic recovery anymore, we have to look ahead to the next phase: Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey 2023

Economic Survey 2023

Share of private sector investment in agriculture has reached a high level, faciliated by various government initiatives. The sector is no longer about being a primary sector, it has tremendous export potential as well: Chief Economic Advisor on #EconomicSurvey pic.twitter.com/5OPxFECbmd

— ANI (@ANI) January 31, 2023

Economic Survey: Global economic factors, recessionary fears in advanced economies led to FPI sell-off

Global economic factors such as inflationary pressures, monetary tightening by central banks, and recessionary fears in advanced economies exerted pressure on FPIs to sell in Indian markets, Economic Survey 2022-23 said on Tuesday.

Economic Survey 2022-23

RBI projects headline inflation at 6.8% in FY23, which is outside its target range: Govt of India

— ANI (@ANI) January 31, 2023

Economic Survey 2023

Private consumption as a percentage of GDP stood at 58.4 per cent in Q2 of FY23, the highest among the second quarters of all the years since 2013-14, supported by a rebound in contact-intensive services such as trade, hotel and transport: Govt of India

— ANI (@ANI) January 31, 2023

Sensex, Nifty50 edge higher after Economic Survey pegs 2023-24 GDP growth at 6-6.8%

Both headline indices hold on to the green with a gain of 0.1 per cent each after the relese of the Economic Survey. The Sensex is up 47.2 points at 59,547.6, having gyrated in range of nearly 700 points — between 59,104.6 and 59,787.6 59,787.6 — earlier in the day. The Nifty50 is up 18 points at 17,666.9, after moving broadly within the 17,500-17,750 band in intraday trade so far.

Catch all live stock market action here with Zeebiz.com’s blog

Highlights of Economic Survey 2022-23 tabled in Parliament

* India's economy to grow 6.5 pc in 2023-24, compared to 7 pc this fiscal and 8.7 pc in 2021-22
* India to remain the fastest growing major economy in the world
* GDP in nominal terms to be 11 pc in next fiscal
* Growth driven by private consumption, higher capex, strengthening corporate balance sheet, credit growth to small businesses and return of migrant workers to cities
* India third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of exchange rate
* Economy has nearly "recouped" what was lost, "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe
* Real GDP growth to be in the range of 6-6.8 pc next fiscal depending on global economic, political developments
* India's recovery from the pandemic was relatively quick, growth next fiscal to be supported by solid domestic demand, pick up in capital investment
* RBI projection of 6.8 pc inflation this fiscal outside the upper target limit, not high enough to deter private consumption, also not too low to weaken inducement to invest
* Borrowing cost may remain 'higher for longer', entrenched inflation may prolong tightening cycle
* Challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed
* CAD may continue to widen as global commodity prices remain elevated, economic growth momentum stays strong
* If CAD widens further, rupee may come under depreciation pressure
* Overall external situation to remain manageable
* India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility
* Elevated downside risks to global economic outlook as inflation persisting in advanced economies and hints of further rate hikes by central banks
* Inflation did not "creep too far above" tolerance range compared to several advanced nations
* The growth in exports has moderated in second half of current fiscal; the surge in growth rate in 2021-22 and first half of current fiscal led to production processes shifting gears from 'mild acceleration' to 'cruise mode'
* Slowing world growth, shrinking global trade led to loss of export stimulus in the second half of current year
* Schemes like PM KISAN, PM Garib Kalyan Yojana significantly contributed to lessening impoverishment
* Credit disbursal, capital investment cycle, expansion of public digital platform and schemes like PLI, National Logitics Policy and PM Gati Shakti to drive economic growth
* Bank credit growth likely to be brisk in FY24 on back of benign inflation, moderate credit cost
* Credit growth to small businesses remarkably high at over 30.5 pc in January-November, 2022
* Housing prices firming up after release of pent-up demand, decline in inventories
* Central govt capex grew 63.4 pc in April-November of current fiscal
* India's economic resilience has helped it withstand the challenge of mitigating external imbalances caused by the Russia-Ukraine conflict without losing growth momentum
* Stock market gave positive retruns in calendar year 2022 unfazed by FPI withdrawal
* India withstood extraordinary set of challenges better than most economies
* After a dip in FY21, GST paid by small businesses has been rising and now crossed pre-pandemic levels reflecting the effectiveness of targeted government intervention
* Private consumption, capital formation led economic growth in current fiscal has helped generate employment; urban employment rate declined, while Employee Provident Fund registration rose.

President Droupadi Murmu Speech Highlights 

1) President Droupadi Murmu on Tuesday urged people to put in their best to build in the next 25 years a developed India connected to its past glory and containing every golden chapter of modernity.

2) In her first address to the joint sitting of Parliament as the Budget session began, she said 'Amrit Kaal', described by the government as the 25-year period culminating in the centenary of India's independence, is the time to build an India which is 'aatmanirbhar' (self reliant) and also fulfils its humanitarian obligations.

3) It will be an India with no poverty and a prosperous middle class and whose youth and women are at the vanguard of guiding the nation, the president said, amid frequent thumping of desks by lawmakers at the Central Hall of Parliament.

4) Under the nearly nine years of the Prime Minister Narendra Modi-led government, the country has seen many positive changes, she said, adding that the biggest change is that the self-confidence of every Indian is at its peak and the world has changed the way it looks at India.

5) While India used to depend on others to solve its problems, it is now working to solve global problems, Murmu, India's first tribal president, said.

6) People have been given basic amenities missing for decades and modern infrastructure that society long aspired for is being built across the country, the president said. She cited the expansion of digital network and the crackdown on corruption during the Modi government's tenure. The government has fulfilled the aspirations of the deprived sections of society, the president said.

Parliament Budget session 2023 LIVE

My government has awakened the aspirations of the Scheduled Castes, Scheduled Tribes and Other Backward Classes. Now that basic facilities are reaching them, these people are able to see new dreams: President Murmu to the joint session of Parliament

— ANI (@ANI) January 31, 2023

Opposition plan to raise Adani issue during Budget session 

On the eve of the Budget session, opposition parties on Monday raised the Adani issue and the conduct of governors in some states ruled by them at an all-party meeting. 

Parliament Budget session 2023 LIVE: India's budget will be ray of hope for world: PM Modi

Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, India's budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world. Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of economy were bringing positive messages from all sides.

The prime minister said the Budget, to be presented by Finance Minister Nirmala Sitharaman on Wednesday, will strive to fulfil people's hopes, aspirations and also boost the hopes with which the world is looking at India.

Parliament Budget session 2023 LIVE

That should be an India that will not have poverty, whose middle class will also be prosperous, an India whose youth and women will stand at the front to show a path to society & the country, an India whose youth stays two steps ahead of time: President Droupadi Murmu pic.twitter.com/MDYnHK22WG

— ANI (@ANI) January 31, 2023

Parliament Budget session 2023 LIVE: President begins joint addres in Parliament 

Budget Session | President Droupadi Murmu addresses the joint session of Parliament pic.twitter.com/qdmHLfUbvC

— ANI (@ANI) January 31, 2023

Parliament Budget session 2023 LIVE

Budget Session | President Droupadi Murmu arrives at the Parliament to deliver her first address to its joint sitting pic.twitter.com/AzGGfeCMpz

— ANI (@ANI) January 31, 2023

President Murmu reaches Parliament House to address joint sitting of two Houses

President Droupadi Murmu reached Parliament House on Monday morning in a ceremonial procession to address the joint sitting of the two Houses ahead of the Budget Session. This will be President Murmu's first address to the joint sitting of Rajya Sabha and Lok Sabha members after assuming office last July. Soon after taking oath, she delivered an acceptance speech in the Central Hall of Parliament. According to convention, the president addresses members of the two Houses in Central Hall at the beginning of the year's first Parliament session.

Her cavalcade drove down Raisina Hills along with the horse-mounted President's Bodyguards. She was received by Vice-President and Rajya Sabha Chairman Jagdeep Dhankhar, Prime Minister Narendra Modi, Lok Sabha Speaker Om Birla and other dignitaries.