Kochi: Finance Minister Nirmala Sitharaman’s economic survey report in Parliament yesterday listed the achievements of the Union government and the Indian economy so far this year. The report highlights the rapid recovery from crises like Covid, Russia-Ukraine war, high commodity and raw material prices and the steps taken by the central government and the Reserve Bank for this.
The report points out that it is significant that inflation, which has created a severe crisis throughout 2022, is back within the RBI’s control range. Private consumption hit a post-2015 high, a wake-up call for all sectors. The central government’s capital expenditure has risen to 2.5 per cent in 2021-22 from the 2009-20 average, a testament to the Centre’s austerity and recovery in the economy.
MSME loans grew by 30.6 percent. Banks’ bad debt ratio has hit a seven-year low of 5 percent. Expenditure on health sector rose to 2.2 per cent from 1.6 per cent in 2020-21. Expenditure in the social sector rose to Rs 21.3 lakh crore from Rs 9.1 lakh crore. The unemployment rate fell from 5.8 percent to 4.2 percent, better than before Covid.
According to the report, investment in the agriculture sector has increased, loans have increased and support prices have been raised. The value added (GVA) of the industrial sector rose to 3.7 percent from 2.8 percent.
export
Go ahead
India earned $33,280 million worth of export earnings during April-December of the current year. India, which has expanded its market, has increased its exports to Brazil, South Africa and Saudi Arabia. Entering into trade agreements with UAE and Australia was also an achievement.
India ranks 6th among the countries with the highest foreign exchange reserves.
89,151 projects worth Rs 141.4 lakh crore are in progress in the National Infrastructure Pipeline (NIP).
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