Survey report cites improved performance in sectors like tourism, hotels, real estate, IT-BPM and e-commerce. Anticipates improvement in India’s services exports.
National Infrastructure Pipeline projected investment of Rs 111 lakh crore for FY20-25. Survey notes India needs continued stepping up of infra investment to sustain high growth rate.
While global headwinds remain, several factors due in large part to management of key sectors in last few years have placed India in strong position for remaining part of this decade.
Capital expenditure on railway infra was ₹2.5 lakh cr in FY23, up by about 29 per cent against previous yr. Construction of highways went up from 6,061 km in FY16 to 10,457 km in FY22.
Finance Minister raised capex by 35.4% to continue the public investment-led recovery of the pandemic-battered economy. Last year, it stood at Rs 5.5 lakh crore.
This is due to the plateauing of exports and subsequent widening of the current account deficit. On Tuesday, the rupee depreciated 12 paise to 81.64 against the US dollar.
The government survey is expected to show growth at 6.5% for 2023-24 under the baseline scenario, the slowest in three years and nominal growth to be forecast at 11%.
Modi govt had in early 2018 announced vision to achieve $5 trillion economy level by the 2025 fiscal, but the domestic economy started losing momentum because of the Covid pandemic in 2020.
Global economic environment a concern with inflation becoming an issue across the world, says Economic Survey 2021-22, tabled by Finance Minister Nirmala Sitharaman in Parliament.
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