Anil Gupta

The economic survey indicates the resilience of Indian Economy, the economy is estimated to cross the pre-pandemic stage in 21-22 by achieving 9.2% growth. However sectors which are contact intensive yet have to catch-up growth. 

The 2022-23 seems to be also a good year for economic provided we don’t face further waves of covid19 pandemic and monsoon is at average level. The government forecast of 8.2% is slightly lower than IMF forecast of 9% growth but yet its fastest among the major economies in the world.

The macroeconomic indicators are in a very healthy state despite 2 years pandemic times and hence it indicate that Indian economy may combat the prevailing global uncertainties as well as domestic reasons like bad monsoon or covid19 blasts. Our forex reserve is at almost all time high and external debt to reserve ratio is at declining trend which is a very strong indicator of macroeconomic health of the Nation.

The government spending in healthcare and social welfare has increased multifold in pandemic period however, growth in both tax and non-tax revenue have improved the fiscal health.  Kudos to Government’s visionary leadership.

Due to prolonged pandemic hit, the NPAs in banks were expected to grow northwards however to the utter pleasurable surprise, Net NPA ratio is steadily declining.

The availability of risk capital is something for which we used to be at very poor ranking across the globe however this year record risk capital has been mobilized from capital markets by corporates. This indicates great improvement in entrepreneurship – climate in the country. The sharp increase in startups this year has boosted the innovation space. The nation will see the immense wealth created by these startups in near future.

The budget survey also indicates the overall improvement in the quality of life in both urban and rural sectors.

The tap connections to houses have observed sharp growth due to Jal Jeevan Mission, it’s a remarkable improvement in quality of life in rural India.

The night time luminosity index indicates the kind of energy consumptions growth in last 10 years. The energy consumption growth is an indicator of overall improvement in the quality of living life.

The infrastructure is like water in the roots of a tree known as development. The current length of highways is 140152 km which were 71772km in 2021.

The number of airports has increased to 130 from 62 in 2016.

Overall the economy seems to be in a good health despites several shocks in prevailing scenario and its geared to have fastest growth rate in the world.

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