Economic Survey 2023: Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023 in the Parliament on Tuesday. The Survey details the state of economy in the current fiscal, while giving a sneak peek into the future. India's retail inflation came down below 6 per cent in November after remaining above RBI's upper tolerance level for 10 months since January 2022.

Here are the ten major highlights from the Economic Survey 2023 :

1. GDP Forecast:

Indian economy is staging a broad-based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23. India's GDP growth is expected to remain robust in FY24. GDP forecast for FY24 to be in the range of 6-6.8  per cent.

“Today, India's self-confidence is at its highest and the world is looking at her from a different perspective. India is providing solutions to the world,” said President Draupudi Murmu, before the survey was tabled.

2. Inflation within target but a further tightening of rates expected

Economic Survey highlighted that the retail inflation is back within RBI's target range in November 2022, as the government adopted a multi-pronged approach to tame the increase in price levels. While the year 2022 witnessed a return of high inflation in the advanced world after three to four decades, India caps the rise in prices by reducing the export duty of petrol and diesel, waiving of custom duty on cotton imports and many more.

3. Employment generation

Enhanced employment generation has been observed and the urban unemployment rate has declined. Higher net registration numbers have been seen in Employee Provident Fund scheme. Labour markets have recovered beyond pre-Covid levels, in both urban and rural areas, with unemployment rates falling from 5.8 per cent in 2018-19 to 4.2 per cent in 2020-21.

4. Boost in the Agricultural sector

Private investment in agriculture has increased to 9.3 per cent in 2020-21. Institutional Credit to the Agricultural Sector continued to grow to 18.6 lakh crore in 2021-22. In terms of credit growth, institutional Credit to the Agricultural Sector continued to grow to 18.6 lakh crore in 2021-22.

5. MSME Sector growth

Credit to Micro, Small and Medium Enterprises (MSMEs) has grown by an average of around 30 per cent since January 2022 and credit to large industry has been showing double-digit growth since October 2022.