Economic Survey: India's export of goods and services in value for the first 3 quarters of FY23 up 16 per cent y-o-y

"As a country with a large merchandise trade deficit because of its dependence on imported fuel, the external sector is always watched closely, especially during rising oil prices," the Survey said, adding, "This financial year is one such year."

According to the Survey, various arms of the government ensured that, in a year of extreme supply uncertainty and price volatility, India's energy security was not compromised.

It added, "Merchandise exports were USD 332.8 billion over April-December 2022 against USD 305 billion during the period April-December 2021. Nonpetroleum and non-gems and jewellery exports in April-December 2022 were USD 233.5 billion, as compared to USD 230 billion in April-December 2021."

The Survey said, "Petroleum, oil, and lubricants (POL) exports constituted about 21.1 per cent and non-POL exports were 78.9 per cent of total exports during FY23 (until December 2022)."

The Union Finance Minister, Nirmala Sitharaman on Tuesday tabled the Economic Survey for the Financial Year 2022-23, after the President's address, on the first day of the Union Budget Session 2023-24.

The Economic Survey said that India's economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparision to 7 per cent this fiscal and 8.7 per cent in 2021-22.

Chief Economic Advisor Dr V Anantha Nageswaran in a press conference in the national capital said that the India Monentary Fund (IMF) in its World Economic Outlook Update, has maintained India's GDP forecast for current Fiscal Year at 6.8 per cent, the next Fiscal Year at 6.1 per cent and for 2024-25 at 6.8 per cent.India's economy is poised to do better in remainder of this decade, the CEA said.

The Economic Survey document said the growth projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, the Asian Development Bank and the Reserve Bank of India.

"The actual outcome for real GDP growth will probably lie in the range of 6.0 per cent to 6.8 per cent, depending on the trajectory of economic and political developments globally," the survey read.

The Economic Survey for 2022-23 was tabled in the Parliament, a day ahead of the national Budget for next financial year.

The Budget session began today with an address of President Droupadi Murmu of the joint sitting of the two houses of Parliament.

The Economic Survey said that India remains the fastest-growing major economy in the world

GDP in nominal terms has been projected at 11 per cent in next fiscal.

Meanwhile, RBI projects 6.8 per cent inflation this fiscal outside the upper target limit, which the Economic Survey says is "not high enough to deter private consumption, also not too low to weaken inducement to invest." (ANI)