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EconomicSurvey
2022-23
Government of India
Ministry of Finance
Department of Economic Affairs
Economic Division
North Block
New Delhi-110001
January, 2023
CONTENTS
viiPreface
xi acknowledgment xiii abbreviations xxxi list of tables xxxiii list of charts xli list of boxesChapter No.
Page No. Name of the Chapter
1State of the Economy 2022-23: Recovery Complete
03 The Global Economy Battles Through a Unique Set of Challenges
09 Macroeconomic and Growth Challenges in the Indian Economy
12 India's Economic Resilience and Growth Drivers
19 India's Inclusive Growth
21 Outlook: 2023-24
2 India"s Medium-term Growth Outlook: With Optimism and Hope24 Introduction
25 Product and Capital Market Reforms
28 Reforms for New India- Sabka Saath Sabka Vikaas
36 Returns to the Economic and Structural Reforms after 2014
39 Growth Magnets in this Decade (2023-2030)
3Fiscal Developments: Revenue Relish
42 Introduction
42 Developments in Union Government Finances
54 Overview of State Government Finances
67 Conclusion
4 Monetary Management and Financial Intermediation: A Good Year79 Monetary Developments
82 Liquidity Conditions
83 Monetary Policy Transmission
84 Developments in the G-sec Market
85 Banking Sector
88 Credit Growth Aided by a Sound Banking System and Deleveraged Corporate
Sector
89 Non-Banking Financial Companies Continue to Recover
91 Progress Made Under the Insolvency and Bankruptcy Code
94 Development in Capital Markets
102 Other Developments
106 IFSC-GIFT City
109 Developments in the Insurance Market
113 Pension Sector
116 Outlook
118 Introduction
138 Monetary Policy Measures for Price Stability
139 Housing Prices: Recovering Housing Market after the Pandemic
142 Keeping Check on Pharmaceutical Prices
142 Conclusion
6Social Infrastructure and Employment: Big Tent
146 Introduction
149 Improving Human Development Parameters
151 Transformation of Aspirational Districts Programme
153 Progressing Labour Reform Measures
155 Aadhaar: The Many Achievements of the Unique Identity
157 Improving Employment Trends
174 Ensuring Quality Education for all
182 Equipping the Workforce with Employable Skills and Knowledge in Mission Mode
199 Social Protection for the Rainy Day
200 Development of India"s Aspiring Rural Economy
213 Enhancing Rural Governance for Inclusive Growth
215 Conclusion and Way Forward
7 Climate Change and Environment: Preparing to Face the Future217 Introduction
221 Progress on India"s Climate Action
231 Finance for Sustainable Development
234 Major Decisions at COP 27
235 India"s Initiatives at the International Stage
236 Initiatives Related to other Environmental Issues
242 Conclusion
8 Agriculture & Food Management: From Food Security to Nutritional Security243 Introduction
245 Record Production of Foodgrains
246 MSP to Ensure Returns Over the Cost of Production
246 Enhanced Access to Agricultural Credit
247 Farm Mechanisation- Key to Improving Productivity
247 Chemical-free India: Organic and Natural Farming
248 Other Important Initiatives in Agriculture
252 Allied Sectors: Animal Husbandry, Dairying and Fisheries Catching up in Recent
Years253 Sahakar-Se- Samriddhi: From Cooperation to Prosperity
255 Food Processing Sector-The Sunrise Sector
256 Food Security- Social & Legal Commitment to the People of the Nation
258 Conclusion
9Industry: Steady Recovery
261 Introduction
262 Demand Stimulus to Industrial Growth
265 Supply Response of Industry
269 Robust Growth in Bank Credit to Industry
272 Industry Groups and their Challenges
284 India"s Prospects as a Key Player in the Global Value Chain
291 Conclusion and Outlook
10Services: Source of Strength
293 Introduction
294 Trends in High-Frequency Indicators
297 Major Services: Sub-Sector-Wise Performance
310 Outlook
11External Sector: Watchful and Hopeful
312 Introduction
326 Balance of Payments in Challenging Times
12 Physical and Digital Infrastructure: Lifting Potential Growth343 Introduction
345 Government"s Vision and Approaches to Infrastructure Development in India
352 Developments in Physical Infrastructure Sectors
360 Developments in Digital Infrastructure
371 Conclusion/Outlook
viiPreface
the economic survey 2022-23 comes when global uncertainties are rife. Barely had the pandemic receded,
accelerated, central banks of advanced countries scrambled to respond with monetary policy tightening. Many
developing countries, particularly in the south asian region, faced severe economic stress as the combination of
weaker currencies, higher import prices, the rising cost of living and a stronger dolla r, making debt servicing more in the second half of 2022, there was a respite for governments and hous eholds. commodity prices peakedand then declined. in the near term, the acute pressure was relieved, although prices of some commodities (e.g.,
crude oil) remain well above their pre-pandemic levels. for countries dependent on imports, priced and payable in
interest rates peak, as does the us dollar. capital and current account imbalances abate. that has spared households from a debilitating increase in fuel prices t hat would have dented their disposable incomerate declines in the us, policy rates are set to rise more slowly. in anticipation, bond yields have come down, and there
lower chances of a downturn in advanced economies and resumption of econ omic activity bring with them hopesfor essential commodities. in anticipation of higher-than-earlier forecasted demand, crude oil prices have begun to
climb, as have the prices of industrial metals. wage negotiations are leading to upward revisions on either side of the
have hoped. the year promises to be far from predictable and may hold surprises for countries and households. for india, 2022 was special. it marked the 75 thlargest economy, measured in current dollars. come March, the nominal gdP of india will be around us$ 3.5
india had a good monsoon, and reservoir levels are higher than last year and the 10-year average. thefundamentals of the indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary
as a modern, independent nation. Policies pursued carefully and consciously have ensured that the recovery is
overview of what awaits inside the pages of the economic survey of 2022-23, it is worth reiterating that the year
is still ongoing, and the survey is based on nine months of data at best or eight mostly. viiibanking balance sheets were repaired and restored to health. Not letting the crisis go waste (i.e., fashioning an
to prepare the ground for the private sector to invest, hire and prosper. It records the wide-ranging structural reforms
and governance improvements that the government has undertaken since 201 4. While reforms before 2014 addressed product and capital markets, reforms since then have emphasisedpolicies have been anchored are creating public goods, adopting trust-based governance, partnering with the private
sector for development and improving agricultural productivity. With cleaner, leaner and stronger balance sheets
medium-term outlook.as a source of durable and dependable revenue for states and the centre. Given India's demographic advantage and
making more money available for economic development and social welfare.Money, Banking and Capital Markets are the subjects of Chapter 4. During the year, the Reserve Bank of India
indices of Indian stocks have outperformed their emerging market and global peers over the long haul. In short,
from that. The last two years have also seen a rise in the participation of Indian domestic retail investors in big
time to time, but they also added to their wealth stock, given the perfo rmance of Indian stocks in 2021 and 2022.The following chapter on prices is a story of the convergence of India's wholesale and retail prices throughout
that it will pass through to retail prices. The gap or the wedge between the two closed by the end of the year as
global commodity prices retreated and the government took proactive meas ures to rein in their domestic prices.by the chapter on climate change and environment (Chapter 7) and not without reason. Social welfare is not an
afterthought for the government but its leitmotif. The comprehensive and 'leave no one behind' approach that the
government has adopted for social welfare gets full treatment in this chapter. The chapter highlights how the use
their delivery that the government has embraced and implemented.ix Climate change and the environment are not only hot-button issues globally but are critical to India realising
its aspirations. Hence, India currently spearheads one of the most robus t climate actions through its NationallyDetermined Contributions (NDC), which includes an ambitious programme for transitions to clean energy in the
world. Despite the adverse impacts of Covid-19 on the economy, the country has enhanced its climate ambition
manifold.The health of the farm sector is critical for the economic and social well-being of the country. India has achieved
8 documents India's transition from food security to nutritional security and the importance that the government
accords agricultural productivity.Chapters 9 to 12 are bread-and-butter features of the Economic Survey. They deal with Industry, Services, the
revival facilitated by public investment and policies that have eased business conditions and improved viability.
Bank credit to industry has picked up momentum, particularly for micro, small and medium enterprises. Among
here, and its investment into and commitment towards Production-Linked-Incentive Scheme demonstrates its
determination to plug India into global supply chains. It is an industrial policy with a global vision. India now has
the physical and digital infrastructure to raise the share of the manufacturing sector in the economy and make a
realistic bid to be an important player in global supply chains. In the last eight years, the government has created
India's services sector is a source of strength and is poised to gain more. Indi a is large enough to accommodate gati shakti and the National Logistics Policy areThat brings us to the twelfth and last chapter of the survey. It is on infrastructure. 'Last but not least' is clichéd,
but in this case, it is a truthful cliché. We have kept one of India's best success stories of recent years for the last.
In 2019, the Government of India adopted a forward-looking programmatic approach towards infrastructure. The
developing a comprehensive view of infrastructure development in the country. Roads, railways, and waterways
been pursued with verve and achieved with commendable speed.Finally, the growth and evolution of India's public digital infrastructure is a story not just of numbers and
milestones but also of thoughtful regulatory and innovation architecture that have enabled it to retain its publicgood character with enough incentives for the private sector to innovate and invest. The untapped potential is huge,
and the country needs to continue to innovate. With digital technology and infrastructure, one has to keep running
to hold onto one's place.The international political and economic order that emerged at the end of World War II has developed faultlines
xlately, as they inevitably do if history were any guide. Consequently, envisaged as platforms for building global
amrit Kaal, it assumed thePresidency of G-20 nations in December 2022. Global problems need global solutions, and global solutions require
collaboration and cooperation. Based on the theme of Vasudhaiva Kutumbakam: One Earth, One Family, One
Future", India's G20 Presidency aims to achieve co-ordinated solutions to key issues of global concern. These issues
include strengthening multilateral development banks for addressing shared global challenges of the 21
st century, The Presidency is a platform for India to share its success stories with the global community, especially the mannerin which Digital Public Infrastructure has supported an inclusive people-centric growth paradigm. In short, the G20
Presidency is an opportunity for India to bind an otherwise fragmented g lobal order.because it has reinforced my hope and optimism for the country and its people. I hope that the data and analysis of
the Survey will help economists, academicians, policymakers and practiti oners in their pursuits.Above all, I hope it inspires the readers to partake in shaping the future of this great nation, which promises to
be every bit as glorious as its past, if not better.V. Anantha Nageswaran
Chief Economic Adviser
Ministry of Finance
Government of India
xiAcknowledgment
of the hon'ble finance Minister smt. nirmala sitharaman. the survey sincerely acknowledges the support from the
hon'ble Ministers of state for finance shri Pankaj chaudhary and dr. Bhagwat Kishanrao Karad, finance secretary
dr. t. V. somanathan, secretary dea shri ajay seth, revenue secretary shri sanjay Malhotra, dfs secretary shri
chandni raina, anuradha guru, saju K. surendran, sasikumar s., shweta Kumar, t. gopinath, Vasanthi V. Babu, sweta
satya, dharmendra Kumar, M. rahul, harish Kumar Kallega, gurvinder Kaur, deepika srivastava, amit sheoran, shreya
Bajaj, Manoj Kumar Mishra, Megha arora, deeksha supyaal Bisht, ritika Bansal, Md. aftab alam, Pradyut Kumar
Pyne, abhinav Banka, shivani Mohan, sahar, Mritunjay Kumar, rajesh sharma, amit Kumar Kesarwani, rohit Kumar
unni narayanan Kurup, Meera unnikrishnan, akash Poojari, satyendra Kishore, s. ramakrishnan, Vishal gori, ritesh
Vinod Kotwal, dr. navneet Mohan Kothari, ravi dadhich, Prashant Kumar rai, Prosenjit sanyal, Vishal goyal,
dr c. Vanlalramsanga, renu lata, sudipta Bhattacharyya, rishika choraria, shyam sundar Parui, saurabh garg, alok
shukla, samir Kumar, Praveen Mahto, nilambhuj sharan, anshuman Kamila, r. rajesh, Manish sharma, rakesh ranjan,
dr. Bijaya Kumar Behera, indrani Kaushal, dhirendra gajbhiye, deepika rawat, ashok Kumar, yashwant singh,
subhash chander, a. srija, smriti sharan, V. dhanya, ipsita Padhi, satyarth singh, rachit solanki, akhilesh sharma,
ritesh Patel, ajay Kumar singh, divya sharma, umesh chandra, dharmender, c M dey Karmakar, dharam Prakash,
c. Mohandas, o.P. thakur, deepak Mehra, sailendra Misra, alok chandra, santosh Kumar sinha, sanjeet singh,
singh, ashish Kumar Mallick, Venkateshwaran ramakrishnan, Prabhat rath, ananth narayan g, sujit Prasad, rakesh
goyal, ashish aggarwal, tejasvi gupta, Medha shekar, sudhakar shukla, santosh shukla, sushir sharma, saugata
Bhattacharya, ashish tripathi, debasish Panda.
apart from the above, various ministries, departments and organisations of the government of india contributed in their
respective sectors. we also received help from several industry bodies, public institutions and private sector entities such
as, rBi, seBi, national housing Bank, nPPa, isa, cea, nasscoM, iBBi, national e-governance services limited,
arup shyam chowdhury, susruta samanta, daleep Kumar, sunil Kumar gupta, s.K. agarwal, dinesh Vishwakarma,
singh from hindi section, dea and dr. suresh Kumar yadav, Manish Bhatnagar, ompraksh singh, dr. rajiv Kumar,
ashwani Kumar, Manoj Kumar, ravi Kumar Meena from central translation Bureau. hindi version of the survey was
typed by sashipal singh rawat, arun Kumar, yatender Kumar, sanjay Prasad from directorate of Printing, Minto road.
from signature Printers did page setting of the english and hindi versio ns of the survey.last but not the least, the economic survey owes deep gratitude to the families of all those involved in its preparation
for their patience and support.V. Anantha Nageswaran
chief economic adviserMinistry of finance
government of india xii xiiiABBREVIATIONS
AAAccount Aggregator
AAIAirports Authority of India
AAYAntyodaya Anna Yojana
AB PM-JAYAyushman Bharat Pradhan Mantri - Jan Arogya YojanaABDMAyushman Bharat Digital Mission
ABPAspirational Blocks Programme
AB-PMJAYAyushman Bharat -Pradhan Mantri Jan Arogya YojanaABRYAatmanirbhar Bharat Rojgar Yojana
ADBAsian Development Bank
ADGMAbu Dhabi Global Market
ADPAspirational Districts Programme
ADsAspirational Districts
AEAdvanced Estimates
AePS/AEPSAadhaar Enabled Payment System
AEsAdvanced Economies
AfCFTAAfrican Continental Free Trade Area
AFSAAlbanian Financial Supervisory Authority
AGEYAajeevika Grameen Express Yojana
AHFAffordable Housing Fund
AHIDFAnimal Husbandry Infrastructure Development Fund AI AIDCAgriculture Infrastructure and Development CessAIFAgriculture Infrastructure Fund
AIMAtal Innovation Mission
AISHEAll India Survey on Higher Education
AKAMAzadi ka Amrit Mahotsav
AMFAutorite Des Marches Financiers of France
ANBAatmanirbhar Bharat
APBAadhaar Payment Bridge
APEDAAgricultural & Processed Food Products Export Development AuthorityAPIApplication Programming Interfaces
APYAtal Pension Yojana
AQRAsset Quality Review
ARRAverage Revenue Rate
ASEANAssociation of Southeast Asian Nations
ASEEMAatmanirbhar Skilled Employees Employer MappingASIAnnual Survey of Industries
ATMPAssembly, Testing, Marking, and Packaging
AuMAssets Under Management
BCDBasic Customs Duty
BEBudget Estimates
xivBEIBusiness Expectations IndexBFTBare Foot Technicians
BIFRBoard for Industrial and Financial ReconstructionBISBank for International Settlements
BMIBody Mass Index
BoEBank of England
BoPBalance of payments
BOTBuild-Operate-Transfer
BPKPBhartiya Prakratik Krishi Paddhati
BPOBusiness Process Outsourcing
BpsBasis Points
BRAPBusiness Reform Action Plan
BRSRBusiness Responsibility and Sustainability ReportBSCCLBangladesh Submarine Cable Company Limited
BSEBombay Stock Exchange
BSNLBharat Sanchar Nigam Limited
CACooperation Agreement
CABCurrent account balance
CADCAGComptroller and Auditor General of India
CAGRCompound Annual Growth Rate
CAMPACompensatory Afforestation Fund Management and Planning Authority CANISubmarine OFC connectivity from Chennai to Andaman & Nicobar IslandsCapexCapital Expenditure
CB&TCapacity Building & Training
CBDConvention on Biological Diversity
CBDCCentral Bank Digital Currency
CBDR-RCCommon but Differentiated Responsibility and Respective CapabilitiesCBDTCentral Board of Direct Taxation
CBICCentral Board of Indirect Taxes and Customs
CBNCentral Bank of Nigeria
CBOEChicago Board Options Exchange
CCBCapital Conservation Buffer
CCEsCrop Cutting Experiments
CCPCentral Counter Parties
CDCorporate Debtor
CDPCluster Development Programme
CDRICoalition for Disaster Resilient InfrastructureCEACentral Electricity Authority
CECAComprehensive Economic Cooperation Agreements
CEPAComprehensive Economic Partnership Agreement
CFPIConsumer Food Price Index
CGAController General of Accounts
CGCCredit Guarantee Corporation
CGSSCredit Guarantee Scheme for Start-ups
xvCGSTCentral Goods and Services TaxCHCCustom Hiring Centres
CHECurrent Health Expenditure
CHIPS and
Science Act, 2022Creating Helpful Incentives to Produce Semiconductors and Science Act, 2022CIBILCredit Information Bureau (India) Limited
CiCCurrency in Circulation
CIDRCentral Identities Data Repository
CILCoal India Limited
CIRPCorporate Insolvency Resolution Process
CIRPCorporate Insolvency Resolution Process
CITESConvention on International Trade in Endangered Species of Wild Fauna and FloraCLAPComprehensive Logistics Action Plan
CLSSCredit Linked Subsidy Scheme
CMCritical Minerals
CMIECentre for Monitoring Indian Economy
CMSSCentral Medical Services Society
CoDCommercial Operation Date
COPConference of Parties
COVID 19Coronavirus disease
CoWINCovid Vaccine Intelligence Work
CPCBCentral Pollution Control Board
CPIConsumer Price Index
CPI-AL Consumer Price Index-Agricultural LabourersCPI-CConsumer Price Index-Combined
CPI-IW Consumer Price Index-Industrial Workers
CPI-RL Consumer Price Index-Rural Labourers
CPSECentral Public Sector Enterprises
CRARCapital-to-Risk Weighted Assets Ratio
CRARCentral Recordkeeping Agency
CRPsCommunity Resource Persons
CRRCash Reserve Ratio
CRS Community Radio Stations
CRZCoastal Regulation Zone
CSCsCommon Service Centres
CSDCentral Securities Depositories
CSICurrent Situation Index
CSISCentral Scheme on Interest Subsidy
CSRCorporate Social Responsibility
CSSCentrally Sponsored Scheme
CTDP Comprehensive Telecom Development Plan
CTSCraftsmen Training Scheme
CWSCurrent weekly status
CWSNChildren With Special Needs
CYKCCentral Know Your Customer
xviDAY-NRLMDeendayal Antyodaya Yojana - National Rural Livelihoods Mission DAY-NULMDeen Dayal Antyodaya Yojana- National Urban Livelihood Mission DBTDBUDigital Banking Units
DCILDredging Corporation of India Limited
DDEDigital Document Execution
DDUGJYDeendayal Upadhyaya Gram Jyoti Yojana
DDU-GKYDeen Dayal Upadhyaya Grameen Kaushalya YojnaDEA Department of Economic Affairs
DFC Dedicated Freight Corridor
DFI Dedicated Financing Institution
DFIsDevelopment Financial Institutions
DFSADubai Financial Services Authority
DGCI&SDirectorate General of Commercial Intelligence and StatisticsDGFTDirectorate General of Foreign Trade
DGRCDistrict Level Grievance Redressal Committee
DIIDomestic Institutional Investment
DISERDepartment of Industry, Science, Energy and Resources DLCDLIDesign-Linked Incentive
DLTDistributed Ledger Technology
DNBDiplomate of National Board
DoCA Department of Consumer Affairs
DoPDepartment of Posts
DPCODrugs Prices Control Order
DPIDigital Public Infrastructure
DPIITDepartment for Promotion of Industry and Internal TradeDPR/DPRsDetailed Project Report(s)
DrAASDrone-as-a-Service
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