Union Home Minister Amit Shah on Tuesday said India is poised to emerge as a global superpower and the growth in all sectors and optimism reflected in the Economic Survey 2023. Shah also appreciated Prime Minister Narendra Modi's vision and plan behind the development. He said, "The Economic Survey 2023 confirms that PM Modi has steered the economy smoothly even during the pandemic. When the whole world is facing a recession, India shows growth and optimism across all sectors." India is poised to emerge as a global superpower."
GDP will be 6.8 percent in the year 2023-24
According to the Economic Survey 2023, India's Gross Domestic Product (GDP) will grow by 6.0 percent in the year 2023-24 to 6.8 percent. Although it
depending on economic and political developments. The Economic Survey 2022-23 presented in Parliament on Tuesday is a clear indication that the Modi government is working on a big dose of economic reforms. In these reforms, there can be a special emphasis on liberating the industry from license and inspector raj. It also includes some very important steps regarding administrative reforms, which will prove to help take India out of the category of developing countries and placing them in the category of developed countries.
Credit growth for MSMEs likely to remain robust
According to the Economic Survey 2022-23 tabled in Parliament, credit growth to MSMEs is likely to remain robust in the financial year 2023-24. However, this would require that inflation remains moderate and the cost of debt also remains low. Credit growth is likely to accelerate if inflation declines in FY2024 and if the real cost of credit does not increase, the survey said.
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