Labour markets and employment recovered beyond pre-Covid level with sustained effort in last few years, including world’s largest vaccination drive in India, said the Economic Survey 2022-23.
As per PTI report, Indian economy is poised to do better and is expected to grow 6.5-7 per cent in the remainder of the decade, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday.
Addressing reporters here after the tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said that by and large, inflation is likely to be “well behaved” in FY2023-24 barring headwinds.
The Economic Survey, which has been prepared by the CEA, stated that RBI’s projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest.
Finance Minister Nirmala Sitharaman on Tuesday tabled the Economic Survey 2022-23 in the Lok Sabha. Economy has nearly recouped what was lost, renewed what had paused; re-energised what had slowed during the pandemic, says the Economic Survey.
India is third-largest economy in the world in PPP (purchasing power parity) terms; 5th largest in terms of exchange rate, and will remain the fastest growing major economy in the world, says the pre-Budget Economic Survey.
India’s economy to grow 6.5 pc in 2023-24 compared to 7 pc in current fiscal, 8.7 pc in 2021-22, says the economic document.
The document tabled in the Parliament on Tuesday said, “Labour markets have recovered beyond pre-Covid levels, in both urban and rural areas, as observed in supply-side and demand-side employment data.” Quarterly urban employment data shows progress beyond pre-pandemic levels as the unemployment rate declined from 8.3 per cent in July-September 2019 to 7.2 per cent in July-September 2022.
Reflecting rising formalisation of employment, net addition to EPFO payroll is steadily moving upward after swiftly rebounding from Covid-19, with the majority share coming from the youth.
About Rs 4.07 lakh crore has been realised as disinvestment proceeds in the past nine years, and post-2014 the government is engaging with the private sector as a co-partner in the development, the Economic Survey said on Tuesday.
In the current fiscal, out of the budgeted amount of Rs 65,000 crore, 48 per cent or over Rs 31,000 crore has been collected as of January 18, 2023.
The survey said privatisation of Air India re-ignited the privatisation drive, and evidence shows that labour productivity and the overall efficiency of the PSUs disinvested during 1990-2015 has improved.