Economic Survey 2022 - 2023 11english 1

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Economic Survey 2022-2023: Complete
Overview
Table of Contents
Economic Survey 2022-2023: Complete Overview ..................................................................................... 4
1.State of the Economy 2022-23: Recovery Complete ............................................................................... 5
2. India's Medium-Term Growth Outlook: With Optimism and Hope .............................................. 7
3.Fiscal Developments: Revenue Relish ............................................................................................................ 8
Fiscal Deficit: ............................................................................................................................................................... 8
Gross Tax Revenue (GTR): ................................................................................................................................... 8
Direct taxes................................................................................................................................................................... 9
Indirect taxes: ............................................................................................................................................................. 9
Capital Expenditure (Capex): ............................................................................................................................. 9
Revenue Expenditure: ............................................................................................................................................ 9
Goods and Services Tax (GST): ....................................................................................................................... 10
Non-Tax Revenue targets: ................................................................................................................................. 10
Non-Debt Capital Receipts: ............................................................................................................................... 10
State Government Finances: ............................................................................................................................ 10
Table showing Union Government's Fiscal Parameters (Per cent of GDP) ........................... 11
4.Monetary Management and Financial Intermediation: A Good Year ......................................... 12
5.Prices and Inflation: Successful Tight-Rope Walking .......................................................................... 13
6.Social Infrastructure and Employment: Big Tent .................................................................................. 14
7.Climate Change and Environment: Preparing to Face the Future ................................................ 17
8. Agriculture and Food Management : From food security to nutritional security............... 19
9.Industry: Steady Recovery .................................................................................................................................. 20
10.Services: Source of Strength............................................................................................................................ 23
11.External Sector- Watchful and Hopeful .................................................................................................... 24
12.Physical and Digital Infrastructure: Lifting Potential Growth ..................................................... 25
Economic Survey 2022-2023: Q&A ................................................................................................ 29
Economic Survey 2022-2023: Complete Overview
On the first day of budgetary session i.e. January 31, 2023, Union Minister Nirmala
Sitharaman, Ministry of Finance tabled the Economic Survey 2022-23 in the parliament
projecting India’s Gross Domestic Product (GDP) for FY24 to be in the range of 6-6.8 %
depending on the trajectory of economic and political developments globally.
· The baseline GDP growth in FY24 in real terms will be of 6.5%, and 11% in
nominal terms
Current Fiscal Growth Projection (FY23):
The economy is expected to grow at 7% in FY23 i.e. year ending March 2023 as
compared to 8.7% growth in FY22. Global Agencies continue to project India as the
fastest-growing major economy at 6.5 -7.0% in FY23.
Challenges that hit the global growth are:-
 Covid-19 pandemic notified by the WHO in January 2020.

 Russia-Ukraine conflict broke out in February 2022 made accelerating existing
inflationary pressures
 Monetary Tightening
 depreciation of most currencies against the US dollar
 consequent increase in borrowing costs
 Countries slowed the cross-border trade to protect their respective economic
space
 China experienced a considerable slowdown induced by its policies
 pandemic brought in by the loss of education and income earning opportunities.
Who has prepared the Survey?
It is prepared by the Department of Economic Affairs (DEA), Ministry of Finance

under the guidance of Chief Economic Advisor to the Government of India (GoI)
Venkatramanan Anantha Nageswaran, Ministry of Finance.
What is Economic Survey?
It is an annual document presented by the Ministry of Finance to the Parliament of

India, presenting a review of India's economic performance over the past year and
outlining its future economic policy direction.
· The first economic survey was presented in 1950-51 as a part of the Union
Budget.
· After 1964, it was separated from the budget and presented each year
during the Budget Session before the presentation of budget.
About Economic Survey 2022-23:
India's Economic Survey 2022-2023 highlights the country's steady progress towards
sustained economic growth and development, with a focus on job creation, fiscal
discipline, and infrastructure development. It is consisted of 12 chapters which will be
discussing in the following 12 detailed steps:
1.State of the Economy 2022-23: Recovery Complete
Note* Most of the News Sites have mentioned the Industrial Sector year as 2018-2019 instead of
2019-2020, Kindly read carefully
In this chapter the survey projected that India’s economic growth in FY23 has been
principally led by private consumption and capital formation.
· On the Global front there will be decline in 2023 and is expected to remain
generally subdued in the following years as well. The slowing demand will likely
push down global commodity prices and improve India’s Current Account Deficit
(CAD) in FY24.
Let’s have a look on the other highlights of this Chapter.
i.Capital Expenditure (Capex) of the Central Government, which increased by 63.4%

in the first eight months of FY23, was another growth driver of the Indian economy in
FY23.
ii.The credit growth to the Micro, Small, and Medium Enterprises (MSME) sector
has been remarkably high, over 30.6 per cent, on average during Jan-Nov 2022,
supported by the extended Emergency Credit Linked Guarantee Scheme (ECLGS) of the
Union government.
ii. RBI has projected headline inflation at 6.8% in FY23, which is outside its target
range of 2-6%. However, measures taken by the government and RBI, along with the
easing of global commodity prices, have finally managed to bring retail inflation below
the RBI upper tolerance target in November 2022.
· Even surpassing the RBI’s upper tolerance limit, India’s inflation remains
one of the lowest in the world.
· Borrowing cost, due to inflation, may remain 'higher for longer', and may
prolong tightening cycle.
iii.India’s retail inflation rate peaked at 7.8% in April 2022, above. This is due to
various factors such as supply chain disruptions caused by the COVID-19 pandemic,
Ukraine Russia war, rising food prices, and increasing fuel costs.
iii.Private consumption as a percent of GDP stood at 58.4 % in Q2 of FY23 was the

highest among the second quarters of all the years since 2013-14.
· Also, the Private consumption in H1 is highest since FY15.
· The rebound in consumption has also been supported by the release of

‘pent-up’ demand. It refers to consumer demand for products and services that
builds over time due to a recession.
iv.The widening of the Current Account Deficit (CAD) may also continue as global
commodity prices remain elevated and the growth momentum of the Indian economy
remains strong.
v.The Periodic Labour Force Survey (PLFS) shows that the urban unemployment rate
for people aged 15 years and above declined from 9.8 per cent in the quarter ending
September 2021 to 7.2 per cent one year late (quarter ending September 2022). This is
accompanied by an improvement in the labour force participation rate (LFPR) as well.
v.Return of Migrant Workers to Construction Activities:
The vaccinations have facilitated the return of migrant workers to cities to work in
construction sites. With this, housing market witnessing a significant decline in
inventory overhang to 33 months in Q3 of FY23 from 42 months in 2022.
Key Points
· Mahatma Gandhi National Rural Employment Guarantee scheme

(MGNREGS) has been directly providing jobs in rural areas and indirectly
creating opportunities for rural households to multiply their sources of
income generation.
· Schemes like PM-Kisan (Pradhan Mantri Kisan Samman Nidhi) and PM-GKY
(Garib Kalyan Yojana) have helped in ensuring food security in the country
· Employment levels have risen in FY23, as the Periodic Labour Force Survey
(PLFS) shows that urban unemployment rate for people aged 15 years and
above declined from 9.8% in the quarter ending September 2021 to 7.2%
in quarter ending September 2022.
· There is also improvement in labour force participation rate as well
confirming the emergence of the economy out of the pandemic induced
slowdown early in FY'23.
· There was faster net registration in Employee Provident Fund (EPF).
· Then, there is CHAMPIONS, a single-window grievance redressal portal for
MSMEs launched by the Ministry of MSME in June 2020 received 56,825
grievances as of January 16, 2023, of which 55,878 grievances have been
responded to.
vi.Downward Revision in Growth Forecast across Countries:
The Global economic challenges led to a downward revision in growth forecast across
countries. The IMF (International Monetary Fund) in its October 2022 update of the
World Economic Outlook (WEO) revised India's growth projection for 2022 by -0.6% to
6.8% and kept 6.1% for 2023.
· For world, it was 3.2% in 2022 and 2.7% in 2023.
2. India's Medium-Term Growth Outlook: With

Optimism and Hope
As per this chapter, India's growth outlook seems better than in the pre-pandemic
years, and the Indian economy is prepared to grow at its potential in the medium term.
Key Points:
i.2014-2022 is an important period in the economic history of India as this phase

underwent a gamut of wide-ranging structural and governance reforms that
strengthened the economy’s fundamentals by enhancing its overall efficiency.
ii.The reforms after 2014 were based on the broad principles of creating public goods,
adopting trust-based governance, co-partnering with the private sector for
development, and improving agricultural productivity.
· These are premised on the principle of Sabka Saath Sabka Vikaas.
iii.The period of 2014-2022 also witnessed balance sheet stress, adversely impact on
key macroeconomic variables such as credit growth, capital formation, and hence
economic growth during this period.
· This situation is analogous to the period 1998-2002 when transformative
reforms undertaken by the government had lagged growth returns due to
temporary shocks in the economy.
Reforms for New India-Sabka Saath Sabka Vikaas
3.Fiscal Developments: Revenue Relish

This section of the India Economic Survey 2022-2023 highlights the government's
commitment to enhance revenue collection and to create a more robust fiscal
framework to support economic growth and development.
Fiscal Deficit:
i.The fiscal deficit of the Union Government, which reached 9.2% of GDP during the
pandemic year FY21, has moderated to 6.7%of GDP in FY22 PA and is further budgeted
to reach 6.4% of GDP in FY23.
ii.The fiscal deficit of the Union Government at the end of November 2022 stood at
58.9% of the BE (Budgeted Estimate), lower than the five-year moving average of
104.6% of BE during the same period.
Gross Tax Revenue (GTR):
i.The GTR registered a YoY growth of 15.5% from April to November 2022, driven by
robust growth in the direct taxes and Goods and Services Tax (GST).
· This data of the first eight months of 2022 show that GTR has grown at a
much higher rate
ii.The Net Tax Revenue to the Central Government after the assignment to states grew
by 7.9% on a YoY basis.
Direct taxes
Direct Taxes which broadly constitute half of the GTR have registered a YoY growth of
26% from April to November 2022, enabled by corporate and personal income tax
growth.
Indirect taxes:
Indirect taxes such as customs and excise duties have acted as flexible policy tools
during the fiscal response to the pandemic.
i.The excise duty collection has declined by 20.9% from April to November 2022 on a
YoY basis.
ii.High imports during FY23 have led to a 12.4% YoY growth in the customs collection
from April to November 2022.
·This is higher than the average growth during the corresponding period from
FY13 to FY19.
Capital Expenditure (Capex):
i.The Central Government's Capex has increased from a long-term average of 1.7% of
GDP (FY09 to FY20) to 2.5% of GDP in FY22 PA. It is further budgeted to increase to
2.9% of GDP in FY23.
ii.In absolute terms, the Government of India had budgeted an unprecedented Rs 7.5
lakh crore of capex for FY23, of which more than 59.6% has been spent from April to
November 2022.
· During this period, capital expenditure registered a YoY growth of over

60%, much higher than the long-term average growth of 13.5% recorded in the
corresponding period from FY16 to FY20.
iii.The Centre has also incentivized the State Governments through interest-free loans
and enhanced borrowing ceilings to prioritize their spending on Capex.
Revenue Expenditure:
i.The revenue expenditure of the Union government was brought down from 15.6% of
GDP in the pandemic year FY21 to 13.5% of GDP in FY22 PA.
ii.The subsidy expenditure was brought down from 3.6% of GDP in FY21 to 1.9% of GDP
in FY22 PA. It was further budgeted to reduce to 1.2% of GDP in FY23.
iii.The revenue expenditure from April to November 2022 has grown by over 10% on a
YoY basis, higher than the growth noted in April to November 2021.
Goods and Services Tax (GST):
GST has evolved and stabilized as a vital revenue source for central and state
governments. Their gross GST collections, taken together, were Rs 13.40 lakh crore
from April to December 2022 with an average monthly collection of Rs 1.5 lakh crore.
· The gross GST collections increasing at 24.8% on YoY basis from April to
December 2022.
· The number of GST taxpayers increasing from nearly 70 lakh in 2017 to

more than 1.4 crore in 2022.
Non-Tax Revenue targets:
The non-tax revenue to the Centre mainly includes interest receipts on loans to States
and Union Territories (UTs), dividends and profits from Public Sector Enterprises
(PSEs) and the Reserve Bank of India (RBI), and external grants and receipts for
services the Union Government provides.
 Budget FY23 envisaged a lower collection of non-tax revenue receipts

during the current year relative to FY22 (around 22.5 per cent lower than
FY22 PA)
 Of the budgeted amount, 73.5% has been collected up to November 2022.
 This means the Central Government is on track to meet Non-Tax Revenue
targets.
Non-Debt Capital Receipts:
These include recovery of loans and advances, and disinvestment receipts. During FY15
to FY23 (as of 18 January 2022), an amount of about Rs 4.07 lakh crore has been
realised as proceeds from disinvestment through 154 transactions using various
modes/instruments.
· This includes Rs 3.02 lakh crore realised from minority stake sale and Rs
69,412 crore realised from strategic disinvestment transactions in 10 Central
Public Sector Enterprises (CPSE)s viz. Hindustan Petroleum Corporation Limited
HPCL (HPCL), Rural Electrification Corporation (REC), Dredging Corporation of
India Limited (DCIL), Hospital Services Consultancy Corporation (HSCC),
National Projects Construction Corporation Limited (NPCC), , North Eastern
Electric Power Corporation Limited (NEEPCO), Tehri Hydro Development
Corporation Limited (THDC), Kamrajar Port, Air India and Neelachal Ispat
Nigam Limited (NINL).
ii.Out of the budgeted amount of Rs 65,000 crore for FY23, 48 % has been collected as
of 18 January 2023.
State Government Finances:
State Governments improved their finances in FY22 after being adversely impacted by
the pandemic in FY21. The combined Gross Fiscal Deficit (GFD) of the States, which
increased to 4.1% of GDP in the pandemic-affected year, was brought down to 2.8% in
FY22 PA.
· From April- November 2022, the combined borrowings of the 27 major

states have just reached 33.5% of their total budgeted borrowings for the year.
Key Points:
i.Central Government enhanced the net borrowing ceilings (NBC) for States to 5% of
GSDP in FY21, 4% of GSDP in FY22, and 3.5% of GSDP in FY23.
ii.As per FY23 BE of the State Governments, the States' combined own Tax revenue and
own Non-Tax revenue were anticipated to grow at 17.5% and 25.6%, respectively, over
FY22 RE (Revised estimates).
iii.On the expenditure side, revenue and capital expenditures in FY22 BE were
envisaged to grow at 10.4 per cent and 16 per cent, respectively, over FY22 RE.
iv.The Finance Commission had recommended allocation of Rs 1.92 lakh crore for FY23
in respect of post-devolution revenue deficit grants, grants to local bodies, health sector
grants, and disaster management grants under Article 275 of the Constitution.
v.During FY23, the Government of India (GoI) released Rs 1.16 lakh crore towards the
total GST compensation payable to States up to 30 June 2022 (as of 25 November 2022).
vi.The GoI has kept the Net borrowing Ceiling of the State Governments above the Fiscal
Responsibility Legislation (FRL) threshold.
· It was fixed at 5% of GSDP in FY21, 4% of GSDP in FY22 and 3.5% of GSDP

in FY23.
vii.The Union government has provided 50-year interest-free loans to state

governments under the 'Scheme for Special Assistance to States for Capital
Investment' for the last three years. Amounts of Rs 11,830 crore and Rs 14,186 crore
were provided to states in FY21 and FY22.
Table showing Union Government's Fiscal Parameters (Per cent of GDP)

Parameter FY23 BE
Revenue Receipts 8.5
Gross Tax Revenue 10.7
Net tax revenue 7.5
Non-tax revenue 1
Non-debt capital receipts 0.3
Non-debt receipts 8.9
Total Expenditure 15.3
Revenue Expenditure 12.4
Capital Expenditure 2.9
Fiscal Deficit 6.4
Revenue Deficit 3.8
Primary Deficit 2.8
Note :- Fifteenth Finance Commission had recommended performance-based additional
borrowing space of 0.50 per cent of Gross State Domestic Product (GSDP) to the States
in the power sector.
Total liabilities of the Union Government moderated from 59.2 per cent of GDP in FY21
to 56.7 per cent in FY22.
4.Monetary Management and Financial

Intermediation: A Good Year
While the Federal Reserve has raised policy rates by 425 basis points (bps), the
European Central Bank (ECB) and the Bank of England (BoE) have implemented 300
bps and 250 bps rate increases, respectively. The RBI initiated its monetary tightening
cycle in April 2022 and has since implemented a policy repo rate hike of 225 bps.
Key Points:
i.The RBI’s policy stance in FY23 led to a moderation of surplus liquidity that prevailed
during Covid years.
· The daily net liquidity absorption averaged Rs 2.5 lakh crore during FY23
(up to 21 December 2022) as compared with Rs 6.7 lakh crore in FY22.
ii.The RBI implemented a policy repo rate hike of 225 bps since April 2022 i.e. from 4%
to 6.25% between May and December 2022.
iii.In the Government Securities (G-sec) market, bond yields were on an upward
trajectory until June 2022 on the concerns of high inflation and policy rate hikes. These
yields moderated in November and December 2022.
 After remaining steady through 2020 and 2021, the yield on the 10-year
government bond rose in 2022. The trading volume in G-Secs (including T-Bills
and SDLs) reached a two-year high of₹27.7 lakh crore during Q2 FY23,
registering a YoY growth of 6.3 per cent.
 Private Sector Banks emerged as the dominant trading segment in the
secondary market during the quarter under review, with a share of 25.0 per cent
in “Buy” deals and 24.8 per cent in “Sell” deals in the total outright trading
activity.
iv.Cleaner balance sheets led to enhanced lending by financial institutions.
v.Non-food credit offtake by scheduled Commercial Banks (SCBs) has been growing in
double digits since April 2022.
· The YoY growth in non-food bank credit accelerated to 15.3% in December

2022.
· Credit disbursed by Non-Banking Financial Companies (NBFCs) has also

been on the rise.
vi.The Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year
low of 5% from 8.2% in March 2020.
· Net Non-Performing Assets (NNPA) have dropped to a ten-year low of 1.3

per cent of total assets.
· It is projected to drop further to 4.9% in March 2023.
vii.The Capital-to-Risk Weighted Assets Ratio (CRAR) remains healthy at 16.0.
viii.The recovery rate for the SCBs through Insolvency and Bankruptcy (IBC) was
highest in FY22 compared to other channels.
ix. During FY23 (up to December 2022), external benchmark-based lending rate and 1-
year median marginal cost of funds-based lending rate (MCLR) increased by 225 bps
and 115 bps, respectively.
 Overall, the weighted average lending rate (WALR) on fresh and outstanding
rupee loans rose by 135 bps and 71 bps, respectively, in FY23 (up to November
2022).
x.On the deposit side, the weighted average domestic term deposit rate (WADTDR) on
outstanding deposits increased by 59 bps in FY23 (up to November 2022).
xi.The monthly average yield on the 10-year government bond stood at 7.3% in
December 2022 after having peaked at 7.5% in June 2022.
Note - Reserve Bank of India's Monetary Policy Committee (MPC) increased the policy
repo rate under the liquidity adjustment facility (LAF) by 2.25 per cent (225 basis
points) from 4.0 per cent to 6.25 per cent between May and December 2022.
5.Prices and Inflation: Successful Tight-Rope Walking

 Consumer price inflation in India went through three phases in 2022.
 A rising phase up to April 2022 when it crested at 7.8% (above the RBI’s
upper tolerance limit of 6 per cent),
 then a holding pattern at around 7% up to August 2022 and
 then a decline to around 5.7% by December 2022.
In advanced economies, the rate of inflation is projected by the International Monetary

Fund (IMF) to increase from 3.1 per cent in 2021 to 7.2 per cent in 2022, the highest
since 1982.
Key Points:
i.In FY23, food inflation ranged between 4.2% to 8.6% between April and December
2022, while the core inflation rate stayed at around 6% except in April 2022.
ii.Food inflation based on Consumer Food Price Index (CFPI) climbed to 7% in FY23
from 3.8% in FY22.
iii.The Consumer Price Index-Combined (CPI-C) in increased in most of the states in

FY23 as compared to FY22. Telangana, West Bengal, Maharashtra, Madhya Pradesh,
Haryana, and Andhra Pradesh saw especially high rates of inflation in FY23.
 FY22 witnessed lower Consumer Price Index - Combined (CPI-C) based retail
inflation as compared to FY21.
iv.RBI projects CPI inflation for Q1FY24 at 5% and for Q2FY24 at 5.4% on the
assumption of a normal monsoon.
Others:
i.Import duty on major inputs were brought to zero while tax on export of iron ores
and concentrates increased from 30 to 50%.
ii.Waived customs duty on cotton imports w.e.f. April 14, 2022, until September 30,
2022.
iii.Prohibition on the export of wheat products under HS Code 1101 and imposition
of export duty on rice amid soaring prices of wheat and rice.
iv.There was Reduction in basic duty on crude and refined palm oil, crude soyabean oil
and crude sunflower oil.
v. The Wholesale Price Inflation (WPI) rate climbed to about 13.0 per cent in FY22.
Prices of items like petroleum products, basic metals, chemicals & chemical products,
and edible oils, with maximum exposure to international pricing translated into a rise in
the domestic WPI inflation.
vi. The National Housing Bank (NHB) publishes two Housing Price Indices (HPI),
namely assessment price’ and ‘HPI market price quarterly’, with FY18 as the base year
to recover the housing sector after pandemic .
 There was an overall increase in the composite Housing Price Index (HPI)
assessment and HPI market price in Quarter Ending (QE) September 2022 over
QE September 2021 indicates a revival in the housing finance sector.
6.Social Infrastructure and Employment: Big Tent

In 2022, India's Social Sector witnessed significant increase in government spending.
Survey highlights the findings of the 2022 report of the UNDP (United Nations
Development Programme) on Multidimensional Poverty Index which says that 41.5
crore people exit poverty in India between 2005-06 and 2019-20.
Key Points:
i.The social sector expenditure outlay of the Centre and State Governments has
increased steadily to stand at Rs 21.3 lakh crore in FY23 (BE), with its share in total
General Government expenditure standing at 26.6%.
ii. Health sector- Central and State Government’s BE on health sector touched 2.1% of
GDP in FY23 (BE) and 2.2% in FY22 (RE) against 1.6% in FY21.
iii.Social sector expenditure increases to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1
lakh crore in FY16.
iv. As on 31 December 2022, a total of over 28.5 crore unorganized workers have been
registered on eShram portal.
v.Labour markets have recovered beyond pre-Covid levels, in both urban and rural
areas, with unemployment rates falling from 5.8% in 2018-19 to 4.2% in 2020-21.
· The unemployment rate declined from 8.3% in July-September 2019 to

7.2% in July-September 2022.
vi.In FY22, there was improvement in Gross Enrolment Ratios (GER) in schools and
improvement in gender parity. GER in the primary-enrolment in class I to V as a
percentage of the population in age 6 to 10 years - for girls as well as boys have
improved in FY22.
 The total enrolment in higher education has increased to nearly 4.1 crore in
FY21 from 3.9 crore in FY20.
 The female enrolment has increased to 2.0 crore in FY21 from 1.9 crore in FY20.
vii.Infant Mortality Rate (IMR), Under Five mortality rate (U5MR) and neonatal
Mortality Rate (NMR) have shown a steady decline.
viii.More than 220 crore COVID vaccine doses administered as on 06 January, 2023.
ix.Nearly 22 crore beneficiaries have been verified under the Ayushman Bharat Scheme
as on January 4, 2023.
x.The Quarterly Employment Survey (QES) conducted by the Labour Bureau, covers
establishments with ten or more workers in nine major sectors viz. manufacturing,
construction, trade, transport, education, health, accommodation & restaurants,
IT/BPOs, and financial services. These nine sectors account for around 83% of the total
employment in establishments.
· The estimated total employment in the nine selected sectors according to

the fourth round of QES (January to March 2022) stood at 3.2 crore, which is
nearly ten lakh higher than the estimated employment from the first round of
QES (April-June 2021).
Regarding terms of employment, regular employees constituted the majority of workers
across sectors, with a share of 86.4 per cent in the total workforce in Q4FY22.
Contractual employees formed a relatively small proportion of the workforce in these
nine sectors, except Manufacturing (12.4 per cent) and Construction (19.0 per cent).
Further, out of the total employed in the fourth round of QES, 98.0 per cent are
employees while 1.9 per cent are self-employed.Gender-wise, 31.8 per cent of the total
estimated employed are women and 68.2 per cent are men.
In the wake of the hardships posed by the pandemic, the government invested more
resources in social protection programmes and continued to do so in the FY23. Some of
the key programmes/schemes in this area are as listed below:
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
· Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY)
· Pradhan Mantri Suraksha Bima Yojana (PMSBY)
· Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYMDY)
· PM Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANidhi)
· Pradhan Mantri Mudra Yojana (PMMY)

Rural Economy –
 Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM)

– to enable economically weak households to access gainful self-employment.
 Mahatma Gandhi National Rural Employment Guarantee Act 2005
(MGNREGA) - providing at least 100 days of guaranteed wage employment in
rural areas in a financial year.
 Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) - is a
placement-linked skill development programme for rural poor youth under
NRLM.
 Pradhan Mantri Awaas Yojana –Gramin (PMAY-G) was launched in November
2016 with the aim of providing “housing for all” especially in rural areas by
2024.
 Mission Amrit Sarovar was launched on National Panchayati Raj Day on 24
April 2022 with the objective to conserve water for the future.
 JALDOOT app was launched on 27 September 2022 for measuring the water
level in a Gram Panchayat through 2-3 selected open wells twice a year.
 Swachh Bharat Mission – Grameen (SBM(G)) was launched on 2 October 2014
to ensure cleanliness in India and make it Open Defecation Free (ODF).
 LPG connections - ‘Pradhan Mantri Ujjwala Yojana’ (PMUY) was launched in May
2016 as a flagship scheme to make LPG available to rural areas. Under this
Ujjwala 2.0 scheme, 1.6 crore connections have been released until 24 November
2022.
7.Climate Change and Environment: Preparing to Face

the Future
Despite the adverse impacts of Covid-19 on the economy, India has enhanced its climate
ambition and embarked on a long-term strategy towards a Low GHG (Green House Gas)
Emission Development Strategy by adopting a multi-pronged approach.
· India has already declared the Net Zero Pledge to achieve net zero
emissions goal by 2070.
· India to reduce emissions intensity of its GDP by 45% by 2030 from 2005
levels.
· India achieved its target of 40% installed electric capacity from non-fossil
fuels ahead of 2030. It will be more than 500 GW by 2030 resulting in
decline of average emission rate by around 29% by 2029-30, compared to
2014-15.
· Solar power capacity installed, a key metric under the National Solar
Mission stood at 61.6 GW as on October 2022.
· 62.8 lakh individual household toilets and 6.2 lakh community and public
toilets constructed (August 2022) under the National Mission on
Sustainable Habitat.
Key Points:
i.India ranks third globally with respect to the net gain in average annual forest area
between 2010 and 2020.
· This gain is driven by robust framework and schemes of National and State
Governments like Green India Mission (GIM), Compensatory Afforestation Fund
Management and Planning Authority (CAMPA), National Afforestation
Programme (NAP), Green Highway Policy - 2015, Policy for enhancement of
Urban Greens, National Agro-forestry Policy, and Sub-Mission on Agro-forestry
(SMAF), etc.
ii.Among the Indian States, Arunachal Pradesh has the maximum carbon stock in
forests (1023.84 million tonnes), followed by Madhya Pradesh (609.25 million tonnes).
iii.India is progressively becoming a favoured destination for investment in renewables.

As per the Renewables 2022 Global Status Report, during the period 2014 -2021, total
investment in renewables stood at US$ 78.1 billion in India.
iv.With a vision to make India an energy-independent nation by 2047, and to de-

carbonise critical sectors, the Government approved the National Green Hydrogen
Mission on January 4, 2023 with an initial outlay of Rs 19,744 crore.
· Green hydrogen production capacity of at least 5 MMT (Million Metric

Tonne) per annum to be developed by 2030, and there will be mobilization of
over Rs 8 lakh crore of investment by 2030.
v.NITI’ Aayog’s report estimates that the cumulative value of the green hydrogen
market in India will be US$ 8 billion by 2030 and US$ 340 billion by 2050.
vi.As per SEBI’s data on green debt securities, during the period of 2017 to September
2022, 15 Indian corporates have issued green bonds of value Rs 4,539 crore.
vii.RBI has notified the indicative calendar for the issuance of Sovereign Green Bonds
(SGrBs) for the fiscal year 2022-23.
· It will take place through two auctions on January 25, 2023 and February 9,
2023, respectively, for Rs 8,000 crore each, totalling Rs16,000 crore.
· The security-wise allocation would include 5 year and 10 year SGrBs for Rs
4,000 crore each for both auctions.
viii.International Solar Alliance (ISA), Coalition for Disaster Resilient

Infrastructure(CDRI), Leadership Group for Industry Transition (LeadIT) are the India’s
Initiatives at the International Stage
ix.As of 10 August 2022, India is home to 53 Tiger Reserves covering approximately

75,796.8 sq. km area in 18 States, with about 75% of the wild tiger population at the
global level.
 In addition, 17 Tiger Reserves in the country have CA|TS international

accreditation, and two have received International Tx2 Award.
xi. India ranks eighth in the world and fourth in Asia among the mega-diverse
countries in the world.
xiii. - Ministry of Environment, Forest and Climate Change, Government of India,
notified the Plastic Waste Management Amendment Rules, 2021, on August 12, 2021.
xiv.On July 1, 2022, a ban was imposed on the manufacture, import, stocking,
distribution, sale and use of identified single-use plastic items.
xv.The Government published the Battery Waste Management Rules, 2022, on August
24,2022 to ensure environmentally sound management of waste batteries.
Xvi. E-Waste (Management) Rules, 2022 - The Government notified the E-Waste
(Management) Rules, 2022, on November 2, 2022 to the E-waste (Management) Rules,
2016, and will be effective from April 1, 2023. These rules will launch a new Extended
Producer Responsibility (EPR) regime for e-waste recycling.
8. Agriculture and Food Management : From food

security to nutritional security
Agriculture sector has grown by 3.0 per cent in 2021-22 compared to 3.3 per cent in 2020-
21.
The initiatives taken by the Central Government have led to sustainable and inclusive
development of the sector.Notably, India has 44.3 lakh organic farmers, the highest in
the world, and about 59.1 lakh ha area was brought under organic farming by 2021-22.
· Sikkim is the first State in the world to become fully organic, and other
States, including Tripura and Uttarakhand, have set similar targets.
· The Government has been promoting organic farming by implementing two

dedicated schemes, i.e., Paramparagat Krishi Vikas Yojana (PKVY) and Mission
Organic Value Chain Development for North Eastern Region (MOVCDNER) since
2015.
 PM KISAN Scheme: It is a Central Sector Scheme to supplement the

financial needs of land-holding farmers. The financial benefit of ₹6,000
per year is transferred into the bank accounts of farmer families through
DBT. It is one of the largest DBT schemes in the world.
 Pradhan Mantri Fasal Bima Yojana (PMFBY): PMFBY is currently the
largest crop insurance scheme in the world in terms of farmer
enrolments, averaging 5.5 crore applications every year and the third
largest in terms of the premium received.
Key Points:
i. The livestock sector grew at a CAGR of 7.9% during 2014-15 to 2020-21 (at constant
prices).
ii.A dedicated Fisheries and Aquaculture Infrastructure Development Fund (FIDF) was
established for five years, from 2018-19 to 2022-23, with an investment of Rs 7,522
crore.
iii.As per the latest Annual Survey of Industries (ASI) 2019-20, 12.2% of persons in the
registered manufacturing sector were employed in the food processing sector.
iv.The value of agri-food exports, including processed food exports, was about 10.9 per
cent of India's total exports during 2021-22.
v.Private investment in agriculture increases to 9.3% in 2020-21.
Others:
i.MSP (Minimum Support Price) for all mandated crops fixed at 1.5 times of all India
weighted average cost of production since 2018.
ii.Institutional Credit to the Agricultural Sector continued to grow to 18.6 lakh crore in
2021-22.
iii.Foodgrains production in India saw sustained increase and stood at 315.7 million
tonnes in 2021-22.
iv.There will be free foodgrains to about 81.4 crore beneficiaries under the National
Food Security Act for one year from January 1, 2023.
v.Rs 13,681 crores sanctioned for Post-Harvest Support and Community Farms under
the Agriculture Infrastructure Fund.
vi.India stands at the forefront to promote millets through the International Year of
Millets initiative.
vii.Other important initiatives by India in Agriculture include PM KISAN Scheme,

Agriculture Infrastructure Fund (AIF), and Pradhan Mantri Fasal Bima Yojana (PMFBY),
Mission for Integrated Development of Horticulture (MIDH), National Agriculture
Market (e-NAM) Scheme, Climate-Smart Farming Practices.
9.Industry: Steady Recovery

In FY23, the Industry sector witnessed modest growth of 4.1 per cent compared to the
strong growth of 10.3% in FY22. Annual FDI equity inflows in the manufacturing sector
have been increasing over the last few years. It jumped from US$ 12.1 billion in FY21 to
US$ 21.3 billion in FY22
 Overall Gross Value Added (GVA) by the Industrial Sector (for the first half of FY
22-23) rose 3.7%, which is higher than the average growth of 2.8% achieved in
the first half of the last decade.
 The growth of the eight core industries of coal,nfertilisers, cement, electricity,
steel, and refinery products has held steady, reflecting a broad momentum in
industrial activity.
Key Points:
i. The Production Linked Incentive (PLI) schemes introduced across 14 categories, with
an estimated capex of Rs 4 lakh crore over the next five years, to plug India into global
supply chains.
· Investment of Rs 47,500 crores has been seen under the PLI schemes in the
FY22, which is 106% of the designated target for the year.
· Production/sales worth Rs 3.85 lakh crore and employment generation of

3.0 lakh have been recorded due to PLI schemes.
As of 31st December 2022, 717 applications have been approved under 14 Schemes.
More than 100 MSMEs are among the PLI beneficiaries in sectors such as Bulk Drugs,
Medical Devices, Telecom, White Goods and Food Processing.
ii.India is ranked 3rd worldwide in the production of pharma products by volume and
14th by value. The sector is the largest provider of generic medicines globally,
occupying a 20% share in global supply by volume, and is also the leading vaccine
manufacturer globally with a market share of 60%.
· The cumulative FDI in the pharma sector crossed the US$ 20 billion mark
by September 2022.
· FDI flows into the Pharma Industry has risen four times, from US $180
million in FY19 to US $699 million in FY22.
The Three PLI Schemes to boost Manufacturing Capacity in the Pharmaceutical Sector:
1.Critical Key Starting Material (KSM)/Drug Intermediates

(DI)/Active Pharmaceutical Ingredients (APIs)
· Tenure:FY21 to FY30
· Outlay: Rs 6,940 crore

2.Medical Devices
· Tenure: FY21 to FY28
3.Pharmaceuticals
· Tenure: FY21 to FY29
iii.The domestic electronics industry, as of FY20, is valued at US$118 billion.
· India aims to reach US$300 billion worth of electronics manufacturing and

US$ 120 billion in exports by FY263, supported by the vision of a US$ 1 trillion
digital economy by 2025.
· Electronics exports rise nearly threefold, from US $4.4 billion in FY19 to US

$11.6 Billion in FY22.
iv. Coal production on April-December, 2022 rose by 14% on a YoY basis and was 21%
higher than the pre-pandemic of FY20.
· The coal stock at power plants improved to 12 days as of 30 December

2022 compared to 10 days on 30 June 2022 and 8 days in December 2021.
v.Automobiles contributes 7.1% to the overall GDP and 49% to the manufacturing
GDP while generating direct and indirect employment of 3.7 crore at the end of 2021. In
December 2022, India became the 3rd largest automobile market, surpassing Japan
and Germany in terms of sales.
· The domestic electric vehicles (EV) market is expected to grow at a

compound annual growth rate (CAGR) of 49% between 2022 and 2030 and is
expected to hit one crore units annual sales by 2030.
vi. India entered the top 40 innovating countries for the first time in 2022 since the
inception of the Global Innovation Index (GII) by improving its rank from 81 in 2015
to 40 in 2022.
· India became the most innovative nation in the lower middle-income group
overtaking Vietnam (48th) and leading the Central and Southern Asia region.
vii.To aid MSMEs post COVID-19, Government has undertaken several measures like;
the provision of Rs 20,000 crore subordinate debt for stressed MSMEs, Rs 50,000 crore
equity infusion through Self Reliant India fund; the waiving of the global tender
requirement for procurement of up to Rs 200 crore; launching of the Udyam portal for
MSME registration, a paperless, zero-cost registration portal that is based on self-
declaration and only requires Aadhaar.
· The government’s initiative of the Samadhaan Portal, set up under the
Micro, Small and Medium Enterprises Development (MSMED) Act to monitor the
outstanding dues to the MSME sector, is also helping MSMEs in resolving their
cashflow difficulties.
Others:
i.PMI manufacturing has remained in the expansion zone for 18 months since July 2021,
and Index of Industrial Production (IIP) grows at a healthy pace.
ii.India has become the second-largest mobile phone manufacturer globally, with the
production of handsets going up from 6 crore units in FY15 to 29 crore units in FY21.
iv.Private Final Consumption Expenditure (PFCE) as a share of GDP in H1 of FY23 was

the highest among all half years, H1 or H2, since FY15.
10.Services: Source of Strength

India’s services sector witnessed a swift rebound in FY22 driven by growth in the
contact intensive services sub-sector.This sector Year-on-Year (YoY) is growing at 8.4
per cent compared to a contraction of 7.8 per cent in the previous financial year.
· India is among the top ten services exporting countries in 2021, having increased
its share in world commercial services exports from 3% in 2015 to 4% in 2021.
· The services sector is expected to grow at 9.1% in FY23, driven by 13.7 per cent
growth in contact-intensive services sector as against 8.4% (YoY) in FY22.
· The FDI ceiling in insurance companies was also raised from 49 to 74%.
· India’s services exports stood at US$ 254.5 billion in FY22 recording a growth
of 23.5 per cent over FY21 and registered a growth of 32.7 per cent in April-
September 2022 over the same period of FY22.
Key Points:
i.The World Investment Report 2022 of UNCTAD places India as the 7th largest recipient
of FDI in the top 20 host countries in 2021.
· In FY22, India received the highest-ever FDI inflows of US$ 84.8 billion
including US$ 7.1 billion FDI equity inflows in the services sector.
ii.The bank credit to services sector saw a YoY growth of 21.3% in November 2022, the
second highest in 46 months, compared to a 3.3% growth in November 2021.
iii.India is ranked 10th out of the top 46 countries in the World in the Medical Tourism
Index FY21 released by Medical Tourism Association.
iv.According to JLL’s 2022 Global Real Estate Transparency Index, India’s real estate
market transparency is among the top ten most improved markets globally, with its
composite transparency score improving from 2.82 in 2020 to 2.73 in 2022.
v.IT-BPM (Information Technology and Business Process Management) revenues

registered YoY growth of 15.5% during FY22 compared to 2.1% growth in FY21.
vi.The Government E-Marketplace (GeM) attained an annual procurement of Rs 1 lakh
crore within FY22, representing a 160% growth compared to FY21.
· India’s e-commerce market is projected to grow at 18 % annually through

2025.
Others:
i.Bank Credit to services sector has grown by over 16% since July 2022.
ii.Sustained growth in the real estate sector is taking housing sales to pre-pandemic
levels, with a 50% rise between 2021 and 2022.
iii.Hotel occupancy rate has improved from 30-32% in April 2021 to 68-70% in
November 2022.
iv.Tourism sector is showing signs of revival, with foreign tourist arrivals in India in
FY23 growing month-on-month with resumption of scheduled international flights and
easing of Covid-19 regulations.
11.External Sector- Watchful and Hopeful

For India, the share of trade as a percentage of GDP has been steadily increasing, being
above 40% since 2005 (except 2020 being the pandemic year). The ratio stands at 46%
in 2021 and 50% for H1 of 2022.
· The United States (US) remained the top export destination in April-
November, 2022 followed by UAE and the Netherlands.
Key Points:
i.India achieved an all-time high annual merchandise export of US$ 422.0 billion in
FY22 against US$ 305.0 billion during the period April-December 2021.
· Merchandise exports were US$ 332.8 billion for April-December 2022.
· Merchandise trade deficit for April-December 2022 was estimated at US$

218.9 billion as against US$ 136.5 billion in April-December 2021.
ii.Non petroleum and non-gems & jewellery exports in April-December 2022 were
US$ 233.5 billion, as compared to US$ 230.0 billion in April-December 2021.
· Petroleum, oil, and lubricants (POL) exports constituted about 21.1% and
non-POL exports were 78.9% of total exports during FY23 (until December
2022).
iii.Electronic goods exports have shown an increase of 51.6% from US$ 11 billion
during April-December 2021 to US$ 16.7 billion during April-December 2022.
iv.Engineering goods exports crossed the US$ 100 billion mark in FY22 for the first
time.Organic and inorganic chemicals exports have increased significantly in FY22 and
were USD 23 billion during April-December 2022 registering a growth of 6.5% over
April-December 2021.
v.Among major import commodities, petroleum crude & products imports increased
by 45.6% to US$ 163.9 billion in April-December 2022 compared to US$ 112.6 billion in
April-December 2021 and continue to be the highest imported commodity.
· India’s imports for fuel including coal and Petroleum, Oil & Lubricants
(POL), whose share rose to 37.1% in total imports in April-December 2022
against 30.4% in the April-December 2021.
· Services imports rose by 25.1% between FY22 and FY21 to reach US$ 147.0
billion.
vi.India’s external debt, at US$ 610.5 billion as of end-September 2022, grew by 1.3
per cent (US$ 7.6 billion) over US$ 602.9 billion as of end-September 2021. However,
external debt as a ratio to GDP fell to 19.2 per cent as of end-September 2022 from 20.3
per cent a year ago.
Others:
i.India diversified its markets and increased its exports to Brazil, South Africa and Saudi
Arabia.
ii.To increase its market size and ensure better penetration, in 2022, Comprehensive
Economic Partnership Agreement (CEPA) with United Arab Emirates (UAE) and
Economic Cooperation and Trade Agreement (ECTA) with Australia come into force.
iii.India is the largest recipient of remittances in the world receiving US$ 100 bn in
2022.
· Remittances are the second largest major source of external financing after
service export.
iv.Forex reserves as of the end December 2022 stood at US$ 562.72 billion, accounting
for 9.3 months of imports, the ratio of external debt to GDP is at a comfortable level of
19.2% as of end-September 2022.
v.As of end-November 2022, India is the 6th largest foreign exchange reserves holder in
the world.
12.Physical and Digital Infrastructure: Lifting

Potential Growth
Increase in infrastructure investment provides a critical push to the potential growth
of the economy.
· The outlay (target) for capital expenditure in 2022-23 (BE) was increased
sharply by 35.4 per cent from ₹ 5.5 lakh crore in the previous year (2021-22) to
₹ 7.5 lakh crore, of which approximately 67 per cent has been spent from April
to December 2022.
· In order to increase the private sector participation in creation of new
infrastructure and development of existing ones, the government took initiatives
like Public-Private Partnership (PPP), National Infrastructure Pipeline
(NIP) and National Monetisation Pipeline (NMP).
· In addition to this, as part of the structural reforms with the objective to
enhance efficiencies and cost competitiveness, Gati Shakti and National
Logistics Policy (NLP) were also launched.
Government’s Vision for Infrastructure Development:
i.Public Private Partnerships
· In-Principal Approval granted to 56 projects with Total Project Cost of Rs

57,870.1 crore under the VGF (Viability Gap Funding) Scheme, from 2014-
15 to 2022-23.
· India Infrastructure Project Development Fund (IIPDF) Scheme with Rs.150
crore outlay from FY 23-25 was notified by the government on 03
November, 2022.
ii.National Infrastructure Pipeline (NIP)
· 89,151 projects costing Rs 141.4 lakh crore under different stages of

implementation.
· 1009 projects worth Rs 5.5 lakh crore completed.
· NIP and Project Monitoring Group (PMG) portal linkage to fast-track
approvals/ clearances for projects.
National Monetization Pipeline
· Rs 9 lakh crore is the estimated cumulative investment potential.

· Rs 0.9 lakh crore monetisation target achieved against expected Rs 0.8 lakh
crore in FY22.
· FY23 target is envisaged to be Rs 1.6 lakh crore (27% of overall NMP
Target).
GatiShakti
· PM GatiShakti National Master Plan, which aims improve multimodal

connectivity and logistics efficiency, creates comprehensive database for
integrated planning and synchronised implementation across Ministries/
Departments.
Electricity Sector and Renewables
· As on 30 September 2022, the government has sanctioned the entire target

capacity of 40 GW for the development of 59 Solar Parks in 16 states.
· 17.2 lakh GWh electricity generated during the year FY22 compared to 15.9
lakh GWh during FY21.
· The total installed power capacity (industries having demand of 1 Mega
Watt (MW) and above) increased from 460.7 GW on 31 March 2021 to
482.2 GW on 31 March 2022.
The Central Electricity Authority (CEA) has projected the optimal generation capacity mix to
meet the peak electricity demand and electrical energy requirement for 2029-30. The estimate
builds in improved efficiency and minimises the total system cost subject to various
technical/financial constraints. The likely installed capacity by the end of 2029-30 is expected to
be more than 800 GW of which non-fossil fuel would be more than 500 GW
Logistics
· There is rapid increase in National Highways (NHs) /Roads Construction

with 10457 km NHs/roads constructed in FY22 compared to 6061 km in
FY16.
· Budget expenditure increased from Rs 1.4 lakh crore in FY20 to Rs 2.4 lakh
crore in FY23 giving renewed push to Capital expenditure.
· 2359 Kisan rails transported approximately 7.91 lakh tonnes of
perishables, as of October 2022.
· Inland Vessels Act 2021 replaced 100-year-old Act to ensure hassle free
movement of Vessels promoting Inland Water Transport.
India’s Digital Public Infrastructure:
Unified Payment Interface (UPI)
UPI-based transactions grew in value (121%) and volume (115%) terms,

between 2019-22, paving the way for its international adoption.
Telephone and Radio - For Digital Empowerment
Total telephone subscriber base in India stands at 117.8 crore (as of Sept,22), with
44.3% of subscribers in rural India.
· There is 200% increase in rural internet subscriptions between 2015 and
2021.
· More than 98% of the total telephone subscribers are connected wirelessly.
· The overall tele-density in India stood at 84.8% in March 22.
· Eight license service areas, namely, Delhi, Mumbai, Kolkata, Himachal
Pradesh, Kerala, Punjab, Tamil Nadu, and Karnataka had a tele-density of
above 100%.
· Prasar Bharati (India’s autonomous public service broadcaster) broadcasts
in 23 languages, 179 dialects from 479 stations. It reaches 92% of the area
and 99.1% of the total population.
Digital Public Goods
· Under the government schemes, MyScheme, TrEDS (Trade Receivables

Discounting System), GEM, e-NAM (National Agriculture Market), UMANG
(Unified Mobile Application for New-Age Governance) has transformed
market place and has enabled citizens to access services across sectors.
· Under Account Aggregator, the consent-based data sharing framework is
currently live across over 110 crore bank accounts.
· Open Credit Enablement Network aims towards democratizing lending
operations while allowing end-to-end digital loan applications
· National AI portal has published 1520 articles, 262 videos, and 120
government initiatives and is being viewed as viewed as a tool for
overcoming the language barrier e.g. ‘Bhashini’.
· Legislations are being introduced for enhanced user privacy and creating
an ecosystem for standard, open, and interoperable protocols underlining
robust data governance.
Other Projections:
· India is expected to become a $7 trillion economy by 2030
· India's GDP size is likely to be $3.5 trillion by March 2023
· IMF projects the global government debt at 91 of GDP in 2022, about 7.5
percentage points above the pre-pandemic levels.
Click Here for Official Economic Survey 2022-2023

Economic Survey 2022-2023: Q&A
1. Which of the following points is/are ‘correct’ with respect to the Economic
Survey of India?
A) It is an Annual Document Prepared by the Economics Division of the
Department of Economic Affairs of the Finance Ministry under Chief Economic
Adviser (CEA).
B) The 1st Economic Survey of India was presented for the year 1950-51.
C) It has been included in the Budget session of Parliament since 1954 and
presented together with the Union Budget.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only A & C
Answer- 4) Only A & B
Explanation:
It is an Annual Document prepared by the Economics Division of the Department of
Economic Affairs of the Finance Ministry under Chief Economic Adviser (CEA),
presenting a review of India's economic performance over the past year and outlining
its future economic policy direction.
 The first economic survey was presented in 1950-51 as a part of the Union
Budget.
 After 1964, it was separated from the budget and presented each year during the
Budget Session before the presentation of budget.
2. The Economic Survey is prepared by the Department of Economic Affairs (DEA),

Ministry of Finance under the guidance of the Chief Economic Advisor to the
Government of India (GoI).
Who is the Chief Economic Advisor to GoI?
1) Krishnamurthy Subramanian
2) Venkatramanan Anantha Nageswaran
3) Kaushik Basu
4) Raghuram Rajan
5) Arvind Subramanian
Answer- 2) Venkatramanan Anantha Nageswaran
Explanation:
The Economic Survey is prepared by the Department of Economic Affairs (DEA),
Ministry of Finance under the guidance of Chief Economic Advisor to the Government of
India (GoI) Venkatramanan Anantha Nageswaran, Ministry of Finance.
3. In the Economic Survey 2022-23, India’s Gross Domestic Product (GDP) growth
is projected to the range of _________ for FY24.
1) 6.0-6.8%
2) 6.8-7.6%
3) 8.0-8.8%
4) 8.5-9.3%
5) 7.6-8.5%
Answer- 1) 6.0-6.8%
Explanation:
Union Minister Nirmala Sitharaman, Ministry of Finance tabled the Economic Survey
2022-23 in the parliament projecting India’s Gross Domestic Product (GDP) for FY24 to
be in the range of 6-6.8 % depending on the trajectory of economic and political
developments globally.
 The baseline GDP growth in FY24 in real terms will be 6.5%, and 11% in nominal
terms.
4. The Indian economy is expected to grow at ________ in FY23, as compared to 8.7%

growth in FY22.
1) 8.5%
2) 9.0%
3) 7.0%
4) 7.9%
5) 6.5%
Answer- 3) 7.0%
Explanation:
The economy is expected to grow at 7% in FY23 i.e. year ending March 2023 as
compared to 8.7% growth in FY22.
i. Global Agencies continue to project India as the fastest-growing major economy at 6.5
-7.0% in FY23.
5. The Capital Expenditure (Capex) of the Central Government increased by

_________in the first eight months of FY23.
1) 55.7%
2) 72.8%
3) 68.3%
4) 59.2%
5) 63.4%
Answer- 5) 63.4%
Explanation:
The Capital Expenditure (Capex) of the Central Government, which increased by 63.4%
in the first eight months of FY23, was another growth driver of the Indian economy in
FY23.
 On current trend, it appears that the full year’s capital expenditure budget will be
met.
 RBI has projected headline inflation at 6.8% in FY23, which is outside its target
range of 2-6%. India’s retail inflation rate peaked at 7.8% in April 2022, above.
This is due to various factors such as supply chain disruptions caused by the
COVID-19 pandemic, Ukraine Russia war, rising food prices, and increasing
fuel costs.
 However, measures taken by the government and RBI, along with the easing of
global commodity prices, have finally managed to bring retail inflation below the
RBI upper tolerance target in November 2022.
6. At what percentage, the private consumption as a percent of GDP stood in Q2 of

FY23, the highest since 2013-14?
1) 78.3 %
2) 58.4 %
3) 65.7 %
4) 72.2 %
5) 68.8 %
Answer- 2) 58.4 %
Explanation:
Private consumption as a percent of GDP stood at 58.4 % in Q2 of FY23 was the highest
among the second quarters of all the years since 2013-14.
 Also, the Private consumption in H1 is highest since FY15.
 The rebound in consumption has also been supported by the release of ‘pent-up’
demand. It refers to consumer demand for products and services that builds
over time due to a recession.
7. The credit growth to the Micro, Small, and Medium Enterprises (MSME) sector
has been remarkably high, over _________, on average during Jan-Nov 2022.
1) 45.7%
2) 40.2%
3) 35.7%
4) 30.5%
5) 54.2%
Answer- 4) 30.5%
Explanation:
The credit growth to the Micro, Small, and Medium Enterprises (MSME) sector has been
remarkably high, over 30.5%, on average during Jan-Nov 2022.
 This is driven by the extended Emergency Credit Linked Guarantee Scheme
(ECLGS) of the Central Government which is easing their debt servicing concerns,
production-linked incentive (PLI) scheme and improvement in capacity
utilization.
8. According to the Periodic Labour Force Survey (PLFS), at what percentage, the
urban unemployment rate for people aged 15 years and above declined in the
quarter ending September 2022 from 9.8% in the quarter ending September
2021?
1) 8.6%
2) 7.2%
3) 8.2%
4) 9.5%
5) 9.0%
Answer- 2) 7.2%
Explanation:
Employment levels have risen in FY23, as the Periodic Labour Force Survey (PLFS)
shows that urban unemployment rate for people aged 15 years and above declined from
9.8% in the quarter ending September 2021 to 7.2% in the quarter ending September
2022.
9. According to the Economic Survey 2022–23, the fiscal deficit of the Union
Government is expected to be at _____% of GDP in FY 23.
1) 6.0%
2) 6.2%
3) 6.4%
4) 6.7%
5) 8.5%
Answer- 3) 6.4%
Explanation:
The fiscal deficit of the Union Government, which reached 9.2% of GDP during the
pandemic year FY21, has moderated to 6.7%of GDP in FY22 PA and is further budgeted
to reach 6.4% of GDP in FY23.
i. The fiscal deficit of the Union Government at the end of November 2022 stood at
58.9% of the BE (Budgeted Estimate), lower than the five-year moving average of
104.6% of BE during the same period.
10. What is the registered Gross Tax Revenue from April to November 2022, as
per the Economic Survey 2022–23?
1) 18.2%
2) 12.2%
3) 14.9%
4) 16.3%
5) 15.5%
Answer- 5) 15.5%
Explanation:
Gross Tax Revenue (GTR):
i. The GTR registered a YoY growth of 15.5% from April to November 2022, driven by
robust growth in the direct taxes and Goods and Services Tax (GST).
 This data of the first eight months of 2022 show that GTR has grown at a much
higher rate
ii. The Net Tax Revenue to the Central Government after the assignment to states grew
by 7.9% on a YoY basis.
iii. Direct taxes, which broadly constitute half of the GTR, have registered a YoY growth
of 26% from April to November 2022, enabled by corporate and personal income tax
growth.
11. Which of the following points is/are correct with respect to the Central
Government's Capital Expenditure (Capex), as per the Economic Survey 2022–23?
A) The Centre's Capex has increased to 2.5% of GDP in FY22 PA (Provisional
Actual) from 1.7% of GDP (FY09 to FY20).
B) The Capex budgeted to increase to 2.9% of GDP in FY23.
C) In absolute terms, the Government of India had budgeted an unprecedented Rs
7.5 lakh crore of capex for FY23, of which more than 59.6% has been spent from
April to November 2022.
1) All A, B & C
2) Only B & C
3) Only A & B
4) Only C
5) Only A
Answer- 1) All A, B & C
Explanation:
Capital Expenditure (Capex):
i. The Central Government's Capex has increased from a long-term average of 1.7% of
GDP (FY09 to FY20) to 2.5% of GDP in FY22 PA (Provisional Actual). It is further
budgeted to increase to 2.9% of GDP in FY23.
 This highlights an improvement in the quality of Government expenditure over
the years.
ii. In absolute terms, the Government of India had budgeted an unprecedented Rs 7.5
lakh crore of capex for FY23, of which more than 59.6% has been spent from April to
November 2022.
 During this period, capital expenditure registered a YoY growth of over 60%,
much higher than the long-term average growth of 13.5% recorded in the
corresponding period from FY16 to FY20.
iii. The Centre has also incentivized the State Governments through interest-free loans
and enhanced borrowing ceilings to prioritize their spending on Capex.
12. As per the Economic Survey 2022–23, the revenue expenditure of the Union
government was brought down from 15.6% of GDP in the pandemic year FY21 to
_________ of GDP in FY22 PA.
1) 14.3%
2) 12.9%
3) 14.8%
4) 13.5%
5) 13.9%
Answer- 4) 13.5%
Explanation:
Revenue Expenditure:
i. The revenue expenditure of the Union government was brought down from 15.6% of
GDP in the pandemic year FY21 to 13.5% of GDP in FY22 PA (Provisional Actual) .
ii. The subsidy expenditure was brought down from 3.6% of GDP in FY21 to 1.9% of
GDP in FY22 PA. It was further budgeted to reduce to 1.2% of GDP in FY23.
iii. The revenue expenditure from April to November 2022 has grown by over 10% on a
YoY basis, higher than the growth noted in April to November 2021.
13. During April-November 2022, the excise duty collection has declined by _______
(YoY) basis.
1) 32.1%
2) 20.9%
3) 28.5%
4) 30.7%
5) 15.6%
Answer- 2) 20.9%
Explanation:
Indirect taxes such as customs and excise duties have acted as flexible policy tools
during the fiscal response to the pandemic.
i. The excise duty collection has declined by 20.9% from April to November 2022 on a
YoY basis.
ii. High imports during FY23 have led to a 12.4% YoY growth in the customs collection
from April to November 2022.
 This is higher than the average growth during the corresponding period from
FY13 to FY19.
14. What is the percentage of the gross GST collection increased on YoY basis from
April to December 2022?
1) 39.4%
2) 32.8%
3) 26.5%
4) 40.3%
5) 24.8%
Answer- 5) 24.8%
Explanation:
Goods and Services Tax (GST) has evolved and stabilized as a vital revenue source for
central and state governments. Their gross GST collections, taken together, were Rs
13.40 lakh crore from April to December 2022 with an average monthly collection of
Rs 1.5 lakh crore.
 The gross GST collections increased at 24.8% on YoY basis from April to
December 2022.
 The number of GST taxpayers increased from nearly 70 lakh in 2017 to more
than 1.4 crore in 2022.
15. The combined Gross Fiscal Deficit (GFD) of the states was reduced to 2.8% in
FY22 PA from _________ of GDP in FY21.
1) 3.5%
2) 3.9%
3) 4.1%
4) 4.5%
5) 5.0%
Answer- 3) 4.1%
Explanation:
State Governments improved their finances in FY22 after being adversely impacted by
the pandemic in FY21. The combined Gross Fiscal Deficit (GFD) of the States, which
increased to 4.1% of GDP in the pandemic-affected year, was brought down to 2.8% in
FY22 PA.
 From April- November 2022, the combined borrowings of the 27 major states
have just reached 33.5% of their total budgeted borrowings for the year.
16. Which of the following points is/are ‘correct’ with respect to the Overview of
State Government Finances, as per the Economic Survey 2022–23?
A) As per FY23 BE of the State Governments, the States' combined own Tax
revenue and own Non-Tax revenue were anticipated to grow at 17.5% and 25.6%,
respectively, over FY22 Revised estimates.
B) During FY23, the GoI released Rs 1.16 lakh crore towards the total GST
compensation payable to States up to 30 June 2022 (as of 25 November 2022).
C) Amounts of Rs. 9,830 crore and Rs. 10,186 crore were provided to states in
FY21 and FY22 as 50-year interest-free loans to state governments under the
'Scheme for Special Assistance to States for Capital Investment'.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
Overview of State Government Finances
As per FY23 BE of the State Governments, the States' combined own Tax revenue and
own Non-Tax revenue were anticipated to grow at 17.5% and 25.6%, respectively, over
FY22 RE (Revised estimates).
i. During FY23, the Government of India (GoI) released Rs 1.16 lakh crore towards the
total GST compensation payable to States up to 30 June 2022 (as of 25 November 2022).
ii. Amounts of Rs. 11,830 crore and Rs. 14,186 crore were provided to states in FY21
and FY22 as 50-year interest-free loans to state governments under the 'Scheme for
Special Assistance to States for Capital Investment'.
 During the year FY23, the allocation under the Scheme has been raised to Rs 1.05
lakh crore to give further impetus to State Capex plans.
17. Which of the following points is/are ‘correct’ with respect to the Union
Government's Fiscal Parameters (Percent of GDP)?
1) Total Expenditure- 15.3 for FY23 BE
2) Non-debt receipts- 8.9 for FY23 BE
3) Capital Expenditure- 3.8 for FY23 BE
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
Table showing Union Government's Fiscal Parameters (Per cent of GDP)
Parameter FY23 BE
Net tax revenue 7.5
Non-tax revenue 1
Non-debt capital receipts 0.3
Non-debt receipts 8.9
Total Expenditure 15.3
Revenue Expenditure 12.4
Capital Expenditure 2.9
Revenue Deficit 3.8
Primary Deficit 2.8
18. As per the Economic Survey 2022–23, the RBI has raised the policy repo rates
by _________ basis points, since April 2022.
1) 225 bps
2) 100 bps
3) 125 bps
4) 60 bps
5) 120 bps
Answer- 1) 225 bps
Explanation:
The RBI’s policy stance in FY23 led to a moderation of surplus liquidity that prevailed
during Covid years.
 The daily net liquidity absorption averaged Rs 2.5 lakh crore during FY23 (up to
21 December 2022) as compared with Rs 6.7 lakh crore in FY22.
i. The RBI implemented a policy repo rate hike of 225 bps from April 2022 i.e. from 4%
to 6.25% between May and December 2022.
19. Which of the following points are correct with respect to the Monetary
Management and Financial Intermediation: A Good Year (as per Economic Survey
2023)?
A) The Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-
year low of 5% from 8.2% in March 2020.
B) Net Non-Performing Assets (NNPA) ratio of SCBs declined to a ten-year low of
1.3 per cent of total assets.
C) The Capital to risk-weighted asset ratio (CRAR) of SCBs remains at 16.0.
1) Only A
2) Only A & B
3) Only B & C
4) Only B
5) All A, B & C
Explanation:
The Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of
5% from 8.2% in March 2020.
i. Net Non-Performing Assets (NNPA) have dropped to a ten-year low of 1.3 per cent of
total assets.
 It is projected to drop further to 4.9% in March 2023.
ii. The Capital-to-Risk Weighted Assets Ratio (CRAR) remains healthy at 16.0.
20. The Food inflation based on the Consumer Food Price Index (CFPI) climbed to
_________ in FY23 from 3.8% in FY22.
1) 8%
2) 6%
3) 4%
4) 7%
5) 5%
Answer- 4) 7%
Explanation:
In FY23, food inflation ranged between 4.2% to 8.6% between April and December
2022, while the core inflation rate stayed at around 6% except in April 2022.
i. Food inflation based on the Consumer Food Price Index (CFPI) climbed to 7% in FY23
from 3.8% in FY22.
Note- Wholesale Price Inflation (WPI) WPI started to increase in 2022 with a peak value
of 16.6% in May 2022 (as economic activities resumed post pandemic and the Russia-
Ukraine conflict alleviated it more) and it slipped to 5.0% by year end (December 2022).
21. The Consumer Price Index-Combined (CPI-C) increased in most of the states in
FY23 as compared to FY22.
Which of the following states saw the high rates of inflation in FY23?
1) Telangana
2) West Bengal
3) Maharashtra
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
The Consumer Price Index-Combined (CPI-C) increased in most of the states in FY23 as
compared to FY22. Telangana, West Bengal, Maharashtra, Madhya Pradesh, Haryana,
and Andhra Pradesh saw especially high rates of inflation in FY23.
i. RBI projects CPI inflation for Q1FY24 at 5% and for Q2FY24 at 5.4% on the
22. What is the percentage the RBI projected the Consumer Price Index (CPI)
inflation for Q1FY24 on the assumption of a normal monsoon?
1) 5.2%
2) 6.3%
3) 5.0%
4) 4.8%
5) 6.7%
Answer- 3) 5.0%
Explanation:
RBI projects CPI inflation for Q1FY24 at 5% and for Q2FY24 at 5.4% on the
23. As per the Economic Survey 2022-23, the tax on export of iron ores and
concentrates increased from 30 to _________ %.
1) 55%
2) 45%
3) 58%
4) 40%
5) 50%
Answer- 5) 50
Explanation:
Import duty on major inputs were brought to zero while tax on export of iron ores and
concentrates increased from 30 to 50%.
24. The Economic Survey 2022-23 Survey highlights the 2022 report of the UNDP
on Multidimensional Poverty Index which says that ________ people exited poverty
in India between ________ and 2019-20.
1) 41.5 crore; 2006-07
2) 39.3 crore; 2005-06
3) 50.3 crore; 2006-07
4) 41.5 crore; 2005-06
5) 50.3 crore; 2007-08
Answer- 4) 41.5 crore; 2005-06
Explanation:
In 2022, India's Social Sector witnessed a significant increase in government spending.
Survey highlights the findings of the 2022 report of the UNDP (United Nations
Development Programme) on Multidimensional Poverty Index which says that 41.5
crore people exit poverty in India between 2005-06 and 2019-20.
25. The social sector expenditure outlay of the Centre and State Governments has
increased to stand at ________ in FY23 (BE).
1) Rs 19.3 lakh crore
Answer- 2) Rs 21.3 lakh crore
Explanation:
The social sector expenditure outlay of the Centre and State Governments has increased
steadily to stand at Rs 21.3 lakh crore in FY23 (BE), with its share in total General
Government expenditure standing at 26.6%.
26. The Central and state government budgeted expenditure on healthcare is

_________ of GDP in FY 23.
1) 2.1%
2) 1.8%
3) 1.6%
4) 1.9%
5) 2.5%
Answer- 1) 2.1%
Explanation:
The Central and State Government’s BE on health sector touched 2.1% of GDP in FY23
(BE) and 2.2% in FY22 (RE) against 1.6% in FY21.
27. As per the Economic Survey 2022-23, the Social sector expenditure increases
to Rs. 21.3 lakh crore in FY23 (BE) from __________ in FY16.
1) Rs. 8.5 lakh crore
Answer- 5) Rs. 9.1 lakh crore
Explanation:
Social sector expenditure increases to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1
lakh crore in FY16.
28. According to the Economic Survey 2022-23, a total of over 28.5 crore
unorganized workers have been registered (as on 31 December 2022) in which
portal?
1) Darpan portal
2) eShram portal
3) UMANG portal
4) Samadhan portal
5) Suvidha portal
Answer- 2) eShram portal
Explanation:
As on 31 December 2022, a total of over 28.5 crore unorganized workers have been
registered on eShram portal.
29. As per the Economic Survey 2022-23, How many beneficiaries have been
verified under the Ayushman Bharat Scheme as on January 4, 2023?
1) 60 crore
2) 52 crore
3) 32 crore
4) 22 crore
5) 43 crore
Answer- 4) 22 crore
Explanation:
Nearly 22 crore beneficiaries have been verified under the Ayushman Bharat Scheme
as on January 4, 2023.
30. The estimated total employment in the _________ selected sectors according to
the fourth round of Quarterly Employment Survey (QES) (Jan to Mar 2022) stood
at ____________,which is nearly ten lakh higher than the estimated first round of QES
(April-June 2021).
1) Nine; 3.2 crore
2) Seven; 1.2 crore
3) Nine; 4.6 crore
4) Seven; 3.2 crore
5) Twelve; 1.2 crore
Answer- 1) Nine; 3.2 crore
Explanation:
The Quarterly Employment Survey (QES) conducted by the Labour Bureau, covers
establishments with ten or more workers in nine major sectors viz. manufacturing,
construction, trade, transport, education, health, accommodation & restaurants,
IT/BPOs, and financial services.
i. These nine sectors account for around 83% of the total employment in
establishments.
ii. The estimated total employment in the nine selected sectors according to the fourth
round of Quarterly Employment Survey (QES) (January to March 2022) stood at 3.2
crore, which is nearly ten lakh higher than the estimated employment from the first
round of QES (April-June 2021).
31. In which of the following schemes, the Indian government invested more
resources in social protection programmes in FY23?
1) Pradhan Mantri Vaya Vandana Yojana
2) Pradhan Mantri Suraksha Bima Yojana
3) Pradhan Mantri Shram Yogi Maan-Dhan Yojana
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
In the wake of the hardships posed by the pandemic, the government invested more
resources in social protection programmes and continued to do so in FY23. Some of the
key programmes/schemes in this area are as listed below:
 Pradhan Mantri Vaya Vandana Yojana (PMVVY)
 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY)
 Pradhan Mantri Suraksha Bima Yojana (PMSBY)
 Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYMDY)
 PM Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANidhi)
 Pradhan Mantri Mudra Yojana (PMMY)
32. The Economic Survey 2022-23 stated that India declared the Net Zero Pledge
to achieve net zero emissions goal by which year?
1) 2070
2) 2050
3) 2060
4) 2040
5) 2030
Answer- 1) 2070
Explanation:
India has already declared the Net Zero Pledge to achieve net zero emissions goal by
2070.
i. India achieved its target of 40% installed electric capacity from non-fossil fuels ahead
of 2030. It will be more than 500 GW by 2030 resulting in a decline of average emission
rate by around 29% by 2029-30, compared to 2014-15.
33. What is the rank of India globally with respect to the net gain in average
annual forest area between 2010 and 2020?
1) 6th
2) 4th
3) 3rd
4) 2nd
5) 5th
Answer- 3) 3rd
Explanation:
India ranks third globally with respect to the net gain in average annual forest area
between 2010 and 2020.
 This gain is driven by robust framework and schemes of National and State
Governments like Green India Mission (GIM), Compensatory Afforestation Fund
Management and Planning Authority (CAMPA), National Afforestation
Programme (NAP), Green Highway Policy - 2015, Policy for enhancement of
Urban Greens, National Agro-forestry Policy, and Sub-Mission on Agro-forestry
(SMAF), etc.
i. Among the Indian States, Arunachal Pradesh has the maximum carbon stock in forests
(1023.84 million tonnes), followed by Madhya Pradesh (609.25 million tonnes).
34. As per the Economic Survey 2022–23, the government has set a target of at
least 5 MMT (million metric tonnes) per year of Green Hydrogen production by
___________.
1) 2027
2) 2030
3) 2026
4) 2028
5) 2029
Answer- 2) 2030
Explanation:
With a vision to make India an energy-independent nation by 2047, and to de-carbonise
critical sectors, the Government approved the National Green Hydrogen Mission on
January 4, 2023 with an initial outlay of Rs 19,744 crore.
 Green hydrogen production capacity of at least 5 MMT (Million Metric
Tonne) per annum to be developed by 2030, and there will be mobilization of
over Rs 8 lakh crore of investment by 2030.
35. The Economic Survey 2022-23 stated that the NITI Aayog report estimates
that the cumulative value of the green hydrogen market in India will be __________
by 2030.
1) USD 7 billion
2) USD 8 billion
3) USD 5 billion
4) USD 9 billion
5) USD 6 billion
Answer- 2) USD 8 billion
Explanation:
NITI’ Aayog’s report estimates that the cumulative value of the green hydrogen market
in India will be US$ 8 billion by 2030 and US$ 340 billion by 2050.
36. As per Securities and Exchange Board of India (SEBI)’s data on green debt
securities, during the period of 2017 to September 2022, How many Indian
corporates have issued green bonds of value Rs 4,539 crore?
1) 5
2) 10
3) 8
4) 15
5) 20
Answer- 4) 15
Explanation:
As per SEBI’s data on green debt securities, during the period of 2017 to September
2022, 15 Indian corporates have issued green bonds of value Rs 4,539 crore.
i. RBI has notified the indicative calendar for the issuance of Sovereign Green Bonds
(SGrBs) for the fiscal year 2022-23.
 It will take place through two auctions on January 25, 2023 and February 9,
2023, respectively, for Rs 8,000 crore each, totalling Rs16,000 crore.
 The security-wise allocation would include 5 year and 10 year SGrBs for Rs 4,000
crore each for both auctions.
37. As per the economic survey 2022-23, India has 44.3 lakh organic farmers, the
highest in the world.
Which is the 1st state in the world to become fully organic farming?
1) Nagaland
2) Assam
3) Sikkim
4) Madhya Pradesh
5) Uttarakhand
Answer- 3) Sikkim
Explanation:
India has 44.3 lakh organic farmers, the highest in the world, and about 59.1 lakh ha
area was brought under organic farming by 2021-22.
i. Sikkim is the first State in the world to become fully organic, and other States,
including Tripura and Uttarakhand, have set similar targets.
ii. The Government has been promoting organic farming by implementing two
dedicated schemes, i.e., Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic
Value Chain Development for North Eastern Region (MOVCDNER) since 2015.
38. As per the Economic Survey 2022-23, At what percentage did the livestock
sectors grow from 2014-15 to 2020- 21?
1) 6.9%
2) 8.2%
3) 6.4%
4) 7.9%
5) 7.2%
Answer- 4) 7.9%
Explanation:
The livestock sector grew at a CAGR of 7.9% during 2014-15 to 2020- 21, and its
contribution to total agriculture GVA is about 30.1% in 2020-21.
i. A dedicated Fisheries and Aquaculture Infrastructure Development Fund (FIDF) was
established for five years, from 2018-19 to 2022-23, with an investment of Rs 7,522
crore.
39. As per the Economic Survey 2022-23, At what percentage the Industry sector
grew in FY23?
1) 4.1%
2) 3.9%
3) 5.1%
4) 3.5%
5) 5.2%
Answer- 1) 4.1%
Explanation:
In FY23, the Industry sector witnessed modest growth of 4.1 per cent compared to the
strong growth of 10.3% in FY22. Annual FDI equity inflows in the manufacturing sector
have been increasing over the last few years. It jumped from US$ 12.1 billion in FY21 to
US$ 21.3 billion in FY22
 Overall Gross Value Added (GVA) by the Industrial Sector (for the first half of FY
22-23) rose 3.7%, which is higher than the average growth of 2.8% achieved in
the first half of the last decade.
40. What is the rank of India in the production of pharma products by volume, as
per the Economic Survey 2022-23?
1) 2nd
2) 4th
3) 1st
4) 3rd
5) 5th
Answer- 4) 3rd
Explanation:
India is ranked 3rd worldwide in the production of pharma products by volume and
14th by value. The sector is the largest provider of generic medicines globally,
occupying a 20% share in global supply by volume, and is also the leading vaccine
manufacturer globally with a market share of 60%.
41. In December 2022, India became the 3rd largest automobile market in terms
of sales, surpassing which of the following countries?
1) Germany
2) Japan
3) United Kingdom
4) Both 1 & 2
5) Both 2 & 3
Answer- 4) Both 1 & 2
Explanation:
Automobiles contribute 7.1% to the overall GDP and 49% to the manufacturing GDP
while generating direct and indirect employment of 3.7 crore at the end of 2021. In
December 2022, India became the 3rd largest automobile market, surpassing Japan
and Germany in terms of sales.
42. As per the economic Survey, the service Sector is expected to grow at ________ in
FY23.
1) 8.8%
2) 7.6%
3) 8.6%
4) 8.2%
5) 9.1%
Answer- 5) 9.1%
Explanation:
India’s services sector witnessed a swift rebound in FY22 driven by growth in the
contact intensive services sub-sector. India is among the top ten services exporting
countries in 2021, having increased its share in world commercial services exports from
3% in 2015 to 4% in 2021.
i. The services sector is expected to grow at 9.1% in FY23, as against 8.4% (YoY) in
FY22.
ii. India’s services exports stood at US$ 254.5 billion in FY22 recording a growth of 23.5
per cent over FY21 and registered a growth of 32.7 per cent in April-September 2022
over the same period of FY22.
43. Coal production raised by _________ on a YoY basis, during April-December,

2022.
1) 13%
2) 18%
3) 12%
4) 16%
5) 14%
Answer- 5) 14%
Explanation:
April-December, 2022, coal production rose by 14% on a YoY basis and was 21% higher
than the pre-pandemic of FY20.
 The coal stock at power plants improved to 12 days as of 30 December 2022
compared to 10 days on 30 June 2022 and 8 days in December 2021.
44. Which of the following points is ‘Incorrect’ with respect to the Production
Linked Incentive (PLI) schemes, according to the Economic Survey 2022-23?
A) The Production Linked Incentive (PLI) schemes introduced across 10
categories, with an estimated capex of Rs 2 lakh crore over the next five years.
B) Investment of Rs 47,500 crores has been seen under the PLI schemes in the
C) Production/sales worth Rs 3.85 lakh crore and employment generation of 3.0
lakh have been recorded due to PLI schemes.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only A & C
Answer- 1) Only A
Explanation:
The Production Linked Incentive (PLI) schemes introduced across 14 categories, with
an estimated capex of Rs 4 lakh crore over the next five years, to plug India into global
supply chains.
 Investment of Rs 47,500 crores has been seen under the PLI schemes in the
 Production/sales worth Rs 3.85 lakh crore and employment generation of 3.0
lakh have been recorded due to PLI schemes.
45. As per the Economic Survey 2022-23, India has become the __________ largest
mobile phone manufacturer globally.
1) First
2) Third
3) Four
4) Second
5) Five
Answer- 4) Second
Explanation:
India has become the second-largest mobile phone manufacturer globally, with the
production of handsets going up from 6 crore units in FY15 to 29 crore units in FY21.
46. According to the UNCTAD’s World Investment Report 2022, what is India’s
rank among the top 20 host economies for 2021 in terms of foreign direct
investment (FDI)?
1) 5th
2) 12th
3) 8th
4) 9th
5) 7th
Answer- 5) 7th
Explanation:
The World Investment Report 2022 of UNCTAD places India as the 7th largest
recipient of FDI in the top 20 host countries in 2021.
 In FY22, India received the highest-ever FDI inflows of US$ 84.8 billion including
US$ 7.1 billion FDI equity inflows in the services sector.
47. As per the bank credit to services sector saw a YoY growth of _________ in
November 2022, the second highest in 46 months.
1) 17.3%
2) 15.3%
3) 19.3%
4) 24.7%
5) 21.3%
Answer- 5) 21.3%
Explanation:
The bank credit to services sector saw a YoY growth of 21.3% in November 2022, the
second highest in 46 months, compared to a 3.3% growth in November 2021.
48. The Government E-Marketplace (GeM) attained an annual procurement of

________ within FY22, representing a 160% growth compared to FY21.
1) Rs 3 lakh crore
2) Rs 5 lakh crore
3) Rs 1 lakh crore
4) Rs 4 lakh crore
5) Rs 2 lakh crore
Answer- 3) Rs 1 lakh crore
Explanation:
The Government E-Marketplace (GeM) attained an annual procurement of Rs 1 lakh
crore within FY22, representing a 160% growth compared to FY21.
i. India’s e-commerce market is projected to grow at 18 per cent annually through
2025.
49. Which country emerges as India's top destination for goods exports during
April-November, 2022?
1) United Arab Emirates
2) United States
3) Japan
4) Netherlands
5) China
Answer- 2) United States
Explanation:
For India, the share of trade as a percentage of GDP has been steadily increasing, being
above 40% since 2005 (except 2020 being the pandemic year). The ratio stands at 46%
in 2021 and 50% for H1 of 2022.
 The United States (US) remained the top export destination in April-November,
2022 followed by UAE and the Netherlands.
50. As per the Economic Survey 2022-23, the petroleum crude & products imports
increased by ________ to USD 163.9 billion in April-December 2022.
1) 52.4%
2) 45.6%
3) 40.1%
4) 52.8%
5) 39.2%
Answer- 2) 45.6%
Explanation:
Among major import commodities, petroleum crude & products imports increased
by 45.6% to US$ 163.9 billion in April-December 2022 compared to US$ 112.6 billion in
April-December 2021 and continue to be the highest imported commodity.
 India’s imports for fuel include coal and Petroleum, Oil & Lubricants (POL),
whose share rose to 37.1% in total imports in April-December 2022 against
30.4% in April-December 2021.
 Services imports rose by 25.1% between FY22 and FY21 to reach US$ 147.0
billion.
51. As per the Economic Survey 2022-23, the External debt as a ratio to GDP fell to
________ as of end-September 2022 from 20.3% in 2021.
1) 16.2%
2) 18.4%
3) 15.8%
4) 19.2%
5) 17.8%
Answer- 4) 19.2%
Explanation:
India’s external debt, at US$ 610.5 billion as of end-September 2022, grew by 1.3 per
cent (US$ 7.6 billion) over US$ 602.9 billion as of end-September 2021.
i. However, external debt as a ratio to GDP fell to 19.2 per cent as of end-September
2022 from 20.3 percent a year ago.
52. Which country is the largest recipient of remittances in the world receiving
USD 100 bn in 2022?
1) United Kingdom
2) Japan
3) China
4) United State of America
5) India
Answer- 5) India
Explanation:
India is the largest recipient of remittances in the world receiving USD 100 bn in 2022.
 Remittances are the second largest major source of external financing after
service export.
53. Which of the following points is/are ‘correct’ with respect to the Foreign
Exchange Reserves, as per the Economic Survey 2022-23?
A) The Forex reserves as of the end December 2022 stood at USD 562.72 billion,
accounting for 9.3 months of imports.
B) The ratio of external debt to GDP is at a comfortable level of 19.2% as of end-
September 2022.
C) As of end-November 2022, India is the 6th largest foreign exchange reserves
holder in the world.
1) All A, B & C
2) Only B & C
3) Only A & B
4) Only C
5) Only A
Explanation:
Forex reserves as of the end December 2022 stood at US$ 562.72 billion, accounting
for 9.3 months of imports.
i. The ratio of external debt to GDP is at a comfortable level of 19.2% as of end-
September 2022.
ii. As of end-November 2022, India is the sixth largest foreign exchange reserves holder
in the world.
54. Which of the following points is/are ‘correct’ with respect to the Government’s
Vision for Infrastructure Development (as per Economic Survey 2023)?
A) Public Private Partnerships: India Infrastructure Project Development Fund
(IIPDF) Scheme with Rs 150 crore outlay from FY 23-25 was notified by the
government on 03 November, 2022.
B) National Infrastructure Pipeline (NIP): 89,151 projects costing Rs 141.4 lakh
crore under different stages of implementation 1009 projects worth Rs 5.5 lakh
crore completed.
C) Electricity Sector and Renewables: As of September 2022, the government has
sanctioned 29 Solar Parks (56 GW) in 10 states.
1) All A, B & C
2) Only B & C
3) Only A & B
4) Only C
5) Only A
Explanation:
Government’s Vision for Infrastructure Development:
Public Private Partnerships: India Infrastructure Project Development Fund (IIPDF)
Scheme with Rs 150 crore outlay from FY 23-25 was notified by the government on 03
November, 2022.
i. National Infrastructure Pipeline (NIP): 89,151 projects costing Rs 141.4 lakh crore
under different stages of implementation 1009 projects worth Rs 5.5 lakh crore
completed.
 NIP and Project Monitoring Group (PMG) portal linkage to fast-track approvals/
clearances for projects
ii. Electricity Sector and Renewables: As of September 2022, the government has
sanctioned 59 Solar Parks (40 GW) in 16 states.
 17.2 lakh GWh electricity generated during the year FY22 compared to 15.9 lakh
GWh during FY21.
 The total installed power capacity (industries having demand of 1 Mega Watt
(MW) and above) increased from 460.7 GW on 31 March 2021 to 482.2 GW on
31 March 2022.
55. Which of the following points is ‘Incorrect’ with respect to India's Digital
Public Infrastructure (as per Economic Survey 2023)?
A) Unified Payment Interface (UPI) based transactions grew in value (121%) and
volume (115%) terms, between 2019-22, paving the way for its international
adoption.
B) The overall tele-density in India stood at 94.3% in December 2022.
C) Total telephone subscriber base in India stands at 117.8 crore (as of Sept,22),
with 44.3% of subscribers in rural India.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only A & C
Answer- 2) Only B
Explanation:
India’s Digital Public Infrastructure:
Unified Payment Interface (UPI) based transactions grew in value (121%) and volume
(115%) terms, between 2019-22, paving the way for its international adoption.
i. Telephone and Radio - For Digital Empowerment: Total telephone subscriber base in
India stands at 117.8 crore (as of Sept,22), with 44.3% of subscribers in rural India.
 There is 200% increase in rural internet subscriptions between 2015 and 2021.
 More than 98% of the total telephone subscribers are connected wirelessly.
 The overall tele-density in India stood at 84.8% on March 22.
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Current Fiscal Growth Projection (FY23):

Challenges that hit the global growth are:-

 Covid-19 pandemic notified by the WHO in January 2020.

Who has prepared the Survey?

It is prepared by the Department of Economic Affairs (DEA), Ministry of Finance

What is Economic Survey?

It is an annual document presented by the Ministry of Finance to the Parliament of

1.State of the Economy 2022-23: Recovery Complete

Let’s have a look on the other highlights of this Chapter.

i.Capital Expenditure (Capex) of the Central Government, which increased by 63.4%

iii.Private consumption as a percent of GDP stood at 58.4 % in Q2 of FY23 was the

· Also, the Private consumption in H1 is highest since FY15.

· The rebound in consumption has also been supported by the release of

v.Return of Migrant Workers to Construction Activities:

· Mahatma Gandhi National Rural Employment Guarantee scheme

vi.Downward Revision in Growth Forecast across Countries:

· For world, it was 3.2% in 2022 and 2.7% in 2023.

2. India's Medium-Term Growth Outlook: With

i.2014-2022 is an important period in the economic history of India as this phase

· These are premised on the principle of Sabka Saath Sabka Vikaas.

3.Fiscal Developments: Revenue Relish

Gross Tax Revenue (GTR):

Capital Expenditure (Capex):

· During this period, capital expenditure registered a YoY growth of over

· The number of GST taxpayers increasing from nearly 70 lakh in 2017 to

Non-Tax Revenue targets:

 Budget FY23 envisaged a lower collection of non-tax revenue receipts

Non-Debt Capital Receipts:

State Government Finances:

· From April- November 2022, the combined borrowings of the 27 major

· It was fixed at 5% of GSDP in FY21, 4% of GSDP in FY22 and 3.5% of GSDP

vii.The Union government has provided 50-year interest-free loans to state

Table showing Union Government's Fiscal Parameters (Per cent of GDP)

4.Monetary Management and Financial

iv.Cleaner balance sheets led to enhanced lending by financial institutions.

· The YoY growth in non-food bank credit accelerated to 15.3% in December

· Credit disbursed by Non-Banking Financial Companies (NBFCs) has also

· Net Non-Performing Assets (NNPA) have dropped to a ten-year low of 1.3

· It is projected to drop further to 4.9% in March 2023.

vii.The Capital-to-Risk Weighted Assets Ratio (CRAR) remains healthy at 16.0.

5.Prices and Inflation: Successful Tight-Rope Walking

In advanced economies, the rate of inflation is projected by the International Monetary

iii.The Consumer Price Index-Combined (CPI-C) in increased in most of the states in

6.Social Infrastructure and Employment: Big Tent

· The unemployment rate declined from 8.3% in July-September 2019 to

· The estimated total employment in the nine selected sectors according to

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

· Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY)

· Pradhan Mantri Suraksha Bima Yojana (PMSBY)

· Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYMDY)

· PM Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANidhi)

· Pradhan Mantri Mudra Yojana (PMMY)

 Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM)

7.Climate Change and Environment: Preparing to Face

iii.India is progressively becoming a favoured destination for investment in renewables.

iv.With a vision to make India an energy-independent nation by 2047, and to de-

· Green hydrogen production capacity of at least 5 MMT (Million Metric

viii.International Solar Alliance (ISA), Coalition for Disaster Resilient

ix.As of 10 August 2022, India is home to 53 Tiger Reserves covering approximately

 In addition, 17 Tiger Reserves in the country have CA|TS international