Pandemic Recovery Of India’s Economy Complete: Chief Economic Advisor

According to Chief Economic Advisor V Anantha Nageswaran, the non-banking and corporate sectors have helped the economy fully recover from the epidemic.

According to the Economic Survey 2023, which was presented today, India’s GDP growth for the fiscal years 2023–2024 will range from 6% to 6.8%. Nirmala Sitharaman, the finance minister, delivered the Survey to the House of Representatives today. “The recovery of the economy is complete; non-banking and corporate sectors now have sound balance sheets, therefore, we do not have to speak of pandemic recovery any longer, we have to look ahead to the next phase,” CEA Nageswaran stated during today’s press conference.

When discussing the growth of Micro, Small, and Medium Enterprises, Mr. Nageswaran noted that loan growth is picking up across sectors, that credit to MSMEs has increased by 30% since January 2022, and that non-performing assets (NPAs) in NBFCs are now lower than they were 15 months ago.

The CEA highlighted that industry and services sectors are seeing consistent expansion and that private investment in 10 sectors increased in the first half of 2022–2023 compared to the same period the previous year. “Employment situation will become how it did in the first decade,” he said, when private investment starts to take up and the building industry revives.

While talking about Foreign Direct Investments, he said liberalised norms for foreign investment had led to a structural shift and added that it has gone up from 2.2 per cent to 2.6 per cent as a proportion of gross domestic product (GDP).

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