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The Economic Survey for 2022-23 has presented the customary wealth of information and data pertaining to the Indian economy. It has provided the growth projections for the current year and the next, as well as a medium-term outlook. Simultaneously, it has further articulated the rationale for those projections and outlooks.
As regards the projections for the current fiscal year, that is, 2022-23, most of the information provided in the Survey is in the public domain. Real GDP has been estimated to grow at 7 per cent; and the Reserve Bank of India has projected that inflation for the year will settle at 6.8 per cent. Taken together, these figures would yield a nominal economic growth rate of close to 14 per cent. The Survey has further highlighted high tax buoyancy, which would likely ensure meeting the budgeted fiscal deficit of 6.4 per cent of GDP for the year.
The upshot of the above figures is that despite being faced with a highly challengi
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