Sending out a clear message that the thrust of growth will be driven by higher capital expenditure (capex), private consumption, and credit growth to small businesses, the Economic Survey 2022-23 (FY23) has provided some cues on Wednesday’s Budget.
The Survey recognised public capex as being a key economic growth driver in the current year. It also said India’s economic growth in FY23 has been principally led by private consumption and capital formation.
In the first half of the current fiscal year, private consumption reached its highest level in nine years, while private capital formation improved due to healthy financials after a decade of the private sector repairing balance sheets.
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