Pandemic Recovery of India's economy is complete: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Tuesday said the economys recovery from the pandemic is complete supported by nonbanking and corporate sectorsThe Economic Survey 2023 which was tabled today had pegged Indias gross domestic product GDP growth for fiscal 202324 at 6 per cent to 68 per cent The Survey was presented by Finance Minister Nirmala Sitharaman in Parliament todayAlso readBudget 2023 Rajya Sabha to hold separate sitting on Day 1 after Presidents addressDuring the press conference today CEA Nageswaran said Recovery of economy is complete nonbanking and corporate sectors now have healthy balance sheets hence we dont have to speak of pandemic recovery anymore we have to look ahead to the next phaseThe CEA said What more can be done to ensure that the potential GDP growth of India does not stop at 65 per cent 7 per cent even if global growth and export prospects remain moderateWhile talking about Micro Small and Medium Enterprises growth Nageswaran said credit growth is picking up across sectors credit to micro small and medium enterprises MSMEs has grown at 30 per cent since January 2022 nonperforming assets NPAs in nonbanking finance companies NBFCs is lower than what it was 15 months agoHe said Redefinition of MSMEs and Emergency Credit Line Guarantee Scheme ECGLS have enabled MSME sector to remain in good health and said evidence is the goods and services tax GST paid by MSMEsThe CEA said the private investment in 10 sectors in the first half of 202223 is higher than what it was in the first half of 202122 and also noted that industry and services sectors are registering steady growth As private investment begins to pick up and as the construction sector comes back to life employment scenario will become as it did in the first decade he saidIndia is well ahead of its targets for renewable energy mix the Chief Economic Advisor saidAccording to the CEA the urban unemployment ratio has come down to 7 per cent while worker population ratio has picked up to become 45 per centWhile 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 22 per cent to 26 per cent as a proportion of gross domestic product GDPThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever