FY22, the Indian economy started to recover despite the Omicron wave of January 2022.
Despite strong global headwinds and tighter domestic monetary policy, India is still expected to grow between 6.5 and 7.0 per cent.
India’s exports surged in FY22, and the momentum lasted up to the first half of FY23.
Export growth was strong enough to increase India’s share in the world market of merchandise exports.
IMF estimates India to be one of the top two fast-growing significant economies in 2022.
India Inclusive Growth
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 later (quarter ending September 2022).
In FY21, the Government announced the Emergency Credit Line Guarantee Scheme; the scheme has succeeded in shielding micro, small and medium enterprises from financial distress.
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has been rapidly creating more assets in respect of “Works on individual’s land” than in any other category. The share of this category rose to about 60 per cent in FY22.
PM Garib Kalyan Anna Yojana have significantly contributed to lessening impoverishment in the country.
In addition, the National Family Health Survey (NFHS) in India shows improved rural welfare indicators from FY16 to FY20, covering aspects like gender, fertility rate, household amenities, and women empowerment.
