Recovery Complete, India Back On Pre-Pandemic Growth Path: Economic Survey 2023

India's economic recovery from the pandemic shock is complete and the Indian economy is back on the pre-pandemic growth trajectory, says the just-released Economic Survey 2022-23.

Authored by the Chief Economic Advisor, Dr V Anantha Nageswaran, the survey lists out three shocks that hit the global, as well as the Indian, economy in the last three years:

• The covid pandemic and the contraction it induced.

• The Russia-Ukraine war.

• Synchronised rate hikes, led by the Federal Reserve in USA, across economies, to curb inflation.

Even as the global economies were reeling under the impact of the first two, the third factor on the list led to widening Current Account Deficits.

In the face of a strengthening dollar, this led to high inflation in net-importing economies, explains Dr Nageswaran.

A fourth factor to add to the woes was the 'frailty of the Chinese economy'.

However, says the latest Economic Survey, India appears to have demonstrated a 'full recovery in FY22 ahead of many nations', and has positioned 'itself to ascend to the pre-pandemic growth path in FY23'.

Agencies worldwide continue to project India as the fastest-growing major economy at 6.5-7.0 per cent in FY23, said the recently released document.