India’s real GDP projected to grow by 7% in 2022-23
New Delhi: India’s real GDP is projected to grow by 9.1 per cent in 2021-22 (1st RE) and 7 per cent in 2022-23 (2nd AE) as per the latest estimates of National Income released by the National Statistical Office, Ministry of Statistics and Programme Implementation (MoSPI).
In a written reply to a question in Lok Sabha today in this regard, the Union Minister of State for Finance Pankaj Chaudhary said that the annual data, which provides a stable basis for assessment, shows that the growth momentum of the Indian economy continues after completing full recovery. The International Monetary Fund (IMF) and the World Bank project India to be the fastest-growing major economy in 2023.
As per the latest data available on World Development Indicators, World Bank, India is the 5th largest economy in terms of GDP ranking of countries at the Current US Dollar in 2021, the Minister stated.
Meanwhile, as per data uploaded by Member Lending Institutions (MLIs) on the Mudra portal, as of January 27, 2023, more than Rs. 38.58 crore loans have been extended since the inception of the Scheme in April 2015. Out of this, over Rs. 26.35 crore loans have been extended to Women Entrepreneurs (68%) and 19.84 crore loans to SC/ST/OBC category of borrowers (51%). This was stated by the Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.
Moreover, the National Credit Guarantee Trustee Company Limited (NCGTC) stated that guarantees amounting to Rs 3.61 lakh crore have been issued under the Emergency Credit Line Guarantee Scheme (ECLGS), benefiting 1.19 crore borrowers as on January 31, 2023. ECLGS was launched in May 2020, as part of Aatmanirbhar Bharat Abhiyan to support eligible Micro, Small and Medium Enterprises (MSMEs) and business enterprises in meeting their operational liabilities and restarting their businesses in the context of the disruption caused by the COVID-19 pandemic. This scheme covers all sectors of the economy Dr Karad stated in another written reply to a question in Lok Sabha today.
– global bihari bureau