Economic Survey 2022-23 too optimistic; no clear direction to deal with unemployment crisis

“The export impulse has been waning in the first half itself … due to persistently high inflation and rising interest rates in the advanced economies. Export growth may slow further in the second half of the current financial year and remain weak beyond that, too, if the global economy falls into recession,” the Survey says.

In the backdrop of dismal industrial performance in the first half of the current fiscal year, the Survey tries to explain the phenomena by saying that there was high rainfall affecting output in certain sectors such as real estate and construction, and it also led to cooler weather and hurt power demand.

However, the real hope is from agriculture and service sectors. The agriculture sector remains buoyant with 4.6 per cent annual growth during last six year, it noted. Foodgrain production touched a record 315.7 million tonnes in 2021-22.