India’s real GDP to remain above 7% in FY23 despite tough geopolitical situation: Govt

Minister of State for Finance Pankaj Choudhary told the Lok Sabha on Monday that the government has taken several supply-side measures to check rising inflation.

“The price position of key essential commodities is regularly monitored by the Government and corrective action is taken from time to time. Several supply side measures have been taken by the Government to address inflation and to ensure That the poor do not have to bear the additional financial burden,” he said in a written reply.

These include reduction in import duty and cess on pulses, rationalization of tariffs and imposition of stock limits on edible oils and oilseeds, maintenance of buffer stock for onions and pulses, inclusion of soya meal in the schedule of essential commodities. He said that the Commodities Act, 1955 by 30 June 2022 and to implement stock limit on soya meal by 30 June 2022.

In addition, he said, measures specifically directed towards the poor include the Targeted Public Distribution System under the National Food Security Act, 2013 (NFSA), the world’s largest public food distribution system covering nearly 800 million people in the country. – Security program. ,

He said that the food security response of the government through Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) through One Nation One Ration Card (ONORC) serves as a lifeline for the people.

PMGKAY, under which NFSA beneficiaries are provided with an additional five kilograms of food grains per person per month free of cost, is being implemented in various phases since its launch in April 2020. Phase VI of the scheme is being implemented by September 2022.

Responding to another question, Choudhary said that the real GDP growth during 2021-22 is projected to be 8.7 per cent, which is higher than the pandemic-induced loss of GDP in 2020-21. Is.

The growth momentum is expected to continue in 2022-23 and can be seen in several high frequency indicators as well, he said, however, the geopolitical situation and consequently increased commodity prices have provided considerable uncertainty to the global growth momentum. India’s real GDP growth rate in 2022-23 is still expected to be above 7 percent.

He said this is in contrast to many advanced and emerging market economies where GDP growth rates have declined significantly after the Russia-Ukraine crisis by international agencies such as the IMF.

He said that the government has taken several initiatives to spur economic growth while managing inflation and mitigating its impact on the weaker sections of the society.

Replying to another question, Choudhary said that the government will continue to take important measures and introduce inclusive reforms that will sustain high growth during the Amrit period (next 25 years) based on the emerging needs of the economy.

Since independence, India has been steadily building its economic strength and is now all set to launch the economy during the Amrit period to become one of the world’s most prosperous countries by 2047.

The blueprint for running the economy is built on the forces of the past and this government has continued its implementation through undertaking significant comprehensive measures, the positive impact of which on the economy is seen along with the increase in the income of the poorest section of the society, They said.

He said that the positive impact of these future measures on the economy would increase during the Amrit period.

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