In recent years, both developed and developing economies have seen an acceleration in the influence of technology in business and society, successful nations have honed their capacity for innovation and hands- on learning by using public funds to support research and development in vital fields. Big and small, public and private, wealthy and impoverished—all are involved. India has set a goal for itself, in five years to double its GDP to $5 trillion. It has worked hard to digitize itself, and the goal of the Digital India Mission is to build trust and security in the digital sphere. It takes a lot of work to establish digital trust for trade, society as a whole, and individual users of digital services. In addition, India has grown in appeal to multinational corporations operating in a variety of industries. In the fiscal year 2021-2022, foreign direct investment (FDI) inflows to the country hit a record high of USD 85 billion.

Despite a worldwide slowdown, the Indian economy has been unexpectedly resilient, driven by strong local demand. Major foreign rating agencies have also expressed confidence in India’s economic strength. While one agency has kept India’s economic growth prediction for FY24 at 6.7 percent, another has increased India’s medium-term potential growth estimate by 70 basis points to 6.2 percent. So far, the supply-side economy has vindicated the optimism. Rapid development in the acquisition of wheat and rice has enabled a continual increase in food buffers in the agriculture sector. Rural demand maintained sequential pace, as food grain production income remained stable and inflationary pressures remained low. The manufacturing industry has been growing concurrently due to rising sales and production levels. A robust intake of new firms and excellent market circumstances have led to an expansion of services activities as well. The tourist and hotel sectors are experiencing growth as both leisure and business travel gain traction, contributing to the general optimism in the services sector despite growing input costs. Private final consumption expenditure (PFCE) is the demand factor that has so far in FY24 been the biggest contributor to India’s growth. The holiday season has increased desire for consuming even more. The fundamental drivers of consumption demand are accrued savings and falling unemployment rates, but rising real estate prices and the increasing capitalization of equities markets may also have contributed to a wealth effect that has boosted consumption. Digitally, strong consumption has also been demonstrated, as seen by the UPI transactions, which in October 2023 surpassed the 11.41 billion milestone and achieve an all-time high. The significant increase in electronic toll collection volume, which is another indication of the digital imprint of spending, points to a shift in consumer behaviour towards a cashless economy. October 2023 saw an unexpected increase in merchandise exports, reaching their greatest level of growth in 11 months, a great performance in services exports as well. The strengthening performance of India in the external sector is further supported by the rupee’s stability and sufficient foreign exchange reserves. Additionally, the Central Government is expected to meet its deficit target for the current fiscal year. The fiscal deficit was kept within 40% of the budget estimate for the first half of the year thanks to steady growth in revenue collections and careful spending management. Throughout the year, the government has persisted in emphasizing capital expenditure, which has stimulated private investment. The recent sharp and quick drop in the price of crude oil on a worldwide scale eliminates a significant potential influence on state finances as well.

The Economic Survey 2022-2023 is released during a time of great global uncertainty. The pandemic had just subsided when the war in Ukraine started in February 2022. Food, fuel, and fertilizer prices increased dramatically. The central banks of developed nations hurried to tighten monetary policy in response to the spike in inflation. Due to a combination of factors including lower currencies, increased import costs, growing living expenses, and a stronger dollar which made debt servicing more expensive, many developing countries, especially those in South Asia, experienced extreme economic stress. There was a break for households and governments in the second half of 2022. Prices for commodities peaked and subsequently fell. The severe pressure subsided in the short run, but some commodities’ prices—like those of crude oil— remain significantly higher than they were prior to the outbreak. A worldwide slowdown spearheaded by the United States (US) provides three benefits for nations that rely on imports that are priced and paid for in US dollars. US interest rates peak along with a decrease in commodity prices and a rise in the US dollar. Unbalances in the current and capital accounts decrease. China reversed its Zero-Covid policy and opened up quite quickly as 2023 rolled around. Expectations that the economies of the Eurozone would narrowly avoid a recession have been stoked by an unexpectedly warm winter that has spared people from a crippling spike in fuel prices that would have severely impacted their disposable income. Policy rates are expected to climb more slowly in the US as the headline inflation rate falls. Bond yields have decreased in anticipation, and, barring any unforeseen strain on the financial system, there are glimmer of hope that the US may escape going into a recession entirely. Resuming economic activity and less likelihood of a downturn in developed economies carry with them hopes for some emerging economies that rely heavily on exports and worry for those that significantly import key goods. As demand is expected to be higher than previously anticipated, the price of industrial metals and crude oil has started to rise. It’s possible that significant interest rate reductions in the US and the Eurozone won’t happen as soon as anticipated. The coming year is expected to be extremely unpredictable and could surprise both households and nations. India’s economy expanded to become the world’s fifth largest in terms of current dollars.

By March, India’s nominal GDP is expected to be approximately US$ 3.5 trillion. Real economic growth is predicted to be 7% for the year ending in March 2023. This comes after a growth of 8.7% in the preceding fiscal year. Consumer price inflation has significantly decreased. The inflation rate is less than 6% annually. The rate of increase in wholesale pricing is less than 5%. Compared to the same period in 2021–2022, the export of products and services during the first nine months of the current fiscal year (April- December) increased by 16%. Though worries about the current account deficit and its financing have decreased as the year has gone on, India’s import bill increased due to this year’s high oil prices compared to last year, which also caused the merchandise trade deficit to skyrocket. There is little external debt and acceptable amounts of foreign exchange reserves. The monsoon in India was excellent, and reservoir levels are higher now than they were a year ago and a decade ago. As India embarks on her Amrit Kaal, a 25year journey to celebrate its centenary as a modern, independent nation, its economic foundations remain strong. Consciously implemented policies have made sure that the recovery is strong and long-lasting. In this framework, the Economic Survey evaluates the state of the economy now, taking into account recent developments, and looks at its outlook for the foreseeable future. It is important to reiterate that the year is still in progress and that the survey is based on data from eight or nine months of the Economic Survey of 2022-2023. Given the current condition of affairs and how the political and economic spheres have changed over the course of another year. India’s medium-term economic outlook is positive, as the pandemic’s effects diminish (Japan is set to lower it to seasonal flu, and Denmark may have done so already). It examines how financial cycles affect medium-term economic growth and how they are analyzed. Due to the unsustainable nature of the loan boom during the first ten years of the millennium, India’s financial cycle saw a decline throughout the past ten years. The world’s financial history indicates that the result was expected. A financial catastrophe has always been predicted by the quick growth of credit, which is fueled by an abundance of money. India was no different, the tale of how the government stabilized the economy during a financial crisis and repaired and restored the soundness of corporate, banking, and nonbanking balance sheets is told. In order to create a viable policy response to the crisis and beyond, the government increased public infrastructure spending in order to clear the way for private sector investment, hiring, and growth. It highlights the significant structural adjustments and improved governance that the administration has implemented over the past ten years.

The editorial team seeks to maintain the journal’s high international standards and continue to publish quarterly original research articles on a wide range of topics regularly. Looking to the future, our goal is to establish SIJP in the society as one of the leading scholarly journals. We sincerely hope this Journal Vol.10, Issue-4 (October - December 2023) with its rich research contents would enrich the wisdom of our valued readers for which we express our sincere gratitude to the esteemed authors. We deeply acknowledge the valuable suggestions and active guidance of the Board of Editors and Advisory Board to bring this issue for academic and professional endeavour.