The global economy was hit hard by two macroeconomic shocks in 2022: The Russia-Ukraine conflict and synchronised monetary policy tightening by central banks, leading to a sharper than expected slowdown in global economic activity. Despite these global headwinds, the Indian industry and services sectors displayed remarkable resilience and are witnessing a strong rebound in FY23, as discussed in this year’s Economic Survey.
Gross value added in the industrial sector posted a strong upturn, registering a growth rate of 3.7 per cent in H1, FY23, higher than the average growth of 2.8 per cent in H1 of the last decade. The Survey
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