'Economic Survey assures a pragmatic and positive Budget 2023'

"The increase in capital expenditure by the central government by 63 per cent has helped develop business and increase money circulation in the market." the traders' body added.

Economic Survey indicates Budget 2023 will support trade and industry policies CAIT

Team Newsable

First Published Jan 31, 2023, 2:57 PM IST | Last Updated Jan 31, 2023, 2:57 PM IST

The economic survey indicates that the budget will support trade and industry policies to a greater extent, said the Confederation of All India Traders.

Commenting upon the economic survey, the CAIT said: 'Expectation of 7 per cent GDP is a strong indication of a robust growth story based on strong fundamentals, but the widening of current account deficit is a cause of concern, and it is hoped that suitable measures will be taken in the Union Budget'.

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CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said that India's recovery from the Covid pandemic is laudable, which helped and supported economic growth through increased domestic demand and an increase in capital expenditure.

"They said that the slow movement of economic growth over the globe has certainly affected India's exports in the second half of the year 2022. At a time when most countries are facing a financial crisis, it needs to be appreciated that the central government has kept the Indian economy moving in its right direction," the CAIT said.

"However, in the survey, the borrowing cost is projected to remain higher, which is a cause of concern for trade and commerce. The urban employment rate has declined, but Employee Provident Fund Registration has increased, which is satisfactory. The increase in the capital expenditure by the central government by 63 per cent has helped develop business and increase money circulation in the market." the traders' body added.

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