Q. With reference to “Economic Survey 2022-23” consider the following statements:
1.As per the survey, there has been a decline in the social sector spending in the last fiscal year.
2.As per the survey, India has become the largest mobile phone manufacturer globally.
3.As per the survey, India is the largest recipient of remittances in the world.
Which of the statements given above is/are correct?
Statement 1 and 2 are incorrect. Social Sector witnessed a significant increase in government spending. It has increased to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16. India has become the second-largest mobile phone manufacturer globally.
Statement 3 is correct. India is the largest recipient of remittances in the world receiving US$ 100 bn in 2022. Remittances are the second-largest major source of external financing after service export.