According to Economic Survey 2023 about services, which statement among the following is not correct?
- (a)Fashion, grocery and general merchandise will be captured nearly two-third of the Indian e-commerce market by 2030.
- (b)75 digital banking units announced for transforming financial services.
- (c)Credit growth to services is above 16% since July, 2022.
- (d)P.M.I. services witnessed strongest expansion since July, 2022.
Correct — A. This is the statement that is NOT correct. The Economic Survey 2022-23 (tabled January 2023) did say that the emerging categories of fashion, grocery and general merchandise would capture nearly two-thirds of the Indian e-commerce market — but over the NEXT FOUR YEARS, i.e. by about 2027, not 'by 2030'. Because the question asks which statement is not correct, the mismatched timeframe ('2030' instead of the Survey's 'next four years / ~2027') makes (a) the answer.
- (b)75 digital banking units announced for transforming financial services. — This IS a correct statement (75 Digital Banking Units set up in 75 districts to transform financial services), so it is not the answer to a 'which is not correct' question.
- (c)Credit growth to services is above 16% since July, 2022. — This IS correct as reported in the Survey — non-food credit to services grew above 16% from July 2022 — so it is not the odd-one-out.
- (d)P.M.I. services witnessed strongest expansion since July, 2022. — This IS correct — the Survey noted the PMI-Services showed its strongest expansion since July 2022 — so it is a true statement, not the answer.
The Economic Survey (prepared by the Chief Economic Adviser's office in the Department of Economic Affairs) is released a day before the Union Budget. Its services chapter for 2022-23 tracked e-commerce, financial-sector reforms and high-frequency indicators. Services are the mainstay of India's economy, contributing the largest share of Gross Value Added.
In a 'which is NOT correct' question, three options reproduce the Survey faithfully and one alters a detail. Here the altered detail is a year: the Survey's projection was framed as 'the next four years' (~2027), and the option quietly stretches it to '2030'. Reading the timeframe carefully — not just the categories — is what isolates statement (a).
- Economic Survey 2022-23 tabled in January 2023, ahead of Budget 2023-24.
- Survey projection: fashion, grocery & general merchandise to capture ~two-thirds of Indian e-commerce over the next FOUR years (~2027), not by 2030.
- 75 Digital Banking Units were set up in 75 districts to modernise financial services.
- Services credit growth above 16% since July 2022; PMI-Services showed its strongest expansion since July 2022.
Only the timeframe in (a) is off — the Survey's 'next four years (~2027)' becomes 'by 2030'.
- Focusing on the product categories and missing the altered YEAR (2027 vs 2030).
- Assuming every plausible-sounding statistic in a 'not correct' question is true.
UPPSC/UPSC lift statements verbatim from the Economic Survey and change one number or year — verify the figure AND its timeframe, not just the topic.
No directly related past PYQ was found.
- practice — not a real PYQ
The Economic Survey of India is prepared under the guidance of which official?
- (a)Chief Economic Adviser (Department of Economic Affairs)
- (b)Governor of the RBI
- (c)Vice-Chairman of NITI Aayog
- (d)Comptroller and Auditor General
Answer(a) The Chief Economic Adviser, in the Department of Economic Affairs, Ministry of Finance.
- practice — not a real PYQ
Which sector contributes the largest share to India's Gross Value Added (GVA)?
- (a)Agriculture and allied
- (b)Manufacturing
- (c)Services
- (d)Construction
Answer(c) Services — the dominant contributor to India's GVA/GDP.