That the Indian economy will expand in a sea of global recession and GDP contraction is a given. The searching question is: How much? And whether measures in Union Budget 2023 can help accelerate India’s GDP growth.  

A large domestic market which contributes nearly two-thirds to the nation's GDP has proved to be the biggest force behind India's post-Covid economic rebound. This fiscal is set to be an all-time high for many large sectors powering the domestic market, including automobiles, real estate and consumer loans. India has weathered the storm of supply chain disruptions caused by the Russian invasion of Ukraine; fended off Chinese supply constraints of semi-conductors and consumer products; the stock market took a massive $18 billion FII pullout in its stride without dropping a sweat; and Centre's massive capital expenditure programme has kept the engines of the economy moving smoothly despite a drought of private investment and freeze in export markets.

But the show must go on. So how can finance minister Nirmala Sitharaman accelerate India's economic growth? Fortune India invited a panel comprising the nation's top economic minds to suggest Ideas for Union Budget 2023: Gopal Krishna Agarwal, national spokesperson for economic affairs, BJP; Prof. Gourav Vallabh, spokesperson, Indian National Congress; Nadir B. Godrej, chairman, Godrej Agrovet Ltd. & Godrej Industries Ltd.; Rahul Garg, partner, Price Waterhouse & Co LLP; Sonal Varma, managing director & chief economist, India and Asia ex-Japan, Nomura, and Subhash Chandra Garg, former finance and economic affairs secretary, Government of India & chief policy advisor, Subhanjali, a thinktank.

Can there be a presumptive tax on services sector? Do micro enterprises need a policy independent from SMEs? Is there a case for wealth tax? How to meet ESG targets? And bang in the middle of the revdi-gajak debate, how do we identify merit and non-merit subsidies?

Two other Ideas for Budget 2023 focus on Why India needs a Jobs Policy and why Centre's capital expenditure needs diversification from roads and railways into healthcare, education and other areas of the economy for a holistic growth.

The second half of the issue is our annual cover package on where to invest in the new year. Investments that will deliver in 2023. Seen through the eyes of the Best Equity Fund Managers; Best Debt Fund Managers, Best Insurers and the Best NPS Funds. A special piece even brings you where leading fund managers invest their own money.

Answers to the evergreen question: Should you invest in property in 2023? Are gold and crypto good investments? And when buying luxury, what may be the better investment avenues. Not to forget the power-packed Private Wealth Roundtable, moderated by my colleague V. Keshavdev, where the country's top fund managers debate on managing wealth.

Thank you for patronising us all through 2022, in print, web and videos!

Team Fortune India wishes you, dear readers, a Happy, Prosperous and Peaceful New Year with the promise that our insightful coverage of economy and business will continue unabated in 2023.

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