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Budget Economic Survey 2023-24 Highlights: Finance Minister Nirmala Sitharaman will represent the country’s annual pre-budget economic survey at Parliament on January 31, 2023. The release will be followed by a press conference organized by the Chief Economic Advisor V Anantha Nageswaran with other senior officials.
According to reports, the Economic Survey is expected to peg India’s GDP growth at 6.5% for 2023-24 under the baseline scenario. This growth would be the slowest in three years and nominal growth is likely to be projected at 11% for 2023-24.
What is an Economic Survey?
The economic survey is an annual report of the Ministry of Finance, Government of India. Every year the Department of Economic Affairs, Ministry of Finance introduces the survey in the parliament prior to the Union Budget.
The Budget is prepared under the guidance of the Chief Economic Adviser of India. The economic survey is presented to both the Parliament House during the Budget session.
What are the contents of the Economic Survey?
The economic survey contains the Ministry’s view on the economical state of the country. It represents the development in the Indian economy over the past financial years and exhibits the country’s performance on essential development programs, highlighting the policy initiatives of the government and the economic prospects in the short to medium term.
Economic Survey 2023: Significance
The Economic Survey represents the country’s economic trends and ensures a better appreciation of the resource mobilization and their allocation in the Union Budget. It analyzes the agricultural, industrial, employment, import and export trends in the country.
The survey also directs the Gross Domestic Product for the coming financial year and comprises insights into India’s economic growth.
Who Publish the Economic Survey?
The survey is prepared by the Economics Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor (CEA). The current CEA of India is Dr. V Anantha Nageswaran.
The first Economic Survey of India was prepared by the Finance Ministry in 1950-51. At that time, the survey was represented along with the Union Budget. However, later it was de-linked from the budget in 1964 and unveiled priorly to provide a context of the latter.
Economic Survey 2023 Theme?
Every year the theme of the Economic Survey is different. The theme for the Economic Survey 2023 is that it is likely to take note of inflation levels, likely pressure on the Indian Rupee due to RBI’s tightening of monetary policy, employment conditions, pick-up in private investment, infrastructure spending and improvement in the financial growth of the Indian banking sector.
How to Download the Economic Survey 2023 PDF?
Once the documents of Economic Survey 2023 are presented by CEA V Anantha Nageswaran, they can be downloaded from the government’s official website https://www.indiabudget.gov.in/.
Economic Survey 2023: Key Highlights of President’s Speech
President Draupadi Murmu addressed the Budget session and highlighted some of the points, such as:
- India is in a better position as compared to other countries due to the decision of the government for the national interest.
- The government e-marketplace has witnessed transactions worth over Rs 3lakh crore.
- GST, Ayushman Bharat are boons for India.
- The government has passed legislation to tackle fugitive economic offenders.
- The Centre is working for women’s empowerment.
- Taxpayers are receiving refunds within a few days of filing IT returns.
- 11 crore small farmers are the government’s priority.
- 36,000 Adivasi families have been covered under Adivasi Ekta Mission.
- Government praise people who support fighting against corruption.
FAQs
- What is Economic Survey 2023-24?
The economic survey is an annual report of the Ministry of Finance, Government of India. It represents the country’s economic trends and ensures a better appreciation of the resource mobilization and their allocation in the Union Budget.
- How to Download Economic Survey 2023 PDF?
The Economic Survey 2023 PDF of India will be available for reading on the official website https://www.indiabudget.gov.in/.
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