The Finance Minister of India, Nirmala Sitharaman, presented the Economic Survey of India 2023 on January 31st, ahead of the Union Budget. The Economic Survey of India is an annual document that provides a comprehensive overview of the country's economy. In this article, we will take a closer look at the Economic Survey of India and its significance in understanding the Indian economy.
What is the Economic Survey of India?
The Economic Survey of India is a comprehensive report on the state of the Indian economy, prepared annually by the Ministry of Finance. The document is prepared by the Economic Division of the Department of Economic Affairs, under the supervision of the Chief Economic Adviser (CEA), V Anantha Nageswaran.
It provides a detailed analysis of the country's economic performance, including key indicators such as Gross Domestic Product (GDP) growth, inflation, fiscal performance, and trade. The Economic Survey is broken down into a number of chapters that examine the performance of many significant economic sectors for the current fiscal year. It covers key sectors of the economy, such as agriculture, industry, and services, and provides insights into their growth and performance.
The Economic Survey is an important document for economists, policymakers, and business leaders, as it provides valuable information and insights on the current state of the Indian economy and its future prospects. It is also used as a reference for the preparation of the Union Budget, which is presented by the government in Parliament on 1st February.
The Economic Survey is widely read and discussed by various stakeholders, including investors, economists, and academics, making it an important source of information on the Indian economy.
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The Economic Survey of India 2023
- The survey has been tabled in the parliament on January 31st.
- According to Reuters, the survey predicted an increase in India's economy at 6-6.8 percent in FY 2023–24, the lowest in three years. The economic growth in the current fiscal year (2022-23) is 7%.
- Despite the slowdown in the economic growth of the nation, India is still predicted to be one of the fastest-growing economies in the world by the International Monetary Fund (IMF).
- The economy grew by 8.7% in 2021-22, because of the distortions brought on by the COVID-19 pandemic.
- IMF reports say that India will experience an economic slowdown because of the global recession.
- In the most recent World Economic Outlook report from the IMF released on January 30th, India's economy has maintained its title as "a bright spot," and it is projected to account for half of the global growth in 2023.
World Economic Outlook Update - @IMFNews
— Syed Akbaruddin (@AkbaruddinIndia) January 31, 2023
*Global economy to slow in 2023,rebound in 2024
*Outlook less gloomy than in October 2022 forecast
*India remains bright spot
*With China,India will account for 1/2 of global growth in 2023
*UK likely to slide into recession in 2023 pic.twitter.com/Sv9tsr55PB
- While the World Bank predicts 6.9% economic growth in FY23, the Reserve Bank of India predicts 6.8% growth. Without accounting for inflation, nominal gross domestic product (GDP) growth is projected to be 15.4% in FY23, far greater than the 11.1% estimated in the budget.
- According to Indian President Droupadi Murmu, the Government e-marketplace has seen transactions of over Rs 3 lakh crores.
The Economic Survey of India 2023 is projecting a bright future for India’s economic growth despite the global uncertainty. The Union Budget session starts on Wednesday, February 1st.
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Watch the Press Conference held by the CEA V Anantha Nageswaran on the Economic Survey of India here.
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