Economic Survey 2023 Updates: Finance Minister Nirmala Sitharaman tabled India’s annual pre-budget economic survey in Parliament today. The Economic Survey has pegged India’s GDP growth at 6-6.8% for FY24 under the baseline scenario. This would be the slowest in three years. Nominal growth is likely to be projected at 11% for 2023-24. While the Survey cautioned about above-target inflation, widening current account deficit, and rupee depreciation, it maintained that India will remain the fast-growing economy in the next financial year.
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Economic Survey 2023 is likely to discuss inflation remaining entrenched for longer than expected. This may prolong the monetary tightening cycle of the RBI, and borrowing costs may remain higher for longer. A lower global growth, however, presents two silver linings, the Economic Survey notes. One, oil prices will stay low and India’s current account deficit will be lower than currently projected.
President Droupadi Murmu concluded her address in the Parliament. Vice President Jagdeep Dhankhar then read out select portion from her speech in English. Finance Minister Nirmala Sitharaman will table the Economic Survey 2023 shortly.
– State of the Economy, Fiscal Developments, External Sector
– Monetary Management and Financial Intermediation
– Prices and Inflation
– Sustainable Development and Climate Change
– Agriculture and Food Management
– Industry, Infrastructure and Services
– Social Infrastructure and Employment
– Tracking Development through Satellite Images and Cartography
Elaborating on its concerns, the Economic Survey 2023 said global commodity prices remaining above pre-conflict levels and higher import bill due to buoyant growth prospects amidst high commodity prices. This may be exacerbated due to slowing global demand, and hence a plateauing of exports from India, reported Indian Express citing sources.
Economic Survey 2023 cautioned about the persisting challenge of the depreciating rupee due to further rate hikes by the US Federal Reserve. This will come along with a higher current account deficit with commodity prices remaining elevated, and India’s growth momentum remaining strong, sources told Indian Express.
Higher domestic demand and a pick-up in capital investment is expected to help the Indian economy grow 6.5% in real terms in FY24 or 2023-24, the Economic Survey is learnt to have projected. In nominal terms, the GDP growth rate is expected to be around 11%, suggesting an average annual inflation during the next financial year to be 4.5%, sources told Indian Express.
The Economic Survey 2022-23, scheduled to be tabled in Parliament by Union Finance Minister Nirmala Sitharaman has likely projected the growth rate for the current financial year, i.e., 2022-23, at 7%. This is higher than the 6.8% growth forecast of the Reserve Bank of India in its December 7, 2022, monetary policy. Sources told Indian Express that a 7% growth in 2022-23 for India is higher than that for most major global economies and is even slightly above than the average growth rate for the Indian economy in the decade leading up to the pandemic.
India holds the presidency of the G20 this year. Along with all member states of G20, India aims to find solutions to world problems: President Murmu at Parliament
On one hand, we are developing our pilgrimage centres and historic heritage, while on the other hand, India is becoming a major space power in the world. India has launched first private satellite too: President Droupadi Murmu to the joint sitting of Parliament ahead of presentation of Economic Survey 2023.
President Droupadi Murmu addresses Budget session, says:
– Due to new initiatives by govt, India's defence exports have increased six times.
– Today, India's youth are showing the power of their innovation to the world.
– Government has chosen the path of pushing development.
– India is becoming a high-tech hub for knowledge.
– Digital India, 5G technology are receiving recognition the world over.
– India is pushing yoga and ayurveda at the same time.
The Economic Survey is typically divided into several chapters that review the state of various important sectors of the economy in the ongoing financial year. Though India is expected to slow down amidst global threat of recession, most global institutions like the World Bank, IMF, OECD expect the Indian economy to continue being among the fastest growing.
As a result of new initiatives by my government, our defence exports have increased six times. I am proud that today the first indigenous aircraft carrier in the form of INS Vikrant has also joined our Navy: President Murmu
'Garibi hatao' is not just a slogan anymore. My government is working to have a permanent solution to the problems of the poor and empowering them: President Droupadi Murmu.
“I'm delighted that my Govt has decided to extend PM Garib Kalyan Anna Yojana in accordance with the new circumstances. This is the identity of a sensitive & pro-poor govt…This scheme is being appreciated across the world,” said President Droupadi Murmu ahead of Economic Survey presentation
– Due to the decisions taken by govt in the national interest, India is in a better position as compared to other countries
– Govt has passed legislation to tackle fugitive economic offenders.
– Govt e-marketplace has seen transactions worth over Rs 3 lakh crore.
– We praise people who support us to fight corruption.
– Taxpayers are getting refunds within days of filing IT returns.
– GST, Ayushman Bharat are boons for India.
– Centre working for women empowerment.
– 11 crore small farmers are my government's priority.
– 36,000 Adivasi families have been covered under Adivasi Ekta Mission.
“Today, India's self-confidence is at its highest and the world is looking at her from a different perspective. India is providing solutions to the world,” said President Murmu in the joint session of Parliament. After her address, Economic Survey 2023 will be tabled in the Parliament by Finance Minister Nirmala Sitharaman.
The Reserve Bank of India has forecast 6.8% growth in FY23 while the World Bank has pegged it at 6.9%. Nominal GDP growth, without adjusting for inflation, is seen at 15.4% in FY23, sharply higher than the 11.1% assumed in the budget.
The Economic Survey includes the state of India’s economy in the current financial year i.e. 2022-23. The survey is segmented into two parts: Part A and Part B. The first part usually consists of the major economic developments in the year and a broad review of the economy. Meanwhile, the second part covers specific issues like social security, poverty, education, healthcare, human development, and climate. Insights like India’s GDP growth outlook, inflation rate and projection, forex reserves, and trade deficits are also included in the survey.
“Today, India's self-confidence is at its highest and the world is looking at her from a different perspective. India is providing solutions to the world. We have to build an India that will not have poverty, whose middle class will also be prosperous, an India whose youth and women will stand at the front to show a path to society & the country, an India whose youth stays two steps ahead of time,” said President Droupadi Murmu ahead of Economic Survey presentation.
“By 2047, we have to build a nation that will be connected to the pride of the past and which will have all the golden chapters of modernity. We have to build an India that will be 'aatmanirbhar' and capable to fulfill its humanitarian duties: President Murmu in Parliament ahead of Economic Survey presentation.
President Droupadi Murmu addresses the joint session of Parliament to mark the beginning of the Budget Session ahead of Economic Survey 2023 presentation.
Droupadi Murmu has reached the Parliament to address the joint session at the start of the Budget session. After her address, FM Nirmala Sitharaman will table Economic Survey 2023.
Economic Survey 2023 is expected to take note of improving employment conditions in India led by stronger consumption. However, it may also point out that further pick-up in private investment is essential for job creation.
Ceremonial escort to President Droupadi Murmu to Parliament to address the joint session at the start of the Budget session. After President's address, Finance Minister Nirmala Sitharaman will table the Economic Survey 2023 in the Parliament.
“Our Finance Minister is a woman too. She will present one more budget before the country tomorrow. In today's global circumstances, not only India but the entire world is looking at India's budget,” said PM Narendra Modi at the Parliament ahead of the Budget session.
The President's first address to the joint session of Parliament is a matter of pride for our Constitution, and especially for respect of women. The whole world has its eyes on India: PM Modi at Parliament ahead of Economic Survey 2023 presentation.
Budget Session begins today & at the beginning itself, credible voices from the world of economy, have brought in a positive message, a ray of hope & a beginning of enthusiasm. Today is important, President will address the joint session of the Parliament for the first time: PM Narendra Modi
MoS Finance Pankaj Chaudhary has said that the Economic Survey will be tabled by FM Sitharaman today. The “Union Budget 2023 will be brought keeping all sections of the society in mind and also the country's economy, he added.
The theme of this year's Economic Survey is something to watch out for as it encompasses the economic vision of India. The survey is expected to dicuss India's above-target inflation levels, mounting pressure on the Indian Rupee due to RBI’s tightening of monetary policy, and the current account deficit (CAD) conundrum. Besides, other important factors that may be analysed are employment conditions, pick-up in private investment, infrastructure spending, and improvement in the financial health of the Indian banking sector. The theme for last year’s economic survey was 'Agile Approach.' It was primarily focused on India’s economic response to the COVID-19 crisis. Its preface was based on feedback, real-time monitoring of actual outcomes, flexible responses, and safety-net buffers, among others.