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 Live: Indian Budget Economic Survey 2023 Announcements Live, Economic Survey 2023 India Live Updates
Gold trades flat prior to the presentation of the Economic Survey. The yellow metal lost 0.09% on Tuesday, falling to Rs 56,996 per 10 grams.
The Budget Session of Parliament will commence at 11 AM on Tuesday with the President addressing both houses in a joint session. After the address, the pre-budget Economic Survey will be tabled by FM Sitharaman with projections for economic growth for FY22, FY23. It will be presented by the Chief Economic Advisor of India (CEA) V Anantha Nageswaran to the public during a press conference at 2 PM.
The Economic Survey for 2021-22,, explained the government's “Agile” approach to its economic response to the coronavirus pandemic. At 413-pages long, the document was shorter than its immediate predecessor largely due to the complete removal of an entire volume. The Economic Survey for 2020-21 comprised of a 335-page Volume 1, 368-page Volume 2, and a 174-page long statistical appendix. The Economic Survey for 2020-21 is 413 pages long, with a 208-page long statistical appendix.
CEA V. Anantha Nageswaran will address a Press Conference at 2:00 PM in New Delhi after the presentation of Economic Survey 2022-23 by FM Nirmala Sitharaman in Parliament.
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President Droupadi Murmu will address the joint sitting of Parliament at 11 AM, marking the start of the Budget session 2023. This will be the first address by resident Droupadi Murmu to the joint sitting of Lok Sabha and Rajya Sabha. There will be a separate sitting of the Rajya Sabha for the transaction of government business, half an hour after the conclusion of the President's address. The session will take place in two parts with the first part concluding on February 13. The second part will be held from March 13 and will conclude on April 6.
Ahead of the Economic Survey 2023 presentation, the International Monetary Fund (IMF) has said that it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1% from 6.8% during the current fiscal ending March 31, 2023.
The Economic Survey tabled in 2022 projected India's GDP growth of 8.0-8.5% in 2022-23, which the government felt will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending. Last year's central theme was 'Agile Approach', which put emphasis on India's economic response to the Covid-19 Pandemic shock. The preface of the Economic Survey 2022 stated that the “Agile approach” was based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers and so on.
The survey will likely point to an improvement in employment conditions in India due to stronger consumption but add that a further pick-up in private investment is essential for job creation. The government’s increased spending on infrastructure in the last two years should help, the document will argue, said Reuters.
The survey may caution that pressure on the Indian rupee could continue due to the tightening of monetary policy, according to the Reuters report. India's current account deficit (CAD) may also remain elevated as imports could remain high due to a strong local economy while exports ease due to weakness in the global economy, the survey will likely caution, it said. While the Survey is likely to peg FY24 GDP growth at 6.5%, even this pace could keep India among the fastest-growing economies in the world, despite losing pace from an estimated 7% in the fiscal year that ends on March 31, the report added. India has grown at 8.7% in the previous year mainly due to pandemic-related distortions.
Economic Survey 2023 will likely take note of above-target inflation in India, estimated by the central bank at 6.8% in 2022/23, but is likely to argue that the pace of price increases is not high enough to deter private consumption or low enough to weaken investment, reported Reuters.
Economic Survey 2023 Live: Growth in the financial year beginning April 1 will remain strong relative to most global economies, led by sustained private consumption, a pick-up in lending by banks and improved capital spending by corporations, the survey will likely say, reported Reuters.
After the presentation by CEA V Anantha Nageswaran, the documents of Economic Survey 2023 can be downloaded from the government’s official Budget website (indiabudget.gov.in/economicsurvey)
The livestream of the economic survey can be watched on the government’s official channels. Additionally, Sansad TV, PIB India will also live stream the release. Sansad Television (Sansad TV) was created in 2021 by merging Lok Sabha TV and Rajya Sabha TV.
The survey is prepared by the Economics Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Advisor (CEA). The Finance Ministry first presented the Economic Survey of India for the first time in 1950-51. At that time, it was presented along with the Union Budget. However, it was de-linked from the Budget in 1964 and unveiled in advance in order to provide a context of the latter. Last year, the Economic Survey was presented by the then Principal Economic Advisor, Sanjeev Sanyal. Every year, the Economic Survey has a central theme. The theme of the Economic Survey 2021-22 was ‘An Inclusive, Sustainable, and Resilient Growth Path for India’.
The Economic Survey document comprises Volume I, Volume II, and the statistical appendix. Over the last few years, the Economic Survey has been presented in two parts ‘Part A’ and ‘Part B’, and it includes information on the country’s GDP growth outlook, inflation rate and projections, forex reserves, and trade deficits. The first volume or the Part A of the report gives a broad review of the economy and the major economic developments in the year whereas the second volume of Part B gives details about specific issues like social security, poverty, education, healthcare, human development, and climate, and is generally a broad-based review of the year gone by for the Indian economy. The survey also details major schemes run by the government as well as key policies and their outcomes.
The Economic Survey reviews the economic and financial trends in the nation over the past year. The document gives detailed data on all sectors, and analyses the trends in agricultural and industrial production, infrastructure, employment, inflation rate, trade, foreign exchange reserves, and other economic areas. This detailed survey helps the government mobilise and allocate resources more efficiently in the Union Budget, and also aids the formulation of strategies for the Indian economy for the coming year. The Economic Survey also helps policymakers identify the main challenges to the nation’s GDP growth.
With Union Budget 2023-24 set to be presented tomorrow, the Economic Survey lays the foundation for the Finance Minister's presentation on 1. February. According to a Reuters report, this year's Economic Survey is likely to peg India's growth at 6.5% for 2023-24, the slowest in three years, with nominal GDP estimated at 11%.
Finance Minister Nirmala Sitharaman is set to release the document during the Budget Session of Parliament today. Formulated under the Chief Economic Advisor, V Anantha Nageswaran, the survey is set to provide insights into the country's economic situation over the past year.