Budget 2023: According to the Economic Survey, the baseline GDP growth rate in real terms for fiscal 2024 will be 6.5%.
After President Droupadi Murmu’s speech to the joint session of the Lok Sabha and the Rajya Sabha on Tuesday, Union Finance Minister Nirmala Sitharaman will submit the Economic Survey in Parliament. The Department of Economic Affairs of the Finance Ministry’s Economic Division, under the direction of Chief Economic Advisor V Anantha Nageswaran, prepared the pre-Budget document 2023.
This document will include information on the state of the economy, numerous indicators, and the outlook for the upcoming year for the current fiscal year 2022–2023. The yearly Budget for 2023–24, which will be unveiled on February 1, may reveal clues about its tone and structure from the Economic Survey.
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2022–2023 Economic Survey Theme
The topic is a crucial aspect to watch out for. Along with the sectoral parts, the Economic Survey also includes new chapters. It is anticipated to pay attention to the rate of inflation, potential pressure on the rupee from the RBI’s tightening of monetary policy, employment circumstances, improvement in private investment and infrastructure spending, and the state of the Indian banking sector’s finances.
Ignore politics for a moment. Celebrate. BIG DAY for India,it’s Constitution & it’s followers.First time ever since 1947, a woman @rashtrapatibhvn to kick start a Parliament session for #Budget2023 2 b presented by a woman @FinMinIndia @nsitharaman @narendramodi @IndiaToday pic.twitter.com/IbBV2agl3H
— rahul shrivastava (@Rahulshrivstv) January 31, 2023
The focus of the Economic Survey for 2021–2022
Agile Approach served as the theme for the previous year’s economic survey. India’s economic response to the COVID-19 crisis was the main subject. Its foreword included provisions for feedback, real-time observation of actual results, adaptable reactions, and safety-net buffers, among other things.
India’s GDP growth
The Economic Survey 2022–23 is expected to estimate GDP growth of 6%–6.8% for India. According to the baseline scenario, growth is predicted to be 6.5% in 2023–2024, which would be the slowest rate in three years. According to a government source quoted by the news agency Reuters, nominal GDP growth is anticipated to be 11% between 2023 and 2024.
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