The Economic Survey has been tabled by the Union Finance Minister in the Parliament today a day ahead of the scheduled presentation of the Union Budget.
The economic survey is used by the government to highlight important economic indicators and the areas that need to be focused on in the next fiscal year.
This came right after President Droupadi Murmu’s address at the joint session of the parliament as the country sets to get its new budget here’s what the government in the economic survey for 2022-23.
As more details are awaited here’s what has emerged from the survey presented by the govt so far:
• GDP Growth Projection of 6-6.8% in 2023-24
• 7.0% GDP growth estimate for the year ending March 2023 (After 8.7% in the previous fiscal)
• Credit growth to MSMEs at 30.5% in Jan-Nov 2022
• Govt Capex drove growth in the year ending March 2023
Budget 2023: What is Economic Survey & how does it impact the Annual Financial Statement?
• RBI projects inflation at 6.8% in FY23, above the target range
• Housing market utilisation improving after migrant workers' return
• A surge in exports fast-tracked production
• Private consumption rebounding
• Survey notes WTO's lower forecast for World GDP growth to 1.0% in 2023
The Economic Survey is a comprehensive document that provides a review of the Indian economy of the current financial year. The Economic Survey summarises the performance of India’s primary development projects in addition to forecasting the growth of GDP.
Union Finance Minister Nirmala Sitharaman is all set to present the Union Budget for the fiscal year 2023-2024 tomorrow, February 1 (Wednesday). This budget is crucial in multiple regards and is being looked upon as the much-needed measure to fix the challenges posed ahead for the economy and to bolster India’s ambitious $5 trillion economy dream.
Detailed insights on the budget will be duly reported once more information is released.