Economic Survey 2023: On Wednesday, February 1, the Union Budget for this year will be presented. Finance Minister Nirmala Sitharaman will announce the Union Budget. It will be interesting to see how the government manages expectations and addresses fiscal deficit targets in the powers’ final full Budget.
What is an economic survey?
The Economic Survey is an annual report that highlights the state of various sectors of the economy and suggests reforms that need to be implemented to boost growth.
Meaning of economic survey
The Economic Survey predicts Gross Domestic Product (GDP) for the next financial year and includes key insights into India’s economic conditions.
Budget 2023 Dates, hours, expectations, viewing times and locations, etc
Who prepares the Economic Survey?
The Economic Survey was prepared by the Chief Economic Adviser (CEA), however, this time, the report was drafted by the chief economic adviser and other officials after Krishnamurthy Subramaniam’s tenure ended in December 2021.
Over the past few years, the Economic Survey has been presented in two volumes, but this year it is combined into a single volume.
Why is the Economic Survey tabled a day before the Budget?
Since India’s independence in 1947, the Economic Survey was presented along with the Budget, but was delinked in 1964 and presented first, a practice that continues till date. .
It should be noted that the government is not required to present the Economic Survey and the recommendations presented in the first volume are not binding on the government.
When was the Economic Survey first presented?
The first economic survey of India was conducted during 1950-51. Until 1964, the Economic Survey was presented along with the country’s general budget. Then it started being presented a day before the budget.
Who presented the first budget in India after independence?
Highlights from the 2022 Economic Survey are:
1- The Economic Survey has predicted a GDP growth of 8 to 8.5% in FY 2023 (April 2022 to March 2023). For the ongoing fiscal year 2022, GDP growth is expected to be 9.2%.
2- Total consumption is estimated to grow by 7.0% in 2021-22 with a significant contribution from government spending.
3- Agriculture and allied sectors are expected to grow by 3.9% in 2021-22.
4- The Services Sector is estimated to grow at 8.2% in the current financial year.
4- The Economic Survey 2021-22 details the current status of various sectors of the economy as well as the reforms that need to be implemented to boost growth.
5- GDP contracted by 7.3% in 2020-21.
6- Furthermore, the Economic Survey focuses on supply side issues to improve the resilience of the Indian economy.
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Source: pagasa.edu.vn