Economic Survey 2023 LIVE Updates: The wait for the annual national Budget is almost over as the Union government is set to table the Economic Survey on Tuesday. Union finance minister Nirmala Sitharaman will table the pre-Budget document in the Parliament after President Droupadi Murmu’s address to the joint sitting of the two houses of Parliament. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser V Anantha Nageswaran, will give insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year. The Economy Survey may also give some idea about the tone and texture of the actual Budget for 2023-24, to be presented on Wednesday. The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented day prior to the Union Budget. The most important feature which many will look out for is its central theme. 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. Along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus. The Economic Survey tabled in 2022 projected India’s GDP growth of 8.0-8.5 per cent 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. Budget 2023 is likely to be the last full Budget of the Modi government in its second term with the next Lok Sabha election due in April-May of 2024. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form. The Budget documents will be available on the ‘Union Budget Mobile App’ on both the Android and Apple OS platforms after the completion of the Budget Speech by the Finance Minister. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on 10 October. The first part of the session will be held from January 31 and will go on till February 13. The Parliament will reconvene after a recess for parliamentary committees to discuss the demand for grants of various ministries. The second part will begin on March 13 and will continue till 6 April. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .
Economic Survey 2023 LIVE Updates: Indian economy expected to grow at 6.5% in 2023-24, says CEA
Economic Survey 2023 LIVE Updates: The share of private sector investment in agriculture has reached a high level, facilitated by various government initiatives. The sector is no longer about being a primary sector, it has tremendous export potential as well
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Economic Survey 2023 LIVE
Indian economy to grow 6-6.8% next fiscal year: Eco Survey
India’s economy is projected to slow to 6-6.8 per cent in the fiscal year starting April – still remaining the fastest-growing major economy in the world – as extraordinary challenges facing the globe will likely hurt exports, the Economic Survey said on Tuesday. The projection of India’s gross domestic product (GDP) growth is higher than the 6.1 per cent estimate of the International Monetary Fund (IMF) and compares with the survey’s estimated 7 per cent expansion in the current fiscal year (April 2022 to March 2023) and 8.7 per cent in the previous year.
-PTI
Economic Survey 2023 LIVE
Indian economy to grow 6-6.8% next fiscal year: Eco Survey
India’s economy is projected to slow to 6-6.8 per cent in the fiscal year starting April – still remaining the fastest-growing major economy in the world – as extraordinary challenges facing the globe will likely hurt exports, the Economic Survey said on Tuesday. The projection of India’s gross domestic product (GDP) growth is higher than the 6.1 per cent estimate of the International Monetary Fund (IMF) and compares with the survey’s estimated 7 per cent expansion in the current fiscal year (April 2022 to March 2023) and 8.7 per cent in the previous year.
-PTI
Economic Survey 2023 LIVE
Indian economy poised to do better, inflation to be well-behaved next fiscal: CEA
Indian economy is poised to do better and is expected to grow 6.5-7 per cent in the remainder of the decade, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday. Addressing reporters here after the tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said that by and large, inflation is likely to be “well behaved” in FY2023-24 barring headwinds. The Economic Survey, which has been prepared by the CEA, stated that RBI’s projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest.
-PTI
Economic Survey 2023 LIVE
Export outlook may remain flat in coming year if global growth doesn’t pick up: Survey
India’s export growth is likely to be flat in the next fiscal if the global economy does not pick up, the Economic Survey said on Tuesday. The Survey said that though India’s merchandise exports have touched an all-time high of USD 422 billion in 2021-22, the world economy has started facing formidable headwinds and the ripple effect of the global trade slowdown has started reflecting in India’s goods export growth.
-PTI
Economic Survey 2023 LIVE
Indian economy expected to grow at 6.5% in 2023-24: Chief Economic Advisor
Indian economy expected to grow at 6.5% in 2023-24, the range is 6.0% – 6.8%: Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey
Economic Survey 2023 LIVE
Agriculture sector has tremendous export potential says Chief Economic Advisor
The share of private sector investment in agriculture has reached a high level, facilitated by various government initiatives. The sector is no longer about being a primary sector, it has tremendous export potential as well, said Chief Economic Advisor on the Economic Survey.
Economic Survey 2023 LIVE
Pre-Budget: Jobs remain elusive, quality employment even more
As the economy slowly picks up after the pandemic-induced business meltdown, jobs are trickling into the market but their quality is often patchy, as most of them are in the informal sector.
At the same time with population growth and more new entrants joining the job market jostling with those who lost work during the pandemic, job opportunities are still too few and far between.
“Growth is being driven mostly by large corporates who have recovered from two years of COVID-19, but the micro, small and medium enterprises (MSME) or the semi-formal sector is part dead and in part hasn’t recovered from the double whammy of demonetisation and the pandemic,” explained Dr Pronab Sen, noted economist and former chairman of the National Statistical Commission.
PTI
Economic Survey 2023 LIVE
Recovery of economy is complete, don’t have to speak of pandemic recovery anymore, says Chief Economic Advisor
Recovery of the economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don’t have to speak of pandemic recovery anymore, we have to look ahead to the next phase, said Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey 2023.
Economic Survey 2023 LIVE
IMF maintained India’s GDP forecast for current FY at 6.8%, says Chief Economic Advisor
IMF, in its World Economic Outlook Update, has maintained India’s GDP forecast for the current FY at 6.8 per cent, next FY at 6.1 per cent and for 2024-25 at 6.8 per cent. India’s economy is poised to do better in the remainder of this decade, said Chief Economic Advisor Dr V Anantha Nageswaran on Economic Survey.
Economic Survey 2023 LIVE
Number of recognised start-ups increased to 84,012 in 2022
Economic Survey said that number of recognised start-ups increased from 452 in 2016 to 84,012 in 2022
Economic Survey 2023 LIVE
India is world’s 3rd largest automobile market
Economic Survey says that India becomes the world’s third-largest automobile market. Electric Vehicle (EV) industry will create 5 crore direct and indirect jobs by 2030 in India, stated the survey.
Economic Survey 2023 LIVE
Credit growth of MSME sector rose 30.5% during Jan-Nov 2022
Economic Survey says that credit growth of the MSME sector rose 30.5 per cent during January-November 2022, supported by the government’s Emergency Credit Line Guarantee Scheme (ECLGS).
Economic Survey 2023 LIVE
Delayed monsoons and deficient rainfall led to a decline in the Kharif paddy sowing area
Delayed monsoons and deficient rainfall led to a decline in the Kharif paddy sowing area, said Economic Survey. It further stated that despite fall in Kharif paddy sowing area, total production during 2022-23 is estimated at 104.9 million tonnes.
Economic Survey 2023 LIVE
Global monetary policy tightening has further restricted FDI equity inflows
Economic Survey states that global monetary policy tightening has further restricted FDI equity inflows.
Economic Survey 2023 LIVE
FDI equity inflow in manufacturing sector in first half of 2022-23 low in comparison to 2021-22
Economic Survey says that with the rise in global uncertainty over the Russia-Ukraine conflict, FDI equity inflow in the manufacturing sector in first half of 2022-23 fell below in comparison to 2021-22.
Economic Survey 2023 LIVE
Reaching budgeted estimate for fiscal deficit during 2022-23 will not be a concern: Economic Survey
Economic Survey says that reaching the budgeted estimate for fiscal deficit during 2022-23 will not be a concern.
Economic Survey 2023 LIVE
Capital expenditure on Housing and Urban Affairs declined 32%
Economic Survey says that capital expenditure on Housing and Urban Affairs declined 32 per cent YoY in the first eight months of 2022-23.
Economic Survey 2023 LIVE
Govt’s additional expenditure finances expected to be fulfilled by more-than-anticipated revenue collections
The Economic Survey states that it is evident that the government’s additional expenditure finances are expected to be fulfilled by more-than-anticipated revenue collections.
Economic Survey 2023 LIVE
Capital expenditure on Railways grew 77%, under ‘Transfer to States’ grew 439%, on telecommunications grew 692%
As per the Economic Survey, capital expenditure on Railways grew 77 per cent YoY in first eight months of 2022-23.
The Survey also stated that capital expenditure under ‘Transfer to States’ grew 439 per cent YoY in first eight months of 2022-23. Capital expenditure on telecommunications grew 692 per cent YoY in first eight months of 2022-23, says Economic Survey.
Economic Survey 2023 LIVE
Capital expenditure on Road Transport and Highways grew 102% YoY
Economic Survey says that capital expenditure on Road Transport and Highways grew 102 per cent YoY in first eight months of 2022-23.