India’s Finance Minister Nirmala Sitharaman presented the Economic Survey of India 2023 on January 31, ahead of the Union Budget. The Economic Survey of India is an annual document that provides a comprehensive overview of the country’s economy. In this article, we will take a closer look at the Economic Survey of India and its importance in understanding the Indian economy.
What is the Economic Survey of India?
The Economic Survey of India is a comprehensive report on the state of the Indian economy, prepared annually by the Ministry of Finance. The document is prepared by the Economic Division of the Department of Economic Affairs, under the supervision of Chief Economic Advisor (CEA), V Anantha Nageswaran.
It provides a detailed analysis of the country’s economic performance, including key indicators such as Gross Domestic Product (GDP) growth, inflation, fiscal performance and trade. The Economic Survey is divided into a series of chapters that examine the performance of many important economic sectors during the current fiscal year. It covers key sectors of the economy, such as agriculture, manufacturing and services, and provides information on their growth and performance.
The Economic Survey is an important document for economists, policymakers and business leaders as it provides valuable information and insights on the current state of the Indian economy and its future prospects. It is also used as a reference for the preparation of the Union Budget, which the Government will present to Parliament on 1 February.
The Economic Survey is widely read and discussed by various stakeholders including investors, economists and academics, making it an important source of information on the Indian economy.
Explainer | What is the difference between ITR 1 and ITR 2?
The India Economic Survey 2023
- The survey was tabled in parliament on January 31.
- According to Reuters, the survey predicted India’s economy would grow by 6 to 6.8 percent in fiscal year 2023-24, the lowest in three years. Economic growth in the current fiscal year (2022-23) is 7%.
- Despite the slowdown in the nation’s economic growth, the International Monetary Fund (IMF) still predicts that India will be one of the fastest growing economies in the world.
- The economy grew by 8.7% in 2021-22, due to distortions caused by the COVID-19 pandemic.
- IMF reports say that India will experience an economic slowdown due to global recession.
- In the IMF’s latest World Economic Outlook report released on January 30, India’s economy has maintained its “bright spot” title and is projected to account for half of global growth in 2023.
World Economic Outlook Update – @FMINoticias
*The global economy will slow down in 2023, recover in 2024
*Prospects less gloomy than expected in October 2022
*India remains a bright spot
*With China, India will account for half of global growth in 2023.
*The UK is likely to fall into recession in 2023 pic.twitter.com/Sv9tsr55PB
– Syed Akbaruddin (@AkbaruddinIndia)
January 31, 2023
- While the World Bank predicts 6.9% economic growth in FY23, the Reserve Bank of India predicts 6.8% growth. Without taking inflation into account, nominal gross domestic product (GDP) growth is projected to be 15.4% in FY23, much higher than the 11.1% estimated in the budget.
- According to Indian President Droupadi Murmu, the government’s e-marketplace has recorded transactions of more than Rs 3 lakh crore.
The Economic Survey of India 2023 projects a bright future for India’s economic growth despite global uncertainty. The Union Budget session begins on Wednesday, February 1.
Also read –
Read also | Budget 2023 Date, time, expectations, when and where to see it and more
Watch the press conference held by CEA V Anantha Nageswaran on the Economic Survey of India here.
Categories: Optical Illusion
Source: ptivs2.edu.vn