Budget Session of Parliament 2023 Live Updates: Chief Economic Advisor V Anantha Nageswaran addresses the media, January 31, 2023. (Image: PIB)Economic Survey 2023, Parliament Budget Session Live Updates: India’s economy is poised to do better in the remainder of this decade, Chief Economic Advisor (CEA) V Anantha Nageswaran said while addressing the media Tuesday. “IMF, in its World Economic Outlook Update, has maintained India’s GDP forecast for current FY at 6.8%, next FY at 6.1% and for 2024-25 at 6.8%. 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 any more. We have to look ahead to the next phase,” he added.
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament on Tuesday. The Survey said that India’s economy will grow 6.5% in 2023-24, compared to 7% in the current fiscal and 8.7% in 2021-22. India will remain the fastest-growing major economy in the world, the pre-Budget Economic Survey stated. It also mentioned that the current account deficit may continue to widen as global commodity prices remain elevated and that the Rupee may come under pressure. “6.8 per cent inflation for the current fiscal is not high enough to deter private consumption or low enough to weaken investment. Borrowing cost may remain ‘higher’ for a longer period and entrenched inflation may prolong the tightening cycle,” it added. It said India’s recovery from the Covid-19 pandemic “was relatively quick” and that the country has withstood an extraordinary set of challenges better than most economies.
In her first address to Parliament as President, Droupadi Murmu Tuesday expressed her gratitude to citizens for electing a stable government for two consecutive terms and said that the Prime Minister Narendra Modi government has been identified as a decisive government. The Budget session of Parliament began Tuesday with the President’s maiden address. Prime Minister Narendra Modi, meanwhile, said amid global economic turmoil, India’s Budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world. Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of economy were bringing positive messages from all sides.
After remaining muted for the first seven months of 2022-23, capital spending by states has seen a sharp pickup in November, with 18 major states posting a 49.7 per cent year-on-year increase at Rs 44,647 crore. (Express file photo)
Union Finance Minister Nirmala Sitharaman with Ministers of State for Finance Bhagwat Kishanrao Karad and Pankaj Chaudhary and officials during the 'Halwa' ceremony to mark the final stage of Union Budget 2023-24, in New Delhi, January 26, 2023. (PTI)
Union Finance Minister Nirmala Sitharaman during the 'Halwa' ceremony to mark the final stage of Union Budget 2023-24, in New Delhi, January 26, 2023. (PTI)
About 1.1 crore persons have been trained and 21.4 lakh placed under the second phase of the government's flagship skilling scheme PMKVY, said the Economic Survey 2022-23 tabled in Parliament.
With an aim to make India a skill capital of the world and improve mobility of skilled manpower, the National Skill Development Corporation (NSDC) International has been set up, which aims to create a network of institutions across India, said the survey.
This network of institutions will be called the Skill India International (SII) Network. It shall be created through the empanelment of state-of-the-art government and private institutions, it stated.
The availability of adequate and affordable finance remains a constraint in India's climate actions, the Economic Survey for 2022-23 tabled in Parliament said.
The country's climate actions have so far been largely financed from domestic sources only, including government budgetary support, a mix of market mechanisms, fiscal instruments and policy interventions. While several estimates of the required investments are indicated in the long-term low greenhouse gas emission development strategies (LT-LEDS) report prepared by India, it is important to note that all allude to a need for tens of trillions of US dollars, the survey stated.
The seeds of JAM (Jan Dhan-Aadhaar-Mobile) trinity sown in FY15 that enabled India to develop COVID-19 vaccination digital infrastructure Co-WIN in a time-bound manner, proved to be life saver for the nation, according to the Economic Survey 2022-23.
Thanks to the robust digital infrastructure of Co-WIN, which is "a successful digital story of vaccination to tell", the survey tabled in Parliament, said India could administer over 220 crore COVID-19 vaccine doses.
India's civil aviation sector has "great potential" owing to growing demand from the middle class, higher disposable incomes and favourable demographics, while air travel has rebounded with the lifting of pandemic-related curbs, according to the Economic Survey.
The survey listed various factors that are assisting the resurgence of the civil aviation sector, including the UDAN scheme, which has considerably enhanced regional connectivity through the opening of airports in the hinterland.
Housing prices have started to firm up after a two-year COVID lull and unsold inventories have declined on rise in demand, the Economic Survey said, as it anticipated a decline in prices on the back of a cut in import duties on many construction materials.
India's residential market has witnessed recovery this fiscal on pent-up demand with increase in housing sales despite impediments like rising interest rates on home loans and appreciation in property prices, said the Survey which was tabled in Parliament. The release of "pent-up demand" was reflected in the housing market, as demand for housing loans picked up, the Survey noted.
Leaders of different political parties urged Lok Sabha Speaker Om Birla to adjourn the first half of the Budget session on February 10 instead of February 13, Parliamentary Affairs Minister Pralhad Joshi said.
The Budget session of Parliament started on Tuesday and is scheduled to go on a break on February 13. However, with February 11-12 being a weekend, a demand was made to conclude the first half of the session on February 10.
While addressing the media to speak about the Economic Survey 2022-23, Chief Economic Advisor V Anantha Nageswaran said: "The philosophy of economic management revolves around making it easier for people and businesses to pursue their economic activities, leading to enhanced potential for higher growth. It's not just about the government being an enabler, but a partner. Share of private sector investment in agriculture has reached a high level, faciliated by various government initiatives. The sector is no longer about being a primary sector, it has tremendous export potential as well."
"Quality of public expenditure has gone up. The government has become more transparent with Budget deficit numbers. There is increased transparency in public procurement. Various such dimensions have led to improved expenditure management," he added.
Buoyancy in the real estate sector along with improved construction activities created jobs and facilitated the return of migrant workers to cities, the Economic Survey for 2022-23 tabled in Parliament on Tuesday said.
This assumes significance in view of loss of jobs due to lockdown restrictions imposed in various parts of the country from time to time amid different waves of pandemic since March 2020. The survey points towards sustained recovery in the economic activities during 2022-23 fiscal year.
The Economic Survey underscores that vaccinations have facilitated the return of migrant workers to cities to work in construction sites as the rebound in consumption had a ripple effect on the housing market.
Meanwhile, the inventory overhang in the housing market witnessed a significant decline and fell to 33 month in Q3 of FY23 (October-December) from 42 months last year, it noted. (PTI)
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While addressing the media to speak about the Economic Survey 2022-23, Chief Economic Advisor V Anantha Nageswaran said: "Reforms of the last eight years spanning multiple dimensions including digital, social and physical infrastructure were happening even as banking clean up was going on."
"Economic Survey 2022-23 points out that the story of reforms in the last eight years strikes a parallel to the reforms undertaken during 1998 - 2002. The lagged effect of reforms will show through, the full effect of reforms could not be reflected in data in past years due to successive one-off shocks," he added.
"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 any more. We have to look ahead to the next phase," Chief Economic Advisor V Anantha Nageswaran said Tuesday.
"Leverage ratio in the corporate sector went very sharply in the first decade of the millennium. The second decade was thus a payback time. Excessive credit growth had to be adjusted for in the second decade. Balance sheets now have been repaired, and credit growth is picking up," he added.
While addressing the media to speak about the Economic Survey 2022-23, Chief Economic Advisor V Anantha Nageswaran said: "IMF, in its World Economic Outlook Update, has maintained India's GDP forecast for current FY at 6.8%, next FY at 6.1% and for 2024-25 at 6.8%. India's economy is poised to do better in the remainder of this decade."
Capital expenditure has started pushing private investment and the Budget target of Rs 7.5 lakh crore for the current financial year is likely to be met, the Economic Survey 2022-23 said.
The capital expenditure (capex) of the central government which increased by 63.4 per cent year-on-year in the first eight months of FY23 was another growth driver of the Indian economy, crowding in the private capex since the January-March quarter of 2022, it said. "On the current trend, it appears that the full year's capex (announced in the Budget) will be met," it said.
A sustained increase in the private capex is also imminent with the strengthening of the balance sheets of the corporates and the consequent increase in credit financing it has been able to generate, it said.
The Finance Minister raised capital expenditure (capex) by 35.4 per cent for the financial year 2022-23 to Rs 7.5 lakh crore to continue the public investment-led recovery of the pandemic-battered economy. The capex in the previous year was pegged at Rs 5.5 lakh crore. (PTI)
Referring to Droupadi Murmu's first address to Parliament as President, Leader of Congress in Lok Sabha Adhir Ranjan Chowdhury said Tuesday: "The President's address reiterates what the government wants and does. Naturally, President presents the government's statement. Still, we respect the President's address. When discussion on the address will be done in the House, we will present our views."
"There are a lot of issues against the government. We will raise these issues in Parliament one after the other. There was nothing on unemployment in President's address. We and the citizens can see only the failures of the government. They only speak but don't do," he added. (ANI)
Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge Tuesday said: "In this Budget session, we will raise issues of inflation, unemployment and border dispute with China. Instead of congratulating the leader (Rahul Gandhi) who has walked from Kanyakumari to Kashmir, they (Centre) are only cursing." (ANI)
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, the Economic Survey said on Tuesday. However, entrenched inflation may prolong the tightening cycle and therefore, borrowing costs may stay 'higher for longer', it said.
The Economic Survey 2022-23 was tabled in Parliament by Finance Minister Nirmala Sitharaman. The Survey details the state of economy in the current fiscal, while giving a sneak peek into the future. India's retail inflation came down below 6 per cent in November after remaining above RBI's upper tolerance level for 10 months since January 2022.
The central bank last year projected inflation to average 6.8 per cent in the current fiscal, before declining in the next fiscal. "RBI has projected headline inflation at 6.8 per cent in FY23, which is outside its target range. At the same time it is not high enough to deter private consumption and also not so low as to weaken the inducement to invest," the Survey said. The Reserve Bank has the mandate to keep inflation at 4 per cent with a band of (+/-) 2 per cent.
India's wholesale and retail price inflation remained high for most part of 2022 mainly due to supply chain disruptions following outbreak of the Russia-Ukraine war beginning February, 2022. Russia and Ukraine are among the most important producers of essential agricultural commodities, including wheat, maize, sunflower seeds and inputs like fertilisers. Together with other countries bordering the Black Sea, they constitute the world's breadbasket.
The Survey said that 'entrenched inflation' may prolong the tightening cycle and therefore borrowing costs may stay higher for longer. "In such a scenario, global economy may be characterised by low growth in FY24," it said.
However, the scenario of subdued global growth presents two silver linings -- low oil prices and better than projected CAD (Current Account Deficit). "Overall external situation will remain manageable," it added. Retail or CPI inflation fell to a year low level of 5.72 per cent in December, while wholesale or WPI inflation was at 22-month low of 4.95 per cent. (PTI)
The Economic Survey 2022-23 on Tuesday underlined the need for close monitoring of the current account deficit which may continue to widen because of elevated global commodity prices. The country's current account deficit widened to 4.4 per cent of the GDP in the quarter ending September, from 2.2 per cent of the GDP during the April-June period due to a higher trade gap, according to the latest Reserve Bank data.
"...a downside risk to the current account balance stems from a swift recovery driven mainly by domestic demand, and to a lesser extent, by exports," the Survey said, adding "CAD needs to be closely monitored as the growth momentum of the current year spills over into the next".
The rate of growth in imports has been faster compared to that of exports in 2022-23 so far, leading to the widening of the trade deficit. Sounding a note of caution, the key government document, which was tabled in Parliament by Finance Minister Nirmala Sitharaman, said the challenge of the depreciating rupee, although better performing than most other currencies, persists with the likelihood of further increases in policy rates by the US Federal Reserve.
"The widening of CAD may also continue as global commodity prices remain elevated and the growth momentum of the Indian economy remains strong. The loss of export stimulus is further possible as the slowing world growth and trade shrinks the global market size in the second half of the current year," the Survey said.
On the other hand, the Survey said the subdued global growth presents "two silver linings" -- crude oil prices will stay low, and India's CAD will be better than currently presented. (PTI)
The Economic Survey 2022-23 tabled by Finance Minister Nirmala Sitharaman in Lok Sabha Tuesday stated that the current account deficit may continue to widen as global commodity prices remain elevated and that rupee may come under pressure.
"India is third-largest economy in the world in PPP (purchasing power parity) terms and fifth largest in terms of exchange rate. The economy has nearly recouped what was lost, renewed what had paused and re-energised what had slowed during the pandemic," the Economic Survey stated.
"6.8% inflation for current fiscal not high enough to deter private consumption or low enough to weaken investment. Borrowing cost may remain 'higher' for a longer period and entrenched inflation may prolong the tightening cycle. The challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed," the Economic Survey pointed out. (PTI)
Finance Minister Nirmala Sitharaman Tuesday tabled Economic Survey 2022-23 in Lok Sabha. The Economic Survey has predicted that India’s economy will grow 6.5 per cent in 2023-24 compared to 7 per cent in the current fiscal, and 8.7 per cent in 2021-22.
India will remain the fastest-growing major economy in the world, the pre-Budget Economic Survey stated.
President Droupadi Murmu on Tuesday said about 3 lakh women farmers have been benefitted from PM-KISAN scheme under which Rs 54,000 crore has been transferred to them so far. The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme was launched in February 2019 but is being implemented with effect from December 2018.
Under the scheme, eligible farmers are provided with a financial benefit of Rs 6,000 per year in three equal instalments of Rs 2,000 each every four months. The fund is directly transferred to bank accounts of the beneficiaries. In her first address to the joint sitting of Parliament as the Budget session began, Murmu said the government's priority is 11 crore small farmers who were for decades deprived of the benefits. These farmers are now being empowered.
"Under PM-KISAN, more than Rs 2.25 lakh crore has been transferred. Important thing is that about 3 lakh are women farmers," Murmu said. About Rs 54,000 crore has been transferred to these small women farmers, she said.
Likewise, the government is implementing several schemes like Pradhan Mantri Fasal Bima Yojana, Soil Health Card and Kisan Credit Card, which has been extended to fishermen and livestock farmers, to empower small farmers, she added. "From setting up of farmers producers' organisations to increasing minimum support price, the government is standing with small farmers to empower them," Murmu said. (PTI)
Soon after Droupadi Murmu delivered her first address to Parliament as President, BRS MP K Keshava Rao addressed the media and said: "We heard the President's address today. But there was no mention of issues of unemployment and inflation. I suggest to the President to advise the Prime Minister to bring an act called the 'Adani Act' as there is only crony capitalism now."
Earlier in the day, Keshava Rao had said his party would boycott the President's address to the joint sitting of both Houses of Parliament to protest against the BJP-led Centre's "failure on all fronts of governance". (ANI)
In its January update of the World Economic Outlook (WEO) report, the IMF has marginally improved the forecast for global growth in 2023 — a relief, given the fears of a global recession in 2023.
The turnaround reflects “positive surprises and greater-than-expected resilience in numerous economies”. The IMF releases the WEO twice every year, in April and October, apart from updating it twice — in January and July. Here are three key takeaways from the latest update
Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, India's budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world. Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of economy were bringing positive messages from all sides.
The prime minister said the Budget, to be presented by Finance Minister Nirmala Sitharaman on Wednesday, will strive to fulfil people's hopes, aspirations and also boost the hopes with which the world is looking at India. "The ray of hope being seen by the world will glow brighter -- for this, I firmly believe the finance minister will make all efforts to meet these aspirations," Modi said.
He also noted that President Droupadi Murmu was delivering her maiden address to the joint sitting of Parliament at the start of the Budget Session. The President's speech is the pride of the Constitution of India, the pride of India's parliamentary system, and also an opportunity to respect women and the great tribal traditions of the country, Modi said. (PTI)
President Droupadi Murmu on Tuesday urged people to put in their best to build in the next 25 years a developed India connected to its past glory and containing every golden chapter of modernity. In her first address to the joint sitting of Parliament as the Budget session began, she said 'Amrit Kaal', described by the government as the 25-year period culminating in the centenary of India's independence, is the time to build an India which is 'aatmanirbhar' (self reliant) and also fulfils its humanitarian obligations.
It will be an India with no poverty and a prosperous middle class and whose youth and women are at the vanguard of guiding the nation, the president said, amid frequent thumping of desks by lawmakers at the Central Hall of Parliament. Under the nearly nine years of the Prime Minister Narendra Modi-led government, the country has seen many positive changes, she said, adding that the biggest change is that the self-confidence of every Indian is at its peak and the world has changed the way it looks at India.
While India used to depend on others to solve its problems, it is now working to solve global problems, Murmu, India's first tribal president, said. People have been given basic amenities missing for decades and modern infrastructure that society long aspired for is being built across the country, the president said. She cited the expansion of digital network and the crackdown on corruption during the Modi government's tenure.
"India now has a government which is stable, fearless and decisive and which works to fulfil big dreams. It has a government which respects honesty and works to solve the poor's problems and empower them permanently," she said. The government has fulfilled the aspirations of the deprived sections of society, the president said. (PTI)
"Today, the world understands the tough stand taken against terrorism by India. This is the reason why today, India's being heard seriously by the world on the issue of terrorism," President Droupadi Murmu said while addressing the joint session of Parliament. (ANI)
While addressing a joint sitting of Parliament, President Droupadi Murmu said Tuesday: "India has changed thinking that progress and nature can't go together. My government is focusing on 'green growth'. The Indian Railways is fast moving towards becoming world's largest electric railway network. The government is striving to get rid of every sign of slavery, an example is changing of name from Rajpath to Kartavya Path." (PTI)
"Today, on one hand, India is taking its ancient knowledge of Yoga and Ayurveda to the world. On the other hand, it is enhancing its new identity as 'pharmacy of the world'. India holds the presidency of the G20 this year. Along with all member states of G20, India aims to find solutions to world problems," President Droupadi Murmu said while addressing the joint session of Parliament. (ANI)
While addressing a joint sitting of both Houses, President Droupadi Murmu said Tuesday: "On one hand, we are developing our pilgrimage centres and historic heritage sites, while on the other hand, India is becoming a major space power in the world. India has launched its first private satellite too." (ANI)
"As a result of new initiatives by my government, our defence exports have increased six times. I am proud that today, the first indigenous aircraft carrier in the form of INS Vikrant has also joined our Navy," President Droupadi Murmu said while addressing the joint session of Parliament. (ANI)
While addressing a joint sitting of both Houses, President Droupadi Murmu said Tuesday: "On one side Ayodhya Dham is being developed, and on the other side, a modern Parliament is being constructed. While the redevelopment of Kedarnath Dham and development of Kashi Vishwanath Dham corridor and Mahakal project are completed, simultaneously medical colleges are being made in every district. My government has continuously laid unprecedented emphasis on innovation and entrepreneurship. Today, our youth are showing the power of their innovation to the world." (ANI)
"I'm delighted that my government has decided to extend PM Garib Kalyan Anna Yojana in accordance with the new circumstances. This is the identity of a sensitive and pro-poor government...This scheme is being appreciated across the world," President Droupadi Murmu said while addressing the joint session of Parliament.
"Women empowerment has been at the core of all schemes introduced by my government. Today, we're seeing the success of 'Beti Bachao, Beti Padhao'. For the first time in the country, number of women is more than men and the health of women has also improved more than before," she added. (ANI)
While addressing a joint sitting of both Houses, President Droupadi Murmu said Tuesday: "We have seen that during Covid period, how living had become difficult for the poor across the world. But, India is one of those countries that gave the highest priority to protecting the lives of the poor and tried to see that no poor in the country slept on an empty stomach." (ANI)
"The 'aspirational districts' programme is now being repeated at the block level, for which, 500 blocks have been identified in the country. The 'vibrant villages' programme to develop villages in border areas has also been introduced," President Droupadi Murmu said while addressing the joint session of Parliament. (ANI)
While addressing a joint sitting of both Houses, President Droupadi Murmu said Tuesday: "Garibi Hatao is not just a slogan anymore. My government is working to have a permanent solution to the problems of the poor and empowering them. My government has awakened the aspirations of the Scheduled Castes, Scheduled Tribes and Other Backward Classes. Now that basic facilities are reaching them, these people are able to see new dreams." (ANI)
"With complete transparency, more than Rs 27 lakh crore have been provided to crores of people. A World Bank report states that with such schemes and systems India was able to save crores of people from dropping below the poverty line during Covid," President Droupadi Murmu said while addressing the joint session of Parliament.
"Earlier, there was a long wait for a tax refund. Today, refund is received within a few days of filing the Income Tax Return. My government has worked for every section of society without any discrimination. As a result of the efforts of my government in the last few years, many basic facilities have either reached 100% population or are very close to that target," President Droupadi Murmu said while addressing the joint session of Parliament.
While addressing a joint sitting of both Houses, President Droupadi Murmu said Tuesday: "The benefit of a stable and decisive government is being reaped by us against the biggest crisis in 100 years and in tackling the situation that arose after it. Wherever there is political instability anywhere in the world, those countries are surrounded by a massive crisis. But due to the decisions my government took in the national interest, India is in a better position as compared to other countries."
"About 11 crore families have been connected with piped water supply in three years under the Jal Jeevan Mission. Poor families are getting the maximum benefit from this," President Droupadi Murmu said while addressing the joint session of Parliament.
"An effective system has been put in place to end corruption. The government is of the clear opinion that corruption is the biggest enemy of democracy and social justice. A continuous fight against corruption going on for past years," President Droupadi Murmu said while addressing the joint session of Parliament.
"From abrogating Article 370 in Jammu and Kashmir to abolishing Triple Talaq, my government has taken major decisions," President Droupadi Murmu said while addressing the joint session of Parliament.
"Today, India's self-confidence is at its highest and the world is looking at her from a different perspective. India is providing solutions to the world: President Murmu to joint session of Parliament. Today, there is a stable, fearless and decisive government in the country that is working towards realising the big dreams," President Droupadi Murmu said Tuesday.
President Droupadi Murmu said Tuesday: "That should be an India that will not have poverty, whose middle class will also be prosperous, an India whose youth and women will stand at the front to show a path to society and the country, an India whose youth stays two steps ahead of time."
While addressing a joint sitting of both Houses, President Droupadi Murmu said Tuesday: "By 2047, we have to build a nation that will be connected to the pride of the past and which will have all the golden chapters of modernity. We have to build an India that will be 'aatmanirbhar' and capable to fulfill its humanitarian duties: President Murmu." (ANI)
The Budget session of Parliament has begun with the maiden address of President Droupadi Murmu to a joint sitting of both Houses. She is currently addressing the members of both Houses.
Rajya Sabha Business Advisory Council meeting will be held at 2.30 pm on Tuesday. (ANI)
While addressing the media ahead of the Parliament Budget session, Prime Minister Narendra Modi Tuesday said: "Our Finance Minister will present one more Budget before the country tomorrow. In today's global circumstances, not only India but the entire world is looking at India's budget. Amid the unstable global economic situation, India's Budget will attempt to meet the hopes and aspirations of the common citizens, the ray of hope being seen by world glows brighter-for this. I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations."
"Taking the thought of 'India first, citizen first' we will take this Budget session of Parliament forward. I am hopeful that the opposition leaders will present their views before the Parliament," he said.
"Budget session begins today and at the beginning itself, credible voices from the world of economy have brought in a positive message, a ray of hope and a beginning of enthusiasm. Today is important, our President will address the joint session of the Parliament for the first time," the PM pointed out.
"The President's first address to the joint session of Parliament is a matter of pride for our Constitution, and especially for respect of women. The whole world has its eyes on India," he added. (ANI)
Higher domestic demand and a pick-up in capital investment is expected to help the Indian economy grow 6.5 per cent in real terms in FY24 or 2023-24, the Economic Survey is learnt to have projected. In nominal terms, the GDP growth rate is expected to be around 11 per cent, suggesting an average annual inflation during the next financial year to be 4.5 per cent.
The Economic Survey 2022-23, scheduled to be tabled in Parliament by Union Finance Minister Nirmala Sitharaman Tuesday morning, has also likely projected the growth rate for the current financial year, i.e., 2022-23, at 7 per cent. This is higher than the 6.8 per cent growth forecast of the Reserve Bank of India in its December 7, 2022, monetary policy. Read more
On Tuesday, the Chief Economic Adviser (CEA) will release the Economic Survey for the current financial year (2022-23). The survey is always presented a day before – typically January 31 since Union Budgets are scheduled for February 1 – the Finance Minister unveils the Union Budget for the next financial year (2023-24 in the present case).
But what is the Economic Survey? What is its significance? What should one look for in this year’s survey? We explain