Economic Survey 2023 – Key Highlights and all about Economic Survey
Budget Economic Survey 2023:
Finance Minister Nirmala Sitharaman represents the country’s annual pre-budget economic survey at Parliament on January 31, 2023. According to the Economic Survey 2022-23, the following fiscal year will see real GDP growth of 6.5 percent.
The Indian Economy would also increase by 7% for 2023-24. This growth also depicts that India has become the world's fifth-largest economy.
Economic Survey 2023 Key Highlights
• Nirmala Sitharaman presented the Economic Survey in both Parliament Houses ahead of the Union Budget.
Indian economy staging a broad based recovery across sectors, positioning to ascend to
pre-pandemic growth path in FY23
Retail inflation is back within RBI's target range in November 2022
Direct Tax collections for the period April-November 2022 remains buoyant
Enhanced Employment generation seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund
Creating public goods to enhance opportunities, efficiencies and ease of living, trust-based governance, enhancing agricultural productivity and promoting the private sector as a co-partner in development is the focus of the government reforms
Cleaner balance sheets led to enhanced lending by financial institutions
Growth in credit offtake, increased private capex to usher virtuous investment cycle
Non-food credit offtake by Scheduled Commercial Banks growing in double digits since April 2022
Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of 5.0
Social sector expenditure (Centre and States combined) increases to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16
Central and State Government’s budgeted expenditure on health sector touched 2.1% of GDP in FY23 (BE) and 2.2% in FY22 (RE) against 1.6% in FY21
More than 220 crore COVID vaccine doses administered
Survey highlights the findings of the 2022 report of the UNDP on Multidimensional Poverty Index which says that 41.5 crore people exit poverty in India between 2005-06 and 2019-20
India declared Net Zero Pledge, to achieve net zero emissions goal by 2070
A mass movement LIFE– Life style for Environment launched
National Green Hydrogen Mission to enable India to be energy independent by 2047
Private investment in agriculture increases to 9.3% in 2020-21
Free foodgrains to about 81.4 crore beneficiaries under the National Food Security Act for one year
About 11.3 crore farmers were covered under PM KISAN in its April-July 2022-23 payment cycle
India stands at the forefront to promote millets through the International Year of Millets initiative
Investment of ₹47,500 crores under the PLI schemes in FY22- 106% of the designated target for the year
India’s e-commerce market is projected to grow at 18 per cent annually through 2025
Merchandise exports of US$ 332.8 billion for April-December 2022
India is the largest recipient of remittances globally receiving US$ 100 billion in 2022
PM GatiShakti National Master Plan creates comprehensive database for integrated planning and synchronised implementation across Ministries/ Departments
UPI-based transactions grew in value (121 per cent) and volume (115 per cent) terms, between 2019-2022, paving the way for its international adoption
• According to the survey, the Indian economy would increase by 7% in real terms in the current fiscal year. It also stated that India will continue to be the world's fastest-growing major economy.
• According to the poll, India has become the world's fifth-largest economy, with a nominal GDP of roughly 3.5 trillion US dollars in March 2023.
• According to the poll, the growth in consumer prices has slowed significantly. According to the poll, the annual rate of inflation is less than 6%, and wholesale prices are growing at less than 5%.
• Exports of products and services increased by 16% in the first nine months of the current fiscal year.
What is Economic Survey 2023-24?
The Economic Survey Is An Annual Report Of The Ministry Of Finance, Government Of India. It Represents The Country’s Economic Trends And Ensures A Better Appreciation Of The Resource Mobilization And Their Allocation In The Union Budget.
What are the contents of the Economic Survey?
The economic survey contains the Ministry’s view on the economical state of the country. It represents the development in the Indian economy over the past financial years and exhibits the country’s performance on essential development programs, highlighting the policy initiatives of the government and the economic prospects in the short to medium term.
Economic Survey 2023: Significance
The Economic Survey represents the country’s economic trends and ensures a better appreciation of the resource mobilization and their allocation in the Union Budget. It analyzes the agricultural, industrial, employment, import, and export trends in the country.
The survey also directs the Gross Domestic Product for the coming financial year and comprises insights into India’s economic growth.
Who Publish the Economic Survey?
The survey is prepared by the Economics Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor (CEA). The current CEA of India is Dr. V Anantha Nageswaran.
The first Economic Survey of India was prepared by the Finance Ministry in 1950-51. At that time, the survey was represented along with the Union Budget. However, later it was de-linked from the budget in 1964 and unveiled priorly to provide a context of the latter.
Economic Survey 2023 Theme?
Every year the theme of the Economic Survey is different. "The theme for the Economic Survey 2023 is likely to take note of inflation levels, likely pressure on the Indian Rupee due to RBI’s tightening of monetary policy, employment conditions, pick-up in private investment, infrastructure spending, and improvement in the financial growth of the Indian banking sector. "
Highlights of President’s Speech
President Draupadi Murmu addressed the Budget session and highlighted some of the points, such as:
• India is in a better position as compared to other countries due to the decision of the government for the national interest.
• The government e-marketplace has witnessed transactions worth over Rs 3lakh crore.
• GST, Ayushman Bharat are boons for India.
• The government has passed legislation to tackle fugitive economic offenders.
• The Centre is working for women's empowerment.
• Taxpayers are receiving refunds within a few days of filing IT returns.
• 11 crore small farmers are the government’s priority.
• 36,000 Adivasi families have been covered under Adivasi Ekta Mission.
• Government praise people who support fighting against corruption.
Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1894932 &
& Jagran Josh