The survey will be split into two parts: Part A and Part B.
As the Union Budget 2023 draws near, Finance Minister Nirmala Sitharaman is set to submit India’s yearly pre-budget economic survey in Parliament today, as per recent reports. Preceding the tabling of the survey is a press conference that will be conducted by Chief Economic Advisor V Anantha Nageswaran, together with high-ranking officials of the finance ministry. The Budget Economic Survey 2023 will reflect economic growth projections for FY22-23.
The survey is divided into a couple of parts: Part A and Part B. The first part generally presents a birds-eye-view of the economy and the major economic developments in the year, while the latter focuses on specific issues like education, healthcare, poverty, human development, social security, and climate.
Insights into the nation’s inflation rate and projections, GDP growth prospects, trade deficits, and forex reserves are also provided in the survey. The survey also sheds light on the current condition of the nation’s economy and is devised under the management of the government’s CEA.
According to RBI, the survey would likely peg India’s growth in FY23 at 6.8 percent, while the World Bank has forecasted a growth rate of 6.9 percent. Nominal GDP growth in FY23 is presently at 15.4 percent, significantly more than the budget prediction of 11.1 percent. Last year’s survey pegged the country’s economic growth at 8-8.5 percent.
During today’s joint session of parliament, President Draupadi Murmu said, “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. We will have to build 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 & the country, an India whose youth stays two steps ahead of time.”