The Economic Survey is a comprehensive document that provides a review of the Indian economy of the current financial year. The Economic Survey summarises the performance of India’s primary development projects in addition to forecasting the growth of GDP.
The economic survey is used by the government to highlight important economic indicators and the areas that need to be focused on in the next fiscal year.
President Droupadi Murmu’s address has just concluded at the joint session of the parliament as the country sets to get its new budget here’s what the government in the economic survey for 2022-23.
• GDP Growth Projection of 6-6.8% in 2023-24
• 7.0% GDP growth estimate for the year ending March 2023 (After 8.7% in the previous fiscal)
• Credit growth to MSMEs at 30.5% in Jan-Nov 2022
• Govt Capex drove growth in the year ending March 2023
• RBI projects inflation at 6.8% in FY23, above the target range
• Housing market utilisation improving after migrant workers' return
• A surge in exports fast-tracked production
• Private consumption rebounding
• Survey notes WTO's lower forecast for World GDP growth to 1.0% in 2023
Union Finance Minister Nirmala Sitharaman is all set to present the Union Budget for the fiscal year 2023-2024 tomorrow, February 1 (Wednesday). This budget is crucial in multiple regards and is being looked upon as the much-needed measure to fix the challenges posed ahead for the economy and to bolster India’s ambitious $5 trillion economy dream.