Economic Study 2023: The Union Budget for this year will be presented on Wednesday, February 1. Finance Minister Nirmala Sitharaman will deliver the Union Budget. It will be intriguing to see how the government manages expectations and addresses fiscal deficit targets in the latest full Power Budget.
What is economic study?
The Economic Survey is an annual report that highlights the condition of different sectors of the economy and suggests reforms that should be undertaken to accelerate growth.
Importance of economic study
The Economic Survey projects the Gross Domestic Product (GDP) for the next financial year and also includes crucial information on India’s economic situation.
Budget 2023 Date, time, expectations, when and where to see it and more
Who prepares the Economic Study?
The Economic Survey is prepared by the Chief Economic Advisor (CEA), however, this time, the report was drafted by the chief economic advisor and other officials after Krishnamurthy Subramaniam’s tenure ended in December 2021.
For the past several years, the Economic Survey has been presented in two volumes, but this year it is presented in a single volume.
Why is the Economic Study presented one day before the Budget?
Since India’s independence in 1947, the Economic Survey was presented along with the Budget, but it was decoupled in 1964 and presented in advance, a practice that continues to this day.
It should be noted that it is not mandatory for the government to present the Economic Study and the recommendations presented in the first volume are not binding on the government.
When was the Economic Study first presented?
The first Economic Survey of India was presented between 1950 and 1951. Until 1964, the Economic Survey was presented along with the general budget of the country. He later started showing up a day before the budget.
Who introduced the first budget in India after independence?
The highlights of the 2022 Economic Study are:
1- The Economic Survey has forecast GDP growth of 8 to 8.5% in FY23 (April 2022 to March 2023). For the current FY22, GDP growth has been projected at 9.2%.
2- Total consumption is estimated to have grown by 7.0% in 2021-22 with significant contributions from public spending.
3- Agriculture and allied sectors are expected to grow by 3.9% in 2021-22.
4- It is estimated that the Services sector will grow by 8.2% in the current year.
4- The 2021-22 Economic Study details the state of the different sectors of the economy, as well as the reforms that should be undertaken to accelerate growth.
5- GDP contracted by 7.3% in 2020-21.
6- Furthermore, the Economic Survey focuses on supply side issues to improve the resilience of the Indian economy.