New Article
Economic Survey 2023: Summary and Key takeaways
- Economic Survey 2023: Summary and Key takeaways
- Economic Survey 2022-23 and Sectors of Economy
- Service: Source of Strength
- Service Sector Growth
- GDP Growth
- Lifting Potential Growth with Digital and Physical Infrastructure
- Inflation
- Social Infrastructure and Employment: Big tent
- State of the Economy 2022-23: Broad-Based recovery across sectors
- Monetary Management and Financial Intermediation: A Good Year
- Industry: Steady Recovery
- Fiscal Deficit
- Fiscal Development- Revenue Relish
- Foreign Exchange Reserves
- External Sector: Watchful and Hopeful
- What is the Economic survey 2023?
- About Economic Survey
- Who prepares Economic Survey?
- What is the Significance of the Economic Survey?
- Economic Survey History
Economic Survey 2023: Summary and Key takeaways
10 Points
- India to witness GDP growth of 6.0 percent to 6.8 percent in 2023-24, depending on the trajectory of economic and political developments globally
- Economic survey 2022-23 projects a baseline GDP growth of 6.5 percent in real terms in fy24
- Economy is expected to grow at 7 percent (in real terms) for the year ending march 2023, this follows an 8.7 percent growth in the previous financial year
- Credit growth to the micro, small, and medium enterprises (MSME) sector has been remarkably high, over 30.5 percent, on average during Jan-nov 2022
- Capital expenditure (capex) of the central government, which increased by 63.4 percent in the first eight months of FY23, was another growth driver of the Indian economy in the current year
- Rbi projects headline inflation at 6.8 percent in fy23, which is outside its target range
- Return of migrant workers to construction activities helped the housing market witnessing a significant decline in inventory overhang to 33 months in q3 of fy23 from 42 months last year
- Surge in growth of exports in fy22 and the first half of fy23 induced a shift in the gears of the production processes from mild acceleration to cruise mode
- Private consumption as a percentage of GDP stood at 58.4 percent in q2 of fy23, the highest among the second quarters of all the years since 2013-14, supported by a rebound in contact-intensive services such as trade, hotel, and transport
- Survey points to the lower forecast for growth in global trade by the world trade organisation, from 3.5 percent in 2022 to 1.0 percent in 2023.
Economic Survey 2022-23 and Sectors of Economy
Service: Source of Strength
Service Sector Growth
GDP Growth
Lifting Potential Growth with Digital and Physical Infrastructure
Inflation
Social Infrastructure and Employment: Big tent
State of the Economy 2022-23: Broad-Based recovery across sectors
Monetary Management and Financial Intermediation: A Good Year
Industry: Steady Recovery
Fiscal Deficit
Fiscal Development- Revenue Relish
Foreign Exchange Reserves
External Sector: Watchful and Hopeful
What is the Economic survey 2023?
Economic Survey is the name of the document outlining the country’s financial situation. The survey is made public by the Finance Ministry and delivered to the Parliament by the Finance Minister. Following the President’s remarks, the finance minister presents the survey report. Every Union Budget session starts out with the President’s speech.
About Economic Survey
- The report details India’s performance during the previous financial year.
- It discusses the level of inflation.
- Trends in the nation’s major economic sectors, including agriculture, infrastructure, and foreign exchange reserves
- List of the issues with the economy that the government is facing
- Proposes suggestions for overcoming the difficulties
- GDP expansion is anticipated.
- Facilitates budgetary funding allocation
Who prepares Economic Survey?
The Economic Survey is prepared by the Department of Economic Affairs. The Ministry of Finance oversees the department’s operations. The planning of the economic survey is under the direction of India’s Chief Economic Advisor. Anantha Nageswaran is the current Chief Economic Advisor of India.
What is the Significance of the Economic Survey?
The survey provides statistical information about the Indian economy. For decision-makers, the data is essential. They make use of the data to pinpoint precisely where government policies are falling short and to suggest ways to make improvements and accelerate economic growth.
Economic Survey History
In 1950–1951, the first economic survey was published. It was initially presented with the Union Budget. In 1964, it was decoupled from the budget. The economic survey is divided into two parts. Part A speaks provides a thorough summary of the nation’s economic situation, followed by Part B. Part B concentrates on certain topics.
Read More: MPPSC Free Study Material (English/Hindi)
🤩Follow Our Social Media Handles
YouTube 👉 https://bit.ly/36wAy17
Telegram👉 https://bit.ly/3sZTLzD
Facebook 👉 https://bit.ly/3sdKwN0
Daily Current Affairs Quiz for UPSC, MPSC, BPSC, and UPPSC: Click here
