The wait for the annual national budget is nearly over, with the Union government due to release the Economic Survey on Tuesday.
After President Droupadi Murmu’s address to the joint session of the two houses of Parliament, Union Finance Minister Nirmala Sitharaman will table the pre-Budget document before Parliament. The Economic Survey document, prepared by the Economic Division of the Ministry of Finance’s Department of Economic Affairs and formulated under the supervision of chief economic adviser V Anantha Nageswaran, will provide insights into the state of the economy and various indicators in the current fiscal year 2022-23 (April-March) and outlook for the following year.
The Economy Survey may also provide insight into the tone and texture of the Budget for 2023-24, which will be delivered on Wednesday.
According to reports, the first economic survey was conducted in 1950-51 as part of the budget documents. It was split from the Budget materials in the 1960s and presented on the day before the Union Budget.
The major subject is the most crucial aspect that many people will seek for.
The key subject of last year was ‘Agile Approach,’ which focused on India’s economic response to the Covid-19 Pandemic shock. The “Agile approach” according to the prologue to the Economic Survey 2022, is built on feedback loops, real-time monitoring of actual outcomes, flexible reactions, safety-net buffers, and so on.
Along with the sectoral divisions, the Survey document includes new need-based chapters.
The Economic Survey released in 2022 predicted that India’s GDP would grow by 8.0-8.5 percent in 2022-23, which the government believed would be supported by widespread vaccine coverage, gains from supply-side reforms and regulatory easing, robust export growth, and the availability of fiscal space to increase capital spending.
Budget 2023 is projected to be the Modi government’s final full budget in its second term, with the next Lok Sabha election scheduled for April-May 2024.
Union Budget 2023-24, like the previous two Union Budgets, will be delivered in paperless form. Following the end of the Finance Minister’s Budget Speech, the Budget materials will be available on the ‘Union Budget Mobile App’ on both the Android and Apple OS platforms.
On October 10, the formal process of preparing the annual Budget for the next fiscal year (2023-24) began.
The first phase of the session will begin on January 31 and continue through February 13. Following a hiatus for parliamentary committees, the Parliament will reconvene to consider the demand for funding from several ministries. The second instalment will begin on March 13 and will last until April 6.
