BackEconomic Survey 2022-23 to be presented today: Significance and history
The Economic Survey document will give insights into the state of the economy and various indicators in the current financial year 2022-23 and the outlook for the following year.
PremiumThe Central government is set to table the Economic Survey 2022-23 today, Tuesday. Union Finance Minister Nirmala Sitharaman will table the pre-budget document in the Parliament after President Droupadi Murmu's address to the joint sitting of both houses.
The Economic Survey document will give insights into the state of the economy and various indicators in the current financial year 2022-23 and the outlook for the following year. It is prepared by the Economic Division of the Department of Economic Affairs in the finance ministry and formulated under the supervision of the chief economic adviser V Anantha Nageswaran.
It may also give some idea about the budget for 2023-24 which will be presented tomorrow, Wednesday.
Reportedly, the first economic survey came into existence in 1950-51 when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented the day prior to the Union Budget, according to the news agency ANI.
Last year, the central theme of the Economic Survey was the 'Agile Approach', which put emphasis on India's economic response to the Covid-19 Pandemic shock. The preface of the Economic Survey 2022 stated that the "Agile approach" was based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers, and so on.
The Survey, along with sectoral chapters, also adds new-based chapters that need focus.
In 2022, the Economic Survey projected India's GDP growth of 8.0-8.5 percent, which will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and the availability of fiscal space to ramp up capital spending.
Budget 2023 is likely to be the last Budget of the Modi government in its second term with the next Lok Sabha election due in April-May of 2024.
After the completion of the Finance Minister's Budget speech, the Budget 2023 documents will be available on the 'Union Budget Mobile App.
The first part of the session will be held from January 31 and will go on till February 13. The Parliament will reconvene after a recess for parliamentary committees to discuss the demand for grants of various ministries. The second part will begin on March 13 and will continue till April 6.
(With ANI inputs)
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