PremiumThe Budget Session of Parliament began at 11 am today i.e. on 31 January, 2023. President of India Droupadi Murmu addressed both houses in a joint session. The Economic Survey was tabled with projections for economic growth for fiscal 2023-24. FM Nirmala Sitharaman tabled the Economic Survey in Parliament. As per the Economic Survey, India's economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22 .
Equity benchmarks ended with marginal gains today as investors kept their powder dry ahead of the Union Budget presentation and the US Fed's interest rate decision. Fag-end buying helped the 30-share BSE benchmark Sensex settle with a gain of 49.49 points or 0.08 per cent at 59,549.90. During the day, it hit a high of 59,787.63 and a low of 59,104.59. The broader NSE Nifty inched up 13.20 points or 0.07 per cent to close at 17,662.15.
“Economic Survey 2023 presents an optimistic growth projection of 6.5% as a baseline banking on the lagged effect of reforms undertaken over the last 6 years paying off as the drags on the economy from the pandemic, high commodity prices and risks of a global slowdown wear off. The strong balance sheet of banks and corporates are rightly assumed to give a private capex push in addition to the government capex push if the assumptions on the external and demand front are realised."
Rohit Arora, CEO and Co-founder, Biz2credit and Biz2X, said, “The Economic survey has estimated India's growth to be 6.5% in 2023-24, compared to 7% in the current fiscal and 8.7% in 2021-22. Gross domestic product (GDP) in nominal terms is projected to be 11% in the next fiscal.
The good news is that the post COVID economic revival in India has been robust and momentum is building. Much of this growth can be attributed to surge in private consumption, higher capex, firming up of corporate balance sheet, credit growth to small businesses (30.5% rise in between January and November, 2022) and return of migrant workers to cities and towns.
The focus on capex-led growth will enable India to keep the growth-interest rate differential positive. A positive growth-interest rate differential will help keep the debt levels sustainable. I also feel that the supply-side reforms that the Government will announce soon will bring long term positive benefits to the economy. However, as the survey has rightly indicated, the economy needs to remain cautious in terms of the Consumer Price Index inflation."
The Economic Survey has called for simpler tax rules and processes to help Indian-owned start-ups in "reverse flipping" or shifting their base back to India.
The number of demat accounts rose to 10.6 crore in November 2022, a sharp surge of 39 per cent on yearly basis, Economic Survey 2022-23 said.
The central and state governments’ budgeted expenditure on healthcare touched 2.1 % of GDP in FY23 and 2.2% in FY22, against 1.6% in FY21, as per the Economic Survey 2022-23.
Subdued demand in 2023 could suppress global trade and impact several countries, including India, according to the Economic Survey 2022-23 tabled in Parliament on Tuesday.
Vinod Nair, Head of Research at Geojit Financial Services, said, “Economic survey is optimistic that India will continue to grow at a healthy rate in the medium term, led by consumption and capital expenditure. And the growth can expand to as high as 7 to 8 percent in the future. The fundamentals of the Indian economy are solid, however, in the short to medium-term, widening current account deficit for an extended period is a concern that could have an implication on growth and depreciation of the INR. For the budget, it is going to be a challenge in FY24 to plan out the expenditures due to a short-term slowdown in the economy, high core inflation, and fiscal deficit."
By and large, inflation is likely to be "well behaved" in FY24 barring headwinds, CEA Nageswaran said today.
The CEA says the government survey forecasts a GDP growth rate of 6.5 percent in a range of 6-6.8 percent for FY24. The range is deliberately asymmetric given the global uncertainties.
Nageswaran said, It is my belief that India's improved balance sheet and digital infrastructure will add 60-100 basis points to India's GDP growth. The pandemic recovery stage is over for India."
The CEA said that it's not just that quality of government expenditure has improved in recent years, but the government has also become more transparent about it's numbers.
Indian economy to grow faster once global shocks of pandemic, Russia-Ukraine war fade, says Nageswaran.
Reforms of the last eight years mean the country will perform better in this decade, said Nageswaran.
Sectors such as banking, non-banking, and corporate have good balance sheets after a long time.
Recovery of economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don't have to speak of pandemic recovery anymore, we have to look ahead to the next phase, Nageswaran said.
CEA Nageswaran said that the IMF has retained its GDP growth forecast for India for the current and next financial years. Their forecasts show an acceleration in India's GDP growth rate.
The survey notes that 65% (2021 data) of the country’s population lives in rural areas and 47% of the population is dependent on agriculture for livelihood
The country's economy is expected to grow by 8-8.5% in the fiscal beginning 1 April and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations, said the pre-Budget Economic Survey on Monday. The Economic Survey 2021-22 was tabled by Union Finance Minister Nirmala Sitharaman in Parliament ahead of the annual budget on Tuesday. Read more here
The government's annual Economic Survey report on Tuesday said that India's current account deficit (CAD) may continue to widen as global commodity prices remain elevated. However, the country's economy remains strong, the it said. Read more here
The Economic Survey for 2023-24 was tabled in the Parliament on Tuesday, January 31, 2023, a day ahead of the Union Budget which will be presented by the Finance Minister Nirmala Sitharaman on Wednesday February 1, 2023. The Economic Survey is an annual report card of the economy, which is presented a day before the budget and examines the performance of each and every sector and then suggests future moves. Read more here
India’s government said it will focus on rebuilding fiscal space lost during the pandemic to counter new risks from a challenging global environment, which has already begun weighing on domestic demand.
Domestic demand, capital expenditure pick-up to aid growth. Rupee may come under pressure if CAD widens further, Economic Survey 2023
Borrowing cost may remain 'higher for longer', entrenched inflation may prolong tightening cycle
FY24 real GDP growth seen at 6-6.8% and FY24 base-line real GDP growth seen at 6.5%.
Private consumption, capital formation led economic growth in current fiscal has helped generate employment; urban employment rate declined, while Employee Provident Fund registration rose
After a dip in FY21, GST paid by small businesses has been rising and now crossed pre-pandemic levels reflecting the effectiveness of targeted government intervention
Central govt capex grew 63.4% in April-November of current fiscal
India's economic resilience has helped it withstand the challenge of mitigating external imbalances caused by the Russia-Ukraine conflict without losing growth momentum
Prices firming up after release of pent-up demand, decline in inventories
Benign inflation and moderate credit cost to impact bank credit
Credit growth to small businesses remarkably high at over 30.5% in January-November, 2022
Credit disbursal, capital investment cycle, expansion of public digital platform and schemes like PLI, National Logitics Policy and PM Gati Shakti to drive economic growth
The growth in exports has moderated in second half of current fiscal; the surge in growth rate in 2021-22 and first half of current fiscal led to production processes shifting gears from 'mild acceleration' to 'cruise mode' *
Slowing world growth, shrinking global trade led to loss of export stimulus in the second half of current year.
Inflation tolerance range compared to several advanced nation
Global commodity prices remain elevated, economic growth momentum stays strong.
If CAD widens further, rupee may come under depreciation pressure
Overall external situation to remain manageable
India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility.
Current Account Deficit to continue to widen
Borrowing cost may remain 'higher for longer', entrenched inflation may prolong tightening cycle
RBI projection of 6.8% inflation this fiscal outside the upper target limit, not high enough to deter private consumption, also not too low to weaken inducement to invest
As per the Economy Survey, Growth driven by private consumption, higher capex, strengthening corporate balance sheet, credit growth to small businesses and return of migrant workers to cities.
India's economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22 .
India to remain the fastest growing major economy in the world.
GDP in nominal terms to be 11% in next fiscal.
Real GDP growth to be in the range of 6-6.8% next fiscal depending on global economic, political developments.
The Economic Survey for 2022-23 has projected a GDP growth rate in the range of 6 to 6.8 per cent for the next fiscal 2023-24 (FY24), as against a projected growth of 7 per cent in the current financial year, according to the Economic Survey tabled in the parliament on Tuesday.
The survey helps in giving a better understanding of the Union Budget by comprehending the country's priority for the next financial year and what sectors would need more emphasis.
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.
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.
Economic Survey is a document, which is tabled in both Houses of the Parliament which reviews the developments that took place in the Indian economy over the past financial year. The Economic Survey document comprises Volume I, Volume II and the statistical appendix. This comes a day before the finance minister tables the Union Budget in the Parliament. It was de-linked from the Budget in 1964 and unveiled in advance in order to provide a context of the latter. The Economic Survey is prepared by the Economics Division of the Department of Economic Affairs of the Finance Ministry under the overall guidance of the Chief Economic Adviser (CEA).
The Budget Session of Parliament commenced at 11 am today. After the President's address, the economic survey will be tabled with projections for economic growth for fiscal 2022/23. Finance Minister will table the Economic Survey shortly.
President Droupadi Murmu on Tuesday said about 3 lakh women farmers have been benefitted from PM-KISAN scheme under which ₹54,000 crore has been transferred to them so far.
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme was launched in February 2019 but is being implemented with effect from December 2018. Under the scheme, eligible farmers are provided with a financial benefit of ₹6,000 per year in three equal instalments of ₹2,000 each every four months. The fund is directly transferred to bank accounts of the beneficiaries.
In her first address to the joint sitting of Parliament as the Budget session began, Murmu said the government's priority is 11 crore small farmers who were for decades deprived of the benefits. These farmers are now being empowered. "Under PM-KISAN, more than ₹2.25 lakh crore has been transferred. Important thing is that about 3 lakh are women farmers," Murmu said.
We heard the President's address today, but there was no mention of issues of unemployment and inflation. I suggest to the President to advise the PM to bring an act called the 'Adani Act' as there is only croony capitalism now: BRS MP K Keshava Rao
India’s economy will likely slow for a second straight year due to tightening financial conditions and supply chains disruptions from a prolonged war in Europe, officials familiar with the matter told Bloomberg.
Gross domestic product is expected to grow 6.5% in the fiscal year starting April, compared with the 7% expansion estimated for the current year, the officials said, asking not to be identified before a formal announcement. That reading is higher than the International Monetary Fund’s projection for 6.1% growth — which will still make it the quickest pace among major economies.
Ahead of the Budget session, Union minister of state for finance Pankaj Chaudhary on Tuesday said "elections keep coming," the Union Budget for 2023-24 will focus on improving the economic conditions of the people, not the polls. "As far as budget is concerned in view of elections, elections keep coming and going, but how to improve the economic condition of the people of the country, Hon'ble Modi ji's attention is always there and it will be seen in this budget also," Chaudhary said. Chaudhary said Union finance minister Nirmala Sitharaman will present the Economic Survey later today
President Droupadi Murmu said that the country is trying to find collective solutions to global challenges together with G20 member countries
President Droupadi Murmu concluded her address in the Parliament. Vice President Jagdeep Dhankhar now reads out select portion from her speech in English. Finance Minister Nirmala Sitharaman will table the Economic Survey 2023 shortly.
Today, on one hand, India is taking its ancient knowledge of Yoga and Ayurveda to the world. On the other hand, it is enhancing its new identity as 'pharmacy of the world': President Droupadi Murmu to the joint sitting of Parliament, as Budget Session commences
In 2015, India was ranked 81st in the Global Innovation Index. Now we have reached the 40th position. 7 years ago, when there were only a few hundred registered startups in India, today this number is reaching around 90,000.
In the golden age of independence, the country is moving ahead with the inspiration of five souls. My government is constantly trying to get rid of every sign of slavery, every mentality. What was once Rajpath has now become Kartipath, says President Droupadi Murmu
In the last eight years, the metro network in the country has increased more than three times.
Govt striving to get rid of every sign of slavery, an example is change of name from Rajpath to Kartavya Path: Prez Murmu
As a result of new initiatives by my government, our defence exports have increased six times. I am proud that today the first indigenous aircraft carrier in the form of INS Vikrant has also joined our Navy: President Murmu
President Murmu has said that the country now has 90,000 startups
On one side Ayodhya Dham being developed,& on the other side, a modern Parliament is being constructed. While redevelopment of Kedarnath Dham & development of Kashi Vishwanath Dham corridor & Mahakal project completed, simultaneously medical college being made in every district: Pres Murmu
I'm delighted that my Govt has decided to extend PM Garib Kalyan Anna Yojana in accordance with the new circumstances. This is the identity of a sensitive & pro-poor govt...This scheme is being appreciated across the world: President Droupadi Murmu to Parliament
Our heritage connects us to our roots and our development gives us the courage to touch the sky. That is why my government has chosen the path of consolidating heritage and giving priority to development, says President Murmu
Women empowerment has been at the core of all schemes introduced by my govt. Today, we're seeing the success of 'Beti Bachao, Beti Padhao'. For the first time in the country, no. of women is more than men and the health of women has also improved more than before: President Murmu
The 'Aspirational districts' program is now being repeated at the block level, for which, 500 blocks have been identified in the country. The 'Vibrant villages' program to develop villages in border areas has also been introduced, says President Murmu
We've seen that during COVID period, how living had become difficult for the poor across the world. But, India is one of those countries that gave highest priority to protecting the lives of the poor & tried to see that no poor in the country sleeps on an empty stomach: President
'Garibi hatao' is not just a slogan anymore. My government is working to have a permanent solution to the problems of the poor and empowering them: President Droupadi Murmu
President Murmu says, "With complete transparency, more than ₹27 lakh crores have been provided to crores of people. A World Bank report states that with such schemes & systems India was able to save crores of people from dropping below the poverty line during COVID.
My government has worked for every section of society without any discrimination. As a result of the efforts of my government in the last few years, many basic facilities have either reached 100% population or are very close to that target, says President Murmu
About 11 crore families have been connected with piped water supply in three years under the Jal Jeevan Mission. Poor families are getting the maximum benefit from this, says President Murmu to the joint sitting of Parliament
President said, “My government is of the clear opinion that corruption is the biggest enemy of democracy and social justice. To seize the property of fugitive economic offenders, my government passed the Fugitive Economic Offenders Act"
Today, there is a stable, fearless and decisive government in the country that is working towards realising the big dreams, President Murmu said.
From surgical strike to strict action against terrorism, giving befitting response on LoC and LAC, to abrogating Article 370 in J&K and abolishing Triple Talaq, this government's identity has been that of a decisive one," she said.
President Murmu in the joint session of Parliament said, “Today, India's self-confidence is at its highest and the world is looking at her from a different perspective. India is providing solutions to the world"
President Murmu in her first address said, “2047, we have to build a nation that will be connected to the pride of the past and which will have all the golden chapters of modernity. We have to build an India that will be 'aatmanirbhar' and capable to fulfill its humanitarian duties."
President Droupadi Murmu arrives at the Parliament to deliver her first address to its joint sitting
Ceremonial escort to President Droupadi Murmu to Parliament to address the joint session at the start of the Budget session.
Ahead of the Budget Session, PM Modi said “The President's first address to the joint session of Parliament is a matter of pride for our Constitution, and especially for respect of women. The whole world has its eyes on India."
AAP, BRS to boycott the President's address today
PM Modi address ahead of the Budget session. He says, “Budget session begins today and at the beginning itself, credible voices from the world of economy, have brought in a positive message, a ray of hope & a beginning of enthusiasm. Today is important, President will address the joint session of the Parliament for the first time."
MoS Finance Pankaj Chaudhary has said that the Economic Survey will be tabled by FM Sitharaman today. The
"Union Budget 2023 will brought keeping all sections of the society in mind and also the country's economy, he added.
Congress Parliamentary Party chairperson Sonia Gandhi will attend today’s Presidential address in Parliament as many of the party's MPs are struck in Srinagar, J&K due to inclement weather.
AAP, BRS have boycotted the President's address.
Sensex declined 203.74 points to 59,296.67 in early trade; Nifty falls 52.8 points to 17,596.15. Rupee falls 9 paise to 81.61 against US dollar in early trade
BRS MP K Keshava Rao said both BRS & AAP have decided to boycott the President's address to Parliament today. “We are not against the President but only want to highlight through democratic protest the governance failures of the NDA govt," he said.
Jairam Ramesh has said that due to delayed flights from Srinagar airport on account of inclement weather conditions, Mallikarjun Kharge & many other Congress MPs will be unable to attend the President's address to both Houses of Parliament at 11am today.
While speaking to ANI, Adhir Ranjan Chowdhury said, “Due to inclement weather in Srinagar, I've been stranded at the airport in Srinagar.I may fail to join the Presidential address in Parliament today. So I deeply express my regret, I'll communicate this to Speaker also."
Ahead of the Economic Survey, the International Monetary Fund (IMF) has said that it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 percent from 6.8 percent during the current fiscal ending March 31. Read more here
President Droupadi Murmu to address joint sitting of Parliament. This will be the first address by resident Droupadi Murmu to the joint sitting of Lok Sabha and Rajya Sabha. She was elected President last year.
There will be a separate sitting of the Rajya Sabha for the transaction of government business, half an hour after the conclusion of the President's address.
The sitting will be held for a short duration as per procedures for the transaction of government business.
The session will take place in two parts with the first part concluding on February 13. The second part will be held from March 13 and will conclude on April 6.
The first part of the session would also see discussion on the Motion of Thanks to the President Address. Prime Minister Narendra Modi will reply to the debate in both Lok Sabha and Rajya Sabha. The government will also push its legislative agenda in the budget session.
The Economic Survey 2022-23 (FY23), which will be tabled a day before the Union Budget 2023-24 (FY24), is likely to peg India's real gross domestic product (GDP) growth at 6-6.8% for 2023-24. Highlighting the state of the economy in the current fiscal 2022-23, the government survey is expected to say that growth is seen at 6.5% for FY24 under the baseline scenario. Read more here
Bharat Rashtra Samithi (BRS) will boycott President's address today. Confirming to ANI, a BRS source said, "The BRS will boycott the Presidential Address to the joint session of Parliament as a mark of protest against the NDA government's failure on all fronts of governance."
Asked why they chose to the skip address of the President, who holds the highest constitutional post in the country, BRS Lok Sabha MP Ranjith Reddy said there are good enough reasons to boycott the address. "Even the Governor of Telangana is a constitutional authority but you see what she has been doing. That is a good enough reason for us to boycott (the President's address)," Reddy said.
The BJP-led central government and the BRS regime in Telangana have been at odds for a while, with Chief Minister K Chandrasekhar Rao skipping several meetings chaired by Prime Minister Narendra Modi.
Aam Aadmi Party (AAP) sources told ANI that the party will boycott the President's Address today. “The party's MPs will stay out of the Parliament House at the time of the address," they said.
While briefing the media after an all-party meeting convened by the government ahead of the Budget Session, Parliamentary Affairs Minister Pralhad Joshi said the government was willing to discuss every issue in Parliament under rules. "We seek Opposition's cooperation" in running the House smoothly.
At the meet, Aam Aadmi Party's Sanjay Singh, RJD's Manoj Jha, DMK, Left parties and others raised the Adani issue and sought discussion on it in Parliament during the session.
The US-based short seller Hindenburg Research has accused the Adani Group of wrongdoing like stock manipulation. The company has dismissed the allegations as "nothing but a lie".
CEA Dr V. Anantha Nageswaran will address a Press Conference on 31st Jan. 2023, at 2:00 pm in New Delhi after the presentation of Economic Survey 2022-23 by FM Nirmala Sitharaman in Parliament.
To watch the conference LIVE, click here
The first economic survey came into existence in 1950-51 when it used to be a part of the budget documents. Read here
The livestream of the economic survey can be watched on the government's official channels. PIB India will also livestream the release.
The Economic Survey is prepared by the Economics Division of the Department of Economic Affairs of the Finance Ministry under the overall guidance of the Chief Economic Adviser (CEA)
The Economic Survey is an annual report card of the economy, which is presented a day before the budget and examines the performance of each and every sector and then suggests future moves. 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.
The Economic Survey for 2023-24 will be released on Tuesday, January 31. It will be presented by the Finance Minister Nirmala Sitharaman in the Parliament during the Budget Session.
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