The Economic Survey 2022-2023 has been released on Tuesday with several projections made for the Union Budget 2023, which will be announced by Finance Minister Nirmala Sitharaman on February 1 in the Parliament.
The Economic Survey 2022 has drawn several conclusions for the financial year 2022-23, while also making several predictions for the upcoming year and hinting at what the Union Budget 2023 could have in store for the general public.
The economic survey, which is released every year just a day before the budget is announced for the next financial year, has forecast India’s economy to grow at 6-6.8 percent for the next fiscal year starting April 1, lower than the 7 percent (in real terms) projected for the current financial year ending March 2023.
The Economic Survey has projected a baseline GDP growth of 6.5 percent in real terms for the next financial year 2023-24. The survey document said the projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI.
How is Economic Survey linked to Union Budget 2023?
Union Finance Minister Nirmala Sitharaman today tabled the Economic Survey for 2022-23 in the Parliament, a day ahead of the national Budget for the next financial year. There is a strong relationship between the Economic Survey and the Union Budget, which is why they have released just the gap of one day.
The Economic Survey provides an overall assessment of the performance of the economy in the said financial year, as well as makes projections for the upcoming financial year. It gives background knowledge of the financial developments in the country and has major links with the budget.
The Economic Survey of India was de-linked with the Union Budget in the year 1964, and it was decided that it will be presented one day in advance of the budget. It is deemed a crucial document as it gives an assessment of how the Budget of the current financial year performed, as well as giving a hint as to what will come in the future.
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