Union Budget 2023: Government Will Release Economic Survey 23 Today 

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Union Budget 2023: Government Will Release Economic Survey 23 Today 
31 Jan 2023
5 min read

News Synopsis

The Economic Survey 2022-23 will be disclosed by the Indian government on January 31 at 11:00 am, before the Union Budget.Nirmala Sitharaman, the finance minister, will put it on the table the day before she presents the budget for the upcoming fiscal year. After Indian President Droupadi Murmu's speech to the joint sitting of the Houses of Parliament, the pre-budget document will be released.

What is the Economic Survey?

A thorough analysis of the national economy at the end of a fiscal year is provided in the Economic Survey. The Chief Economic Adviser (CEA), V Anantha Nageswaran, of the Indian government will release the pre-budget document, which provides details of the current economic situation and the outlook for the next year.

It is created under the direction of the CEA by the Economic Division of the Department of Economic Affairs, which is a division of the Ministry of Finance. The Economic Survey also identifies significant changes to government initiatives and programmes at the end of the fiscal year.

Initially presented in 1950–51 along with the Union Budget, the Economic Survey has been presented since 1964.

Changes to the Economic Survey over time

The survey was previously given in a single volume with chapters devoted to various important economic sectors like agriculture, manufacturing, and services. Additionally, there were sections for important policy topics, such as employment, inflation, and so forth. It is noteworthy that this volume also includes a thorough statistical abstract.

The pre-budget document, which was released in two volumes from 2010–11 to 2020–21, was said to address the most important economic concerns and debates and also included an intellectual imprint from the CEA. Notably, the economic survey for 2016–17 omitted the government of India's comprehensive financial statistics, which are typically included in the pre–budget report.

The economic survey's main theme from the previous year, "Agile Approach," highlighted India's economic reaction to the COVID-19 pandemic. According to the document's preface, it was also based on feedback loops, real-time monitoring of actual results, flexible responses, safety-net buffers, and other concepts.

Notably, the Economic Survey and Union Budget released this year would be the final ones issued by Prime Minister Narendra Modi's government before the next Lok Sabha election in 2024. The results of the upcoming survey will also reveal the true extent of the Indian economy's revival.

TWN In-Focus