Economic Survey 2022-23: Key Point
The Economic Survey 2023 was tabled by Finance Minister Nirmala Sitharaman in the Parliament today, kicking off the Budget session. The Economic Survey , prepared by the Department of Economic Affairs (DEA) under the guidance of Chief Economic Advisor V Anantha Nageswaran, said India's GDP growth is expected to remain robust and the country will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced.
What is Economic Survey?
- Economic Survey is the flagship annual document of the Ministry of finance. It gives a detailed account of the various sectors of the economy and overall economic scenario of the country in the last one years and provides an outline for the year ahead.
Who prepares the Economic Survey?
- The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs (DEA) in the Union finance ministry under the overall guidance of the chief economic adviser (CEA). The final version of the document is scrutinized by the finance secretary and then finally approved by the finance minister.
- Note: The survey was prepared under Krishnamurthy Subramanian, the Chief Economic Advisor (CEA) to the Government of India.
When was the first Economic Survey of India presented?
- The first Economic Survey was presented in the year 1950-51.
- Until 1964, it was presented along with the Union Budget, but later it was disjointed from the Union Budget to give a better understanding of the budget proposals.
Why is it presented before the Budget?
- The Economic survey provides the assessment of overall performance of the economy during the year along with the background knowledge of the financial developments in the country.
- The survey was de-linked from the Budget in the year 1964 and circulated in advance so that a context of the Budget can be provided. This way it helps in better understanding of the budget proposals.
Economic Survey 2022-23: Important Point
- Indian economy staging a broad based recovery across sectors, positioning to ascend to pre-pandemic growth path in FY23
- Retail inflation is back within RBI's target range in November 2022
- Direct Tax collections for the period April-November 2022 remains buoyant
- Enhanced Employment generation seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund
- Creating public goods to enhance opportunities, efficiencies and ease of living, trust-based governance, enhancing agricultural productivity and promoting the private sector as a co-partner in development is the focus of the government reforms
- Cleaner balance sheets led to enhanced lending by financial institutions
- Growth in credit offtake, increased private capex to usher virtuous investment cycle
- Non-food credit offtake by Scheduled Commercial Banks growing in double digits since April 2022.
- Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of 5.0.
- Social sector expenditure (Centre and States combined) increases to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16
- Central and State Government's budgeted expenditure on health sector touched 1% of GDP in FY23 (BE) and 2.2% in FY22 (RE) against 1.6% in FY21
- More than 220 crore COVID vaccine doses administered
- Survey highlights the findings of the 2022 report of the UNDP on Multidimensional Poverty Index which says that 41.5 crore people exit poverty in India between 2005-06 and 2019-20
- India declared Net Zero Pledge, to achieve net zero emissions goal by 2070
- A mass movement LIFE– Life style for Environment launched
- National Green Hydrogen Mission to enable India to be energy independent by 2047.
- Private investment in agriculture increases to 9.3% in 2020-21
- Free foodgrains to about 81.4 crore beneficiaries under the National Food Security Act for one year.
- About 11.3 crore farmers were covered under PM KISAN in its April-July 2022-23 payment cycle.
- India stands at the forefront to promote millets through the International Year of Millets initiative.
- Investment of ₹47,500 crores under the PLI schemes in FY22- 106% of the designated target for the year.
- India's e-commerce market is projected to grow at 18 per cent annually through 2025
- Merchandise exports of US$ 332.8 billion for April-December 2022
- India is the largest recipient of remittances globally receiving US$ 100 billion in 2022
- PM GatiShakti National Master Plan creates comprehensive database for integrated planning and synchronised implementation across Ministries/ Departments
- UPI-based transactions grew in value (121%) and volume (115%) terms, between 2019-2022, paving the way for its international adoption.
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