Chief Economic Advisor Presenting Today’s Economic Survey

Last year’s theme was ‘Agile Approaches’ and focused on India’s response to the pandemic. (File)

New Delhi:

The wait for the annual state budget is almost over as the federal government is set to submit an economic survey on Tuesday.

Federal Finance Minister Nirmala Sitharaman will submit the pre-budget bill to parliament after President Drupadi Murum’s address at a joint session of parliament.

Produced by the Economic Division of the Department of Economic Affairs, Ministry of Finance and under the supervision of Chief Economic Advisor V Anantha Nageswaran, the economic research papers provide insight into the state of the economy and various current indicators. Outlook for fiscal year 2022-23 (April-March) and next year.

The economic survey could also provide an idea about the tone and texture of the actual budget for 2023-24, which is released on Wednesday.

The first economic surveys were reportedly introduced as part of budget documents in 1950-1951. In the 1960s it was separated from budget documents and presented on the eve of the Union Budget.

The most important feature that many people pay attention to is its central theme.

Last year’s central theme was ‘Agile Approaches’, with a focus on India’s economic response to the Covid-19 pandemic shock. The foreword to Economic Survey 2022 states that the “agile approach” is based on feedback loops, real-time monitoring of actual results, flexible response, safety net buffers, etc.

In addition to sector-specific chapters, the research document also adds new need-based chapters that require focus.

With an economic survey released in 2022 predicting India’s GDP growth of 8.0% to 8.5% over 2022-2023, the government will focus on broader vaccine availability, supply-side reforms and regulatory reforms. We believe it will be supported by gains from easing, strong export growth and availability. Fiscal space to increase capital expenditures.

The 2023 budget could be the last full budget of Modi’s second term, with the upcoming lower house elections scheduled for April-May 2024.

Like the previous two Union Budgets, the Union Budget 2023-24 will also be delivered in a paperless format. Budget documents will be available in the Union Budget Mobile App for both Android and Apple OS platforms after the completion of the Budget Speech by the Minister of Finance.

A formal exercise began on 10 October to prepare the annual budget for the upcoming fiscal year (2023-24).

The first part of the session will run from January 31st to February 13th. Parliament will reconvene after a break for parliamentary committees to discuss requests for various ministries’ grants. The second part begins on March 13th and continues until April 6th.

(Except for the headline, this article is unedited by NDTV staff and published from a syndicated feed.)