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Economy
Mahesh

01/02/23 07:38 AM IST

Economic Survey 2023

In News
  • The Economic Survey of India is the most detailed analysis of India’s economy carried out by the government.
  • This year’s survey is likely to peg the GDP growth for 2023-2024 at 6 to 6.8 per cent, the slowest in three year.
Economic Survey
  • The Economic Survey of India is an annual report card released by the finance ministry, detailing the economic performance of the country in the financial year, which ends on 31 March 2023.
  • It studies the economic progress and trends in every sector.
  • It provides an account of the inflation rate, looks at challenges the country might face in the coming year, and suggests measures to tackle them.
  • The survey is put together by the economic division of the Department of Economic Affairs (DEA) under the guidance of the CEA. Once prepared, it is approved by the finance minister.
  • India’s first economic survey has presented for 1950-51 and it was announced with the Budget until 1964.
  • It was delinked to provide context to the Budget, which now comes a day later.
  • The survey is divided into two parts – Part A and Part B.
  • The first contains a holistic review of the current economic situation of the country while the second highlights issues like healthcare, poverty, climate change, and the Human Development Index, among others.
Significance
  • It is a review of India’s economic development, which analyses and provides data on various sectors like industrial, agriculture, manufacturing, exports, among others.
  • It gives an insight into the Union Budget and the country’s priorities in the upcoming financial year.
  • It also gives recommendations for the economic progress of the country but they are not binding on the Budget.
  • Forecasts such as predicted Gross Domestic Project (GDP) and growth in specific sectors are part of the Economic Survey.
  • It also throws light on the impact of government schemes and if they should be continued.
  • It helps the public in understanding the Budget.
Source- Firstpost

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