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Economic Survey 2023 Report Summary Explained by Finance Minister Nirmala Sitharaman…

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By: shivam
January 31, 2023
Economic Survey 2023

Nirmala Sitharaman will present Union Budget on February 1. Before that, Finance Minister Nirmala Sitharaman presented the Economic Survey for 2023-24. The Economic Survey 2023 is predicting GDP growth at 6-6.8% for the year 2023-24.

The economic survey of 2022 predicted economic growth at 8-8.5% for the year 2022-23. As a result, the actual economic growth stood around 7%. Keeping these stats in mind, the economic growth this year can grow by around 5.44%.

However, the Russia-Ukraine war will significantly impact the economy of all the countries in the world. The economic growth primarily depends on the Union Budget 2023-24.

Economic Survey 2023 Summary

  • Economic Survey 2023 projects a GPD growth of 6.5 percent in the real terms of Financial Year 2024.
  • The economy will take growth of around 7% by the end of March 2023, this follows an 8.7 percent growth in the previous financial year.
  • Capital Expenditure (CAPEX) of the central government increased by 63.4 percent in the first eight months of FY23.
  • RBI has projected headline inflation of 6.8 percent in the FY23, which is outside the target range.
  • The surge in the growth of exports in the past few months accelerated the production process to a cruise mode.
  • World Trade Organization forecasts for growth in global trade to fall from 3 percent in 2022 to 1 percent in 2023.

Also Read: Budget 2023: These Decisions Will Govern BJP’s Future!!

International Monetary Funds (IMF) Growth Projections 2023

The IMF has projected analyzed data that shows the predicted percentage of economic growth by the countries worldwide.

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