Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2023 tomorrow i.e., February 1, 2023.

Ahead of presenting the budget the Minister presented the Economic Survey in the Parliament.

According to survey India's economic growth is forecasted at 6-6.8% for the next fiscal year starting April 1, lower than the 7% projected for the current year due to the expected impact of the global slowdown on exports. Despite this, India's growth is still expected to be the fastest among major economies.

The survey is government's review of how the economy was in the past year.

Though the expectations are really high from the finance minister that she will meet the demands of all stakeholders, including the common an who are struggling to survive in the rising inflation.

Sitharaman has held several rounds of discussions with various stakeholders and final touches will be unveiled at the Lok Sabha while presenting the Union Budget 2023-2024.

Some of the important points highlighted by Sitharaman during  presenting the Economic Survey 2022-2023 at the Parliament are:

• India's economy to grow 6.5 pc in 2023-24, compared to 7 pc this fiscal and 8.7 pc in 2021-22

• India to remain the fastest growing major economy in the world

• GDP in nominal terms to be 11 pc in next fiscal • Growth driven by private consumption, higher capex, strengthening corporate balance sheet, credit growth to small businesses and return of migrant workers to cities

• India third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of exchange rate

• Economy has nearly "recouped" what was lost. "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe

• Real GDP growth to be in the range of 6-6.8 pc next fiscal depending on global economic, political developments

• India's recovery from the pandemic was relatively quick, growth next fiscal to be supported by solid domestic demand, pick up in capital investment.

The Budget Session of Parliament session will have 27 sittings over 66 days with a recess from February 14 to March 12.

Source: IndianExpress and TheTelegraph