Union Budget 2023-24 & Economic Survey Highlights: Ahead of the Budget 2023's presentation by Finance Minister Nirmala Sitharaman, the Economic Survey 2023 was presented today, on January 31, 2023. Check highlights from the Parliament's session and what expectations are there from the Budget.
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Updated: 01 Feb 2023 8:59 am
Budget 2023-24 expectations are rife as the Parliamentary session has started. Ahead of Finance Minister Nirmala Sitharaman's Budget 2023 presentation on February 1, 2023, the Economic Survey 2023 was presented today, on January 31, 2023. Check highlights on the country's biggest financial event here.
All the latest and live updates related to the Union Budget 2023-24 along with FM Sitharaman's speech can be checked here.
The Union Budget 2023-24 will be presented today, at 11 am by Finance Minister Nirmala Sitharaman. Check all latest and live updates on the Budget 2023, including the FM's speech, budget expectations and more, from the link shared here.
The Economic Survey 2023 was tabled and presented today, just a day before the release of the Union Budget 2023. With economic outlook now out, all eyes are now set on the Budget and what it will bring to the table. Read the survey highlights below and check here tomorrow for live coverage of the Union Budget 2023.
India's export growth is likely to be flat in the next fiscal if the global economy does not pick up, the Economic Survey said on Tuesday.
The survey says that it expects monetary and fiscal authorities would continue to remain proactive and vigilant as they were this year.
Private investment in 10 sectors in first half of 2022-23 is higher than what it was in first half of 2021-22
— PIB India (@PIB_India) January 31, 2023
- CEA, noting that industry and services sectors are registering steady growth#EconomicSurvey pic.twitter.com/B1jr35Hluw
Capital expenditure has started pushing private investment and the Budget target of Rs 7.5 lakh crore for the current financial year is likely to be met, the Economic Survey 2022-23 said.
As the ecosystem has matured, the wishlist of players has also gotten lengthier. They have their eyes glued on the Union Budget 2023, and hopes fixed on Finance Minister Nirmala Sitharaman, expecting she will announce initiatives that will help the ecommerce and direct-to-consumer (D2C) segment leapfrog higher.
Leisure, travel and tourism, hospitality, domestic and foreign travel - a proxy number showing that by and large, air passengers and cargo traffic is now running at 90% than the pre-pandemic levels - CEA Dr. V. Anantha Nageswaran
The rise in global uncertainty in the wake of the Russia-Ukraine conflict, FDI equity inflows in the manufacturing sector in the first half of the current fiscal (April-September) fell below its corresponding level in the first half of 2021-22, the document, which was tabled in Parliament, said.
"Urban unemployment ration has come down during the pandemic from the peak of around 20% to 7%.... Worker population ration has picked up from a low of around 25% back to 45%:" CEA Dr. V. Anantha Nageswaran
The Economic Survey 2023 stated that the foreign direct investment into India will rebound in the upcoming months as the country sees high economic growth ahead.
Despite India’s growth prospects remaining bright, there would be downside risks from bleak global economic prospects. Multi-decadal high inflation forced central banks of various countries to tighten financial conditions, and the impact of such monetary tightening would slowdown economic activities in advanced economies.
Cleaner balance sheets lead to enhanced lending by financial institutions
— PIB India (@PIB_India) January 31, 2023
Growth in credit offtake, increased private capex to usher virtuous investment cyclehttps://t.co/q8hT0F20vg #EconomicSurvey2023 pic.twitter.com/OmU9sC8U5f
"Government has not just been an enabler of economic growth, but also a partner in economic growth," says the CEA after the release of the Economic Survey 2203.
At the press conference, the CEA has said, "We don't have to look at the pandemic recovery anymore. Pandemic response and recovery phase is over.....Credit boom was followed by a credit bust and India experienced a classic financial cycle."
The CEA's press conference, scheduled to begin at 2 pm, has finally begun. In this, the CEA is expected to give more details on the Economic Survey 2023-24.
The current growth trajectory will be supported by multiple structural changes that have been implemented over the past few years. The private sector – financial and non-financial – was repairing balance sheets, which led to a slowdown in capital formation in the previous decade. --- Economic Survey 2023
Capital expenditure has started pushing private investment and the Budget target of Rs 7.5 lakh crore for the current financial year is likely to be met, the Economic Survey 2022-23 said.
The capital expenditure (capex) of the central government which increased by 63.4 per cent year-on-year in the first eight months of FY23 was another growth driver of the Indian economy, crowding in the private capex since the January-March quarter of 2022, it said.
"On the current trend, it appears that the full year's capex (announced in the Budget) will be met," it said.
The Parliamentary session of the Union Budget 2023-24 has started today with President Droupadi Murmu’s address. Soon after the start of the most awaited financial event of the country, the Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023, highlighting important points like the GDP growth, the targets, inflation, employment rate and so on.
Just a few hours after the International Monetary Fund (IMF) projected India to be in a bright spot despite global headwinds, even the Indian Economic Survey has presented a similar outlook. As per the survey, India’s baseline gross domestic product (GDP) is expected to grow at 6.5 per cent in real terms in FY24.
The Economic Survey of India, released on Wednesday, cautioned that India's current account deficit (CAD) needs to be closely monitored. Increased inflationary pressure in emerging economies like India, resulting from rate hikes in the US, is cited as one reason for India's widening CAD.
The report further said, "The widening of the CAD may also continue as global commodity prices remain elevated and the growth momentum of the Indian economy remains strong."
RBI's projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest, the Economic Survey said on Tuesday.
However, entrenched inflation may prolong the tightening cycle and therefore, borrowing costs may stay 'higher for longer', it said.
The Economic Survey 2022-23 was tabled in Parliament by Finance Minister Nirmala Sitharaman. The Survey details the state of economy in the current fiscal, while giving a sneak peek into the future.
The Indian equity benchmarks recovered from intraday lows after The Economic Survey pegged India's GDP growth at 6.5% for next financial year.
The Sensex rose as much as 683 points from day's lowest level and Nifty 50 index was trading above 17,650.
ICICI Bank, State Bank of India, ITC, Mahindra & Mahindra, Power Grid and Titan were among the top movers in the Sensex.
The Economic Survey of India 2023, released on Wednesday, pegged the country's GDP growth at 6.5 per cent. Read the complete report here
"The conflict has now continued for almost a year, disrupting the restoration of the supply chains disrupted earlier by lockdowns and limited trade traffic. In the last eleven months, the world economy has faced almost as many disruptions as caused by the pandemic in two years. The conflict caused the prices of critical commodities such as crude oil, natural gas, fertilisers, and wheat to soar:" Economic Survey 2023
The Economic Survey for financial year 2022-23 has pegged that fiscal deficit in current financial year is likely to moderate top 6.4 per cent of the Gross Domestic Product (GDP).
"Vaccinations have facilitated the return of migrant workers to cities to work in construction sites as the rebound in consumption spilled over into the housing market. This is evident in the housing market witnessing a significant decline in inventory overhang to 33 months in Q3 of FY23 from 42 months last year:" Economic Survey 2023
India's economy to grow 6.5% in 2023-24 compared to 7% in current fiscal, according to Economic Survey 2023.
Finance Minister Nirmala Sitharaman tables the Economic Survey 2022-23 in Parliament pic.twitter.com/sUMW7RAkWx
— ANI (@ANI) January 31, 2023
The fiscal deficit of the Union Government, which reached 9.2 per cent of GDP during the pandemic year FY21, has moderated to 6.7 per cent of GDP in FY22 and is further budgeted to reach 6.4 per cent of GDP in FY23. This gradual decline in the Union government's fiscal deficit as a per cent of GDP, in line with the fiscal glide path envisioned by the government, is a result of careful fiscal management supported by buoyant revenue collection over the last two years.
The Gross Tax Revenue registered a YoY growth of 15.5 per cent from April to November 2022, driven by robust growth in the direct taxes and Goods and Services Tax (GST). The growth in direct taxes during the first eight months of the year was much higher than their corresponding longer-term averages. The GST has stabilised as a vital revenue source for central and state governments, with the gross GST collections increasing at 24.8 per cent on YoY basis during April - December 2022.
The Economic Survey 2023-24 has been tabled by the Finance Minister today. As per updates, the real GDP growth has been pegged at 6.5%.
As the Parliamentary Session of the Budget begins, Finance Minister Nirmala Sitharaman has tabled the Economic Survey 2023-24.
Budget 2023-24 of the Parliament has started and the speaker has addressed the gathering.
India now has over 90,000 startups; government has prioritized innovation and entrepreneurship, says President Murmu in her address to the Parliament ahead of the Budget 2023.
Fertiliser shares were witnessing buying interest ahead of presentation of Economic Survey.
The Economic Survey is likelky to peg India's GDP growth forecast at 6-6.8% for 2023-24, news agency Reuters reported citing a source.
Shares of defence equipment makers surge ahead of the presentation of Economic Survey on hopes of enhanced spending on defence sector amid Make in India push for the sector.
BEML surges 5% to Rs 1, 530. Bharat Electronics gains 7%, Hindustan Aeronautics rises 3.45%, MTAR Technologies advances 1%, Mazagon Dock Shipbuilders rises 4% and Cochin Shipyard rises 3.45%.
Ahead of the Economic Survey 2023, shares of electricity manufacturers surge. BSE Power Index gains 1.34%, Tata Power rallies 4.5% to Rs 214, Power Grid JSW Energy, NTPC, ABV, Siemens and Adani Transmission rise between 1 to 4%.
Budget 2023 Live: Ayushman Bharat scheme resulted in Rs 80,000 cr of savings for the poor, with government spending Rs 3.5 lakh crore on free food program, says Murmu.
Ahead of the Union Budget 2023-24, all eyes are also on the stock markets and also due to the whole Adani vs Hindenburg issue that rendered markets volatile. As per updates, Adani Enterprises share sale via follow-on public offer was subscribed 7 per cent by 11:24 am. Portion reserved for non-institutional investors (NIIs) was subscribed 17 per cent and portion set aside for retail investors was booked 6 per cent.
From abrogating Article 370 in J&K to abolishing Triple Talaq, my government has taken major decisions: President Droupadi Murmu to the joint session of Parliament
Ahead of the Economic Survey 2023, President Murmu said that by "2047, we have to build a nation that will be connected to the pride of the past and which will have all the golden chapters of modernity. We have to build an India that will be 'aatmanirbhar' and capable to fulfill its humanitarian duties."
The Indian equity benchmarks were trading lower ahead of the Economic Survey. The Sensex fell 230 points to 59,270 and Nifty 50 index was below its important psychological level of 17,600.
Infosys, Tata Consultancy Services, ICICI Bank, HDFC Bank, HDFC, Larsen & Toubro and Bajaj Finance were among the top drags on the Sensex.
Six of 11 sector gauges compiled by the NSE were trading higher led by the Nifty Auto index's 1 per cent gain.
"India no longer depends on other countries to solve its issues, rather other countries are looking at India to help them out with their problems," said President Droupadi Murmu in her joint session to the Parliament.
From increased adoption of digital services and surging demand in new-age technologies like artificial intelligence (AI) etc., to the launch of 5G services, the Tech Sector expects a lot from the Union Budget 2023-24. Read the complete list of expectations here.
With the beginning of the Parliamentary Session of the Budget 2023, President Murmu's address has ended. Now, the next thing will be the tabling of the Economic Survey 2023 by the Finance Minister Nirmala Sitharaman.
The Parliamentary session of the Budget 2023 has started and President Droupadi Muru has addressed the joint session. Vouching for atmanirbhar Bharat, President said that we need to work towards being self-dependent.
President Droupadi Murmu has started her address to the joint session of the Parliament, leading to the official beginning of the Parliamentary Session of the Union Budget 2023-24.
📡📡 WATCH LIVE 📡📡
— Ministry of Finance (@FinMinIndia) January 30, 2023
CEA Dr V. Anantha Nageswaran will address a Press Conference on 31st Jan. 2023, at 2:00 PM in New Delhi after the presentation of Economic Survey 2022-23 by FM in Parliament.
Watch here👇
📺 https://t.co/j6Ytaav4vu@nsitharamanoffc @PIB_India @DDNewslive
Ahead of the Union Budget 2023-24 Parliamentary session, the Economic Survey 2023 will be released. But before the relaese, PM Modi has addressed the media and said some important things about the Budget 2023. Here is what he said, read here.
Ahead of the Parliamentary session of the Budget 2023-24, in his address to the media, PM Modi has said that the BJP government via their Budget has tried to address the motto, "India First, Citizen First."
Ahead of the Budget 2023-24, PM Modi has said that the not just India but the entire world is looking at India's Budget 2023.
Ahead of the Parliamentary session of the Budget 2023-24, PM Modi has addressed the media and expressed his happiness on this year's Budget.
Ahead of the release of the Economic Survey 2023 and the Union Budget 2023-24, MoS Finance has said that this year's budget will take care of all sections of the society. The official statement reads, "Union Budget 2023 will brought keeping all sections of the society in mind and also the country's economy."
The theme of the Economic Survey 2023-24 will be something that everyone will be looking at. Last year, in 2022, the theme was 'Agile Approach' and back then, the economic conditions were really affected by the COVID-19 pandemic.
Ahead of the Economic Survey 2023-24, markets today (as of 9:45 am) are such - Sensex declined 203.74 points to 59,296.67 in early trade; Nifty falls 52.8 points to 17,596.15
Ahead of the Union Budget 2023-24, the Adani vs Hindenburg issue has spread like wildfire and is reportedly also likely to have an impact on the stock market. Even as Adani's FPO nears its last day, here is what has happened over the last couple of days. Read here.
With just 1 hour left for the Economic Survey 2023-24 to be tabled, all eyes are now set at the Parliamentary Budget session. To recap, the Finance Minister Nirmala Sitharaman will table this economic survey after Madam President Droupadi Murmu gives her speech at 11 am.
Budget 2023-24 is specially under the scanner as it expects the government to address important issues like unemployment, inflation and so on. However, the main question is - what is the new avatar that Nirmala Sitharaman will design to save the Indian economy at a time when the global outlook looks grim? Read complete analysis here.
After the Economic Survey 2023-24 is available officially, one can download it from the official websote of indiabudget.gov.in. It must be noted that a press conference by the CEA will also be hosted at 2 pm
As a part of the Union Budget 2023-24 expectations, the US Industry has urged Nirmala Sitharaman to rationalise direct and indirect taxes in India. Read complete report here.
After the Union Budget 2023-24 presentation, RBI is expected to hold its MPC meeting and release updates on the repo rate. As per a recent Reuters poll, RBI is likely to hike the repo rate by 25 bps. Read complete report here.
As a part of the Budget 2023 expectations, Lord Meghnad Desai, in an exclusive interview with Outlook Business said, "In this Budget or Budget 2023-24, the government should avoid cuts in direct taxes. They should remove the perverse incentives caused by low tax on capital gains as compared to earned income." Read complete report here.
Ahead of the Economic Survey and the Union Budget 2023, IMF has said, "Inflation in India is expected to come down from 6.8 percent in the current fiscal year ending March 31 to 5 percent the next fiscal."
Ahead of the release of the Economic Survey 2023-24, the International Monetary Fund (IMF) has said that it is expecting some slowdown in the Indian economy in the next fiscal year and projected the growth to 6.1% from 6.8% during the current fiscal ending March 31.
In this year's Budget or in the Union Budget 2023-24, the common person is expecting some relief in the income tax slabs. While more would only be known tomorrow, this budget is being seeing crucial for the common person as in the last two, no changes in the income tax slabs was brought in.
As per media reports, the Indian Economic Survey 2023 is likely to peg India's growth forecast at 6-6.8% under baseline scenario. In addition to this, the normal growth is likely to be pegged at 11% for 2023-24.
The Union Budget 2023-24's Parliamentary session will begin at 11 am with President Droupadi Murmu's address. To check live and latest updates, follow this live blog or the official handles of the Finance Ministry of India.
After the Economic Survey 2023-24 is tabled at 11 am, the CEA Dr V. Anantha Nageswaran will address a press conference at 2 pm on January 31, 2023 in New Delhi.
Since the country is starting with its Parliamentary's Budget Session 2023 from today, President Droupadi Murmu will address a joint sitting of Lok Sabha and Rajya Sabha, starting at 11 am today. Read complete report here.
Ahead of the Union Budget 2023-24, India's Economic Survey 2023 will be tabled today, on January 31, 2023. Like every year, the Economic Survey will be tabled at 11 am.
The Union Budget 2023-24 announcement is just one day away. Ahead of this, Finance Minister Nirmala Sitharaman and other diginitaries are all set to begin the Parliament's Budget session today, on January 31, 2023.
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