The Economic Survey 2022-23, which will be Chief Economic Advisor (CEA) V Anantha Nageswaran’s first such document, will be released on January 31, 2023, and it will be followed by a similar document in July 2023. The second document will be a medium-term vision document for the Indian economy, according to a Business Standard report.
The second document is likely to have more of the CEA’s — and his team’s – views on the global as well as domestic economy, and the various challenges and opportunities in the next 3-5 years. According to the BS report, the document might also have a road map for ‘Amrit Kaal’, 75 years of India’s Independence.
The January Survey will be akin to the pre-Budget Survey. “It will have the economic outlook and perspective for FY24, and other relevant data and commentary. The July document will look further ahead as an economic road map,” said an official aware of the matter, according to the report.
Till the time the Economic Survey is completed, full financial year’s economic data is not out. The Survey is released at the end of January, while the financial year ends on March 31. Though advance estimates for FY23 will be released early in January to help the finance ministry prepare the Budget, the provisional figures for the year will be out only by May 31. So, the complete picture of the financial year 2022-23 can be clear in the July document.
It is not clear whether the July document will be an Economic Survey. The report quoted an official saying that it might not even be tabled in Parliament. “It will, however, present a medium-term vision of the economy, and the plan is to update it every year, and to also kick-start conversations for the 2024 Union Budget.”
In 2017 also, then CEA Arvind Subramanian had presented the Economic Survey in two parts — in January and August.
Meanwhile, for the Budget 2023-24 that will be presented in Parliament by the finance minister on February 1, Finance Minister Nirmala Sitharaman has begun pre-Budget consultation from this week.
So far, four rounds of consultations have been conducted with industry leaders and experts. The first and second rounds of consultations was conducted with the infrastructure and climate change experts on Monday. The third round of talks took place on Tuesday with the agriculture and agro-processing industry experts. The fourth round of consultaion was also conducted on Tuesday with the experts of financial sector and capital markets.
The fifth pre-Budget 2023 consultation was conducted with the experts of services and trade.
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