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@Evening: 📃 A Quick Lowdown On The Economic Survey 2023 (Hint: India Is Doing Well!)
🌟 A resilient India shines
Folks, the Union budget is now just a night and early morning away.
It will be the last full budget of the Narendra Modi government before the general elections of 2024.
But before the Union budget comes the Economic Survey.
And so it did today, as is the custom in India every year.
Economic Survey 2023. The Indian economy has recovered well after about three years of the pandemic — on the back of "near-universal vaccination coverage" — and amid a weak global outlook.
The Indian economy is projected to grow at 6-6.8 per cent in FY24.
The chief challenges are the hike in interest rates, the widening current account deficit, and a slowdown in exports due to the muted demand in the West.
Notably, the share of expenditure on social services has risen to 26.6 per cent in FY23.
Indian industry fared well in FY23 compared to the last fiscal, despite taking a beating at the hands of a pandemic and a war.
India has also improved its social infrastructure in rural areas, healthcare infrastructure, and road connectivity over the years.
Budget 2023-24. Finance Minister Nirmala Sitharaman has her work cut out with this year's budget.
National elections are a year away, and they follow an economic slowdown, tightening monetary conditions, global inflation, and muted demand among the lower-income groups.
Yes, India is a bright spot globally. But Sitharaman will have to balance out populist measures with fiscal discipline.
The focus areas of the budget might include completion of infrastructure projects, expansion of the PLI schemes to other sectors, a rise in healthcare spend, a change in personal tax regime, and a continuity in rural development spends.
Swarajya's editorial director, R Jagannathan, has lined up five imperatives for the budget this year. Give the story a read for context and perspective.
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