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India First, Citizen First
Fiscal Policy
Fiscal Policy
Fiscal Policy
Fiscal Policy
Schedule
 Economic Survey

• Annual document
• Gives an outlook on Indian
Economy in previous year
• Flagship document presented
before Parliament every year
ahead of Union Budget
• Gives outlook of prospects of
Indian Economy in short to medium
term
 Economic Survey

• No Constitutional or statutory
requirement
• Department of Economic Affairs –
Chief Economic Advisor
• Usual tenure of 3 years with
reappointment possible
• Control over Indian Economic
Services
• Generally Volume 1and Volume 2
Economic Survey
Economic Survey
Chapter 1
 Growth Aspects

• Indian economy to grow at around 7%

in the ongoing financial year
• In line with expectations, the
Economic Survey 2023 has projected
that for FY24 India's GDP will grow
between 6-6.8%
• Economic Survey 2023 expects that
the Gross Domestic Product in nominal
terms will grow at 11%in the next
financial year
• Fifth largest economy overall
• Third largest Economy in PPP terms
China Zero COVIDPolicy
 Three Major Shocks

1. Covid-19
2. Russia Ukraine Conflict
3. Synchronised monetary policy tightening
by most central banks leading to dollar
appreciation and a widening current
account deficit
• Nearly recouped (regained) what was lost
• Indian Economy driven by strong
fundamentals
• Strong assurance against global
headwinds
Three Major Shocks
China Zero COVIDPolicy
 Forex Reserves

• Rupee may come under pressure if

Current Account Deficit widens
• Confident that India has sufficient foreign
exchange reserves to finance CAD
• Can manage rupee volatility
Forex Reserves
Forex Reserves
Forex Reserves
Forex Reserves
Forex Reserves
Forex Reserves
Forex Reserves
Factors driving Economic Growth
Higher Capital
Expenditure

Return of
Migrant Private
workers to Consumption
cities

Strengthening Credit Growth

Corporate to small
Balance Sheet businesses
 New India-Sabka Saath Sabka
Vikaas

• Road Connectivity
(Bharatmala)
• Port Infrastructure
(Sagarmala)
• Electrification
• UDAN
Economic Survey
Economic Survey
Economic Survey
Economic Survey
Economic Survey
Economic Survey
Economic Survey
Economic Survey
Schedule
Economy is Technical,
But not Tough
Importance for UPSCAspirants
 UPSC 2019
Among the following, which one of the following is the largest exporter of
rice in the world in the last five years?
A. China
B. India
C. Myanmar
D. Vietnam
 UPSC 2019
Among the agricultural commodities imported by India, which one of the
following accounts for the highest imports in terms of value in the last five
years?
A. Spices
B. Fresh fruits
C. Pulses
D. Vegetable oils
 UPSC 2018
Consider the following statements:

1.The quantity of imported edible oils is more than the domestic production
of edible oils in the last five years.
2.The Government does not impose any customs duty on all the imported
edible oils as a special case.

Which of the statements given above is/are correct?

A. 1only
B. 2 only
C. Both 1and 2
D. Neither 1nor 2
Schedule
Economy is Technical,
But not Tough