4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

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ECONOMIC SURVEY 2023: HIGHLIGHTS, SUMMARY, PDF DOW… Quick
Summary
Economic Survey 2023:
Highlights, Summary, PDF Economic Survey acts
as a 'report card' for

Download the previous fiscal

year's performance.
Highlights include
Updated on: Feb 1st, 2023 | 9 min read
GDP growth

Every year, the people of India eagerly await the release of the
Union Budget. The Finance Budget serves as a blueprint for the
upcoming financial year, detailing the government's plans for driving
nation's economic growth and prosperity. However, it is important to BROWSE BY
assess the results of the previous year before moving on to the next. TOPICS
This is where the Economic Survey comes in as it serves as the
Income Tax e-Filing
"report card" for the previous financial year's performance.
Last Date To File ITR
Before delving into the highlights of the Economic Survey 2023, let's
For 2022-23
gain a deeper understanding of what economic surveys are.
Income Tax Slabs FY
2023-24
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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

What Is An Economic Survey? Which Is Better: Old vs

New Tax Regime For
Index Salaried Employees?
Economic Survey is an annual document that reviews the state of House Property
What Is An Eco… Indian economy and provides an outlook for the next fiscal year. The
Business, Professional
Economic Surve… Survey provides an overview of the Indian economy, including its & Freelance
GDP Growth:
performance, current status, and growth prospects, as well as the
Which ITR Should I
challenges faced by the economy and policy recommendations for File?
Inflation Worrie…
addressing these challenges.
Rupee May De… Income Tax Refunds

Economic Survey is prepared by the Chief Economic Advisor to the Paying Tax Due
Surging Exports:
Ministry of Finance and presented by the Finance Minister in the
Fiscal Position: … Salary Income
Parliament. So, a day before the much-awaited Union Budget, the
Monetary Policy… Capital Gains Income
Economic Survey is tabled at the Parliament.
One can access this information to gain insight into the economic Other income sources

progress of the country over the previous financial year and make Advance Tax
informed decisions about the future.
NRI

HUF
Economic Survey 2023 Highlights: Income Tax Notices

Economic Survey 2023 was tabled at the parliament on January 31,

2023, by Finance Minister Nirmala Sitharaman. Here are the key

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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

highlights from the survey:

RELATED
ARTICLES
GDP Growth:
How to file ITR Online -
Step by Step Guide to
One of the key insights from the economic survey that makes Efile Income Tax
headlines is the GDP growth prediction. India’s real GDP growth in Return, FY 2022-23 (AY
FY 2023-24 is predicted to be in the range of 6-6.8 % as against 7% 2023-24)

in FY 2022-23 and 8.7% in FY 2021-22. However, this outcome will Which ITR Should I
depend on global economic and political factors. File? Types of ITR
Forms for FY 2023-24
(AY 2024-25)

Inflation Worries: Borrowing UAN Login, Portal

Registration, Universal
Costs To Remain High Account Number
Activation And Status
Check
India's retail inflation rate reached a high of 7.8% in April 2022,
exceeding the RBI's upper limit of 6%, but was among the lowest in Income Tax Raid,
Search and Seizure
the world in terms of inflation exceeding the target range.
– What, When,
How
The RBI's projection of 6.8% inflation for this fiscal year, while outside
ITR U – What is ITR-U
the upper limit, is interestingly neither too high to discourage private
Form and How to File
consumption nor too low to discourage investment. In the backdrop ITR-U

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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

of inflation, borrowing costs may remain high for an extended Budget 2023
Highlights: PDF
period. Also, the bank credit growth is predictde to be brisk in FY 24.
Download, Key
Takeaways, Important
However, the Economic Survey applauds India's inflation Points
management to stand out amidst advanced economies that are still
Budget 2023: Full List
struggling with stubborn inflation rates. of Cheaper and
Costlier Items

Rupee May Depreciate Further:

The Economic Survey warns that the rupee may depreciate further POPULAR
with the possibility of further interest rate hikes by the US Federal
ARTICLES
Reserve.
Section 80G -
The Current Account Deficit (CAD) means that the country imports Donations Eligible
Under Section 80G
more goods and services than it exports. CAD is at risk of widening and 80GGA - 80G
due to elevated global commodity prices since the Russia-Ukraine Exemption List
conflict. The widening of CAD could put additional pressure on the Budget 2024
rupee. Expectations: Here Are
Our Top Expectations
According to the report, India has adequate foreign exchange From Income Tax And
GST
reserves for the current fiscal year 2023 to cover the deficit and
stabilize the rupee, if necessary. Budget 2024 - Date,
Time, When And

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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

Another important update on foreign exchange reserves was that Where To Live?

India stands sixth largest foreign exchange reserves holder in the Budget 2024
world as on November 2022. Highlights: PDF
Download, Key
Takeaways, Important

Surging Exports: Points

Exports grew rapidly in FY22 and FY23, causing production

processes to shift from mild acceleration to cruise mode.

India achieved an all-time high annual merchandise export of

US$ 422.0 billion in FY22. While merchandise exports witnessed
some slowdown in the second half of 2022, India's service
exports have been robust. The estimated value of services
export for April-December 2022 is US$ 235.8 billion compared
to US$ 184.7 billion in April- December 2021.

Electronics exports grew nearly 3x from $4.4 billion in FY19 to

$11.6 billion in FY22.

Fiscal Position: Buoyant Revenue

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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

The government's finances showed a resilient performance in

FY2022-23, with a YoY growth of 15.5% in Gross Tax Revenue.This
growth is driven by recovery in economic activity, growth in
direct taxes and GST.

Direct taxes grew higher than average in the first 8 months of

the year.

GST stabilized as a vital revenue source, with 24.8% YoY growth

from April to December 2022.

Centre's Capex steadily increased from 1.7% of GDP (FY09-

FY20) to 2.5% of GDP in FY22, focusing on infrastructure-
intensive sectors.

Capex-led growth strategy will sustain debt to GDP in the

medium run.

Monetary Policy: Good Year

RBI raised the repo rate by 225 bps in its monetary tightening
cycle starting in April 2022. This helped in miderating the
surplus liquidity conditions.

FY2022-23 saw an increased lending by financial institutions.

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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

Growth in credit offtake expected to sustain, leading to a

virtuous investment cycle.

Credit by NBFCs are also on the rise.

Gross Non-Performing Assets ratio (GNPA) fell to a 7-year low of

5.

Social Infrastructure And

Employment:
There has been a significant increase in government spending
on social sector.

Social sector expenditure increased to Rs. 21.3 lakh crore in

FY23 (BE) from Rs. 9.1 lakh crore in FY16.

Budgeted expenditure on health sector reached 2.1% of GDP in

FY23 (BE) and 2.2% in FY22 (RE).

Aadhaar played a vital role in Co-WIN platform and

transparent administration of 2 billion vaccine doses.

Unemployment rates fell from 5.8% in 2018-19 to 4.2% in 2020-21

in both urban and rural areas.

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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

Education:
Improvement in GER and gender parity in schools in FY22.

GER in primary enrolment for girls and boys improved in FY22.

Health:
Nearly 22 crore beneficiaries verified under Ayushman Bharat
Scheme as of Jan 4, 2023. Over 1.54 lakh Health and Wellness
Centres operationalized.

Out-of-pocket expenditure as a percentage of total health

expenditure declined from 64.2% in FY14 to 48.2% in FY19 due to
steps taken by government.

Over 220 crore COVID vaccine doses administered as of Jan 6,

2023.

Agriculture And Allied Sector:

MSP for all mandated crops fixed at 1.5 times of all-India
weighted average cost of production since 2018.
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4/13/24, 9:20 PM Economic Survey 2022-23: Highlights, Summary, PDF Download

Private investment in agriculture increased to 9.3% in 2020-21.

Institutional credit to agricultural sector continued to grow to

18.6 lakh crore in 2021.

Economic Summary 2023 PDF

Download:
Download Economic Survey 2022-23 PDF from the government's
official website -
https://www.indiabudget.gov.in/economicsurvey/index.php

Direct link to download Economic Survey 2022-23 PDF -

https://www.indiabudget.gov.in/economicsurvey/doc/echapter.pdf

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