Economic Survey is presented a day before the Budget session. Finance Ministry prepares the survey. The survey says that in 2024, India’s GDP will be in the range of 6% to 6.8%. Public digital platforms played a major role in increasing economic growth in 2022. 

Highlights

• Firstly, one of the most notable highlights of the Union budget 2023 is the changes brought in the new income tax regime. The 2023-24 Union Budget has offered substantial tax relief to individuals. There is no tax on income upto 3 Lakhs.
• The economy is expected to grow at 7% in real terms for 2022-23.
• India’s GDP is expected to be in the range of 6-6.8% in 2023-24.
• The survey projects a baseline GDP growth of  6.5% in real terms in FY24.
• RBI estimated 6.8% of retail inflation for 2022-23.
• The fiscal deficit of the Union government has moderated at 6.7% of GDP in FY22.
• It is expected to reach 6.4% of GDP in FY23.