V. Ananth Nageswaran said that India no longer needs to worry about economic slowdown. The economy has recovered. Balance sheets are now in good shape in the non-banking and corporate sectors. We no longer need to talk about recovery from the pandemic, but look to the next phase. The government is heading for a fiscal deficit of 6.4 percent. Total tax revenue has increased by 15.5 percent from April to November 2022.
Union Budget 2023 : Taxes, Debt, Inflation; What is cheap and what is expensive in the budget? Read in detail
He said that the IMF has projected India’s GDP growth rate at 6.8 percent for the current financial year. The International Monetary Fund (IMF) has projected India’s GDP growth at 6.1 per cent in the next financial year and 6.8 per cent in 2024-25.
In the first three quarters of the financial year 2022-23, Rs 13.40 lakh crore has been collected as GST revenue. Nageswaran also said that Rs 2,982.4 crore has been distributed from FY 2015 to FY 2023 under the Viability Gap Fund Scheme by the Department of Economic Affairs.
Economic Survey 2023: Economic Survey report presented to Parliament; Know how the country’s finances are before the budget
What is an Economic Survey?
The financial survey will contain the accounts of the previous financial year. A survey in simple terms is an economic health statistic, which shows the state of a country’s economy. Apart from knowing the speed of development of the country, the economic survey also gives the details of how much investment has been made in which sector. An economic survey helps clarify the state of the general budget while assessing priorities for the next financial year. An economic survey indicates which areas of the country need more focus. Economic survey acts as a guide to our economy. Because it shows how our economy is doing and what we need to do to improve it.
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