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Economic Survey to be followed up by similar report in July

The document is expected to act as a mid-term layout for the Indian economy.

November 24, 2022 / 11:51 AM IST

Chief Economic Advisor (CEA) V Anantha Nageswaran is considering putting his stamp on his first Economic Survey ahead of Budget 2022-23. (this should be 2023-24. Please check and correct).

The survey is expected to be released by January 31 and followed by a similar document in July, the Business Standard reported. The Economic survey will be followed by the presentation of the budget for the next financial year on February 1, 2023.

The document is expected to act as a mid-term layout for the Indian economy. The follow-up draft is expected to consist more of the CEA's and his team's views on the global as well as domestic economies, and the myriad challenges as well opportunities that lie in store for the next 3-5 years, according to the report.

Moneycontrol could not independently confirm the newspaper report.

A road map will also be presented in the July vision document for the 25 years leading up to India's centenary, which Prime Minister Narendra Modi has termed Amrit Kaal.

Also Read | Budget 2023-24: CII recommends reduction in personal income tax rates, pace up PSU privatisation

January's Survey will be analogous to the one conducted before the Budget.

"It will have the economic outlook and perspective for FY24, and other relevant data and commentary. The July document will look further ahead as an economic road map," Business Standard quoted an official aware of the matter as saying.

Based on the Survey, it is estimated that real gross domestic product growth for FY24 could be between 6 and 6.5 percent.

There is still no clarity on whether the vision document would be called an Economic Survey, a second official said.

"It may not even be tabled in Parliament. It will, however, present a medium-term vision of the economy, and the plan is to update it every year, and to also kick-start conversations for the 2024 Union Budget," the official said.

Also Read | Need income tax cuts to revive demand, CII tells finance ministry

As is the norm, the CEA and his team will have incomplete data for the Survey for the current financial year. Despite the National Statistical Office's release of advance estimates for FY23 early in January to help the Finance Ministry prepare the Budget, the provisional figures won't be available until May 31.

The same is true for other data, such as the fiscal deficit, current account deficit, inflation, mobility, consumption, or vehicle sales. After the Parliamentary Survey is tabled, all of them will be available for the full year.

"The July vision document will have the benefit of being able to capture the whole of FY23, and that will serve as the springboard for the economic road map that it will present," the official quoted by Business Standard said.

In January and August of 2017, then-CEA Arvind Subramanian presented two parts of the Economic Survey.

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