Key Highlights of Economic Survey 2022-23 (2023)

The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament today. The highlights of the Economic Survey are as follows:

State of the Economy 2022-23

  • Recovering from pandemic-induced contraction, Russian-Ukraine conflict and inflation, Indian economy is staging a broad based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23.

  • India's GDP growth is expected to remain robust in FY24. GDP forecast for FY24 to be in the range of 6-6.8 %.

  • Private consumption in H1 is highest since FY15 and this has led to a boost to production activity resulting in enhanced capacity utilisation across sectors.

  • The Capital Expenditure of Central Government and crowding in the private Capex led by strengthening of the balance sheets of the Corporates is one of the growth driver of the Indian economy in the current year.

  • The credit growth to the MSME sector was over 30.6 per cent on average during Jan-Nov 2022.
    Retail inflation is back within RBI's target range in November 2022.

  • Indian Rupee performed well compared to other Emerging Market Economies in Apr-Dec2022.
    Direct Tax collections for the period April-November 2022 remain buoyant.

  • Enhanced Employment generation seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund.

  • Economic growth to be boosted from the expansion of public digital platforms and measures to boost manufacturing output.

India’s Medium Term Growth Outlook

  • Indian economy underwent wide-ranging structural and governance reforms that strengthened the economy's fundamentals by enhancing its overall efficiency during 2014-2022.

  • With an underlying emphasis on improving the ease of living and doing business, the reforms after 2014 were based on the broad principles of creating public goods, adopting trust-based governance, co-partnering with the private sector for development, and improving agricultural productivity.

  • The period of 2014-2022 also witnessed balance sheet stress caused by the credit boom in the previous years and one-off global shocks, which adversely impacted the key macroeconomic variables such as credit growth, capital formation, and hence economic growth during this period.

  • This situation is analogous to the period 1998-2002 when transformative reforms undertaken by the government had lagged growth returns due to temporary shocks in the economy. Once these shocks faded, the structural reforms paid growth dividends from 2003.

  • Similarly, the Indian economy is well placed to grow faster in the coming decade once the global shocks of the pandemic and the spike in commodity prices in 2022 fade away.

  • With improved and healthier balance sheets of the banking, non-banking and corporate sectors, a fresh credit cycle has already begun, evident from the double-digit growth in bank credit over the past months.

  • Indian economy has also started benefiting from the efficiency gains resulting from greater formalisation, higher financial inclusion, and economic opportunities created by digital technology-based economic reforms.

  • Thus Chapter 2 of the Survey shows that India's growth outlook seems better than in the pre-pandemic years, and the Indian economy is prepared to grow at its potential in the medium term.

Fiscal Developments

  • The Union Government finances have shown a resilient performance during the year FY23, facilitated by the recovery in economic activity, buoyancy in revenues from direct taxes and GST, and realistic assumptions in the Budget.

  • The Gross Tax Revenue registered a YoY growth of 15.5 per cent from April to November 2022, driven by robust growth in the direct taxes and Goods and Services Tax (GST).

  • Growth in direct taxes during the first eight months of the year was much higher than their corresponding longer-term averages.

  • GST has stabilised as a vital revenue source for central and state governments, with the gross GST collections increasing at 24.8 per cent on YoY basis from April to December 2022.

  • Union Government's emphasis on capital expenditure (Capex) has continued despite higher revenue expenditure requirements during the year. The Centre's Capex has steadily increased from a long-term average of 1.7 per cent of GDP (FY09 to FY20) to 2.5 per cent of GDP in FY22 PA.

  • The Centre has also incentivised the State Governments through interest-free loans and enhanced borrowing ceilings to prioritise their spending on Capex.

  • With an emphasis on infrastructure-intensive sectors like roads and highways, railways, and housing and urban affairs, the increase in Capex has large-scale positive implications for medium-term growth.

  • The Government’s Capex-led growth strategy will enable India to keep the growth-interest rate differential positive, leading to a sustainable debt to GDP in the medium run.

Monetary Management and Financial Intermediation

  • The RBI initiated its monetary tightening cycle in April 2022 and has since raised the repo rate by 225 bps, leading to moderation of surplus liquidity conditions.

  • Cleaner balance sheets led to enhanced lending by financial institutions.

  • The growth in credit offtake is expected to sustain, and combined with a pick-up in private capex, will usher in a virtuous investment cycle.

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  • Non-food credit offtake by scheduled Commercial Banks (SCBs) has been growing in double digits since April 2022.

  • Credit disbursed by Non-Banking Financial Companies (NBFCs) has also been on the rise.

  • The Gross Non-Performing Assets (GNPA) ratio of SCBs has fallen to a seven-year low of 5.0.

  • The Capital-to-Risk Weighted Assets Ratio (CRAR) remains healthy at 16.0.

  • The recovery rate for the SCBs through Insolvency and Bankruptcy (IBC) was highest in FY22 compared to other channels.

Prices and Inflation

  • While the year 2022 witnessed a return of high inflation in the advanced world after three to four decades, India caps the rise in prices.

  • While India’s retail inflation rate peaked at 7.8 per cent in April 2022, above the RBI’s upper tolerance limit of 6 per cent, the overshoot of inflation above the upper end of the target range in India was however one of the lowest in the world.

  • The RBI’s anchoring of inflationary expectations through forward guidance and responsive monetary policy has helped guide the trajectory of inflation in the country.

  • The one-year-ahead inflationary expectations by both businesses and households have moderated in the current financial year.

  • Timely policy intervention by the government in housing sector, coupled with low home loan interest rates propped up demand and attracted buyers more readily in the affordable segment in FY23.

  • An overall increase in composite Housing Price Indices (HPI) assessment and Housing Price Indices market prices indicates a revival in the housing finance sector. A stable to moderate increase in HPI also offers confidence to homeowners and home loan financiers in terms of the retained value of the asset.

  • India’s inflation management has been particularly noteworthy and can be contrasted with advanced economies that are still grappling with sticky inflation rates.

Social Infrastructure and Employment

  • Social Sector witnessed significant increase in government spending.

  • Central and State Government’s budgeted expenditure on health sector touched 2.1% of GDP in FY23 (BE) and 2.2% in FY22 (RE) against 1.6% in FY21.

  • Social sector expenditure increases to Rs. 21.3 lakh crore in FY23 (BE) from Rs. 9.1 lakh crore in FY16.

  • Survey highlights the findings of the 2022 report of the UNDP on Multidimensional Poverty Index which says that 41.5 crore people exit poverty in India between 2005-06 and 2019-20.

  • The Aspirational Districts Programme has emerged as a template for good governance, especially in remote and difficult areas.

  • eShram portal developed for creating a National database of unorganised workers, which is verified with Aadhaar. As on 31 December 2022, a total of over 28.5 crore unorganised workers have been registered on eShram portal.

  • JAM (Jan-Dhan, Aadhaar, and Mobile) trinity, combined with the power of DBT, has brought the marginalised sections of society into the formal financial system, revolutionising the path of transparent and accountable governance by empowering the people.

  • Aadhaar played a vital role in developing the Co-WIN platform and in the transparent administration of over 2 billion vaccine doses.

  • Labour markets have recovered beyond pre-Covid levels, in both urban and rural areas, with unemployment rates falling from 5.8 per cent in 2018-19 to 4.2 per cent in 2020-21.

  • The year FY22 saw improvement in Gross Enrolment Ratios (GER) in schools and improvement in gender parity. GER in the primary-enrolment in class I to V as a percentage of the population in age 6 to 10 years - for girls as well as boys have improved in FY22.

  • Due to several steps taken by the government on health, out-of-pocket expenditure as a percentage of total health expenditure declined from 64.2% in FY14 to 48.2% in FY19.

  • Infant Mortality Rate (IMR), Under Five mortality rate (U5MR) and neonatal Mortality Rate (NMR) have shown a steady decline.

  • More than 220 crore COVID vaccine doses administered as on 06 January, 2023.

  • Nearly 22 crore beneficiaries have been verified under the Ayushman Bharat Scheme as on 04 January, 2023. Over 1.54 lakh Health and Wellness Centres have been operationalized across the country under Ayushman Bharat.

Climate Change and Environment

  • India declared the Net Zero Pledge to achieve net zero emissions goal by 2070.

  • India achieved its target of 40 per cent installed electric capacity from non-fossil fuels ahead of 2030.

  • The likely installed capacity from non-fossil fuels to be more than 500 GW by 2030 resulting in decline of average emission rate by around 29% by 2029-30, compared to 2014-15.

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  • India to reduce emissions intensity of its GDP by 45% by 2030 from 2005 levels.

  • About 50% cumulative electric power installed capacity to come from non-fossil fuel-based energy resources by 2030.

  • A mass movement LIFE– Life style for Environment launched.

  • Sovereign Green Bond Framework (SGrBs) issued in November 2022.

  • RBI auctions two tranches of Rs 4,000 crore Sovereign Green Bonds (SGrB).

  • National Green Hydrogen Mission to enable India to be energy independent by 2047.

  • Green hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum to be developed by 2030. Cumulative reduction in fossil fuel imports over Rs 1 lakh crore and creation of over 6 lakh jobs by 2030 under the National green Hydrogen Mission. Renewable energy capacity addition of about 125 GW and abatement of nearly 50 MMT of annual GHG emissions by 2030.

  • The Survey highlights the progress on eight missions under the NAP on CC to address climate concerns and promote sustainable development.

  • Solar power capacity installed, a key metric under the National Solar Mission stood at 61.6 GW as on October 2022.

  • India becoming a favored destination for renewables; investments in 7 years stand at $78.1 billion.

  • 62.8 lakh individual household toilets and 6.2 lakh community and public toilets constructed (August 2022) under the National Mission on Sustainable Habitat.

Agriculture and Food Management

  • The performance of the agriculture and allied sector has been buoyant over the past several years, much of which is on account of the measures taken by the government to augment crop and livestock productivity, ensure certainty of returns to the farmers through price support, promote crop diversification, improve market infrastructure through the impetus provided for the setting up of farmer-producer organisations and promotion of investment in infrastructure facilities through the Agriculture Infrastructure Fund.

  • Private investment in agriculture increases to 9.3% in 2020-21.

  • MSP for all mandated crops fixed at 1.5 times of all India weighted average cost of production since 2018.

  • Institutional Credit to the Agricultural Sector continued to grow to 18.6 lakh crore in 2021-22.

  • Foodgrains production in India saw sustained increase and stood at 315.7 million tonnes in 2021-22.

  • Free foodgrains to about 81.4 crore beneficiaries under the National Food Security Act for one year from January 1, 2023.

  • About 11.3 crore farmers were covered under the Scheme in its April-July 2022-23 payment cycle.
    Rs 13,681 crores sanctioned for Post-Harvest Support and Community Farms under the Agriculture Infrastructure Fund.

  • Online, Competitive, Transparent Bidding System with 1.74 crore farmers and 2.39 lakh traders put in place under the National Agriculture Market (e-NAM) Scheme.

  • Organic Farming being promoted through Farmer Producer Organisations (FPO) under the Paramparagat Krishi Vikas Yojana (PKVY).

  • India stands at the forefront to promote millets through the International Year of Millets initiative.


  • Overall Gross Value Added (GVA) by the Industrial Sector (for the first half of FY 22-23) rose 3.7 per cent, which is higher than the average growth of 2.8 per cent achieved in the first half of the last decade.

  • Robust growth in Private Final Consumption Expenditure, export stimulus during the first half of the year, increase in investment demand triggered by enhanced public capex and strengthened bank and corporate balance sheets have provided a demand stimulus to industrial growth.

  • The supply response of the industry to the demand stimulus has been robust.

  • PMI manufacturing has remained in the expansion zone for 18 months since July 2021, and Index of Industrial Production (IIP) grows at a healthy pace.

  • Credit to Micro, Small and Medium Enterprises (MSMEs) has grown by an average of around 30% since January 2022 and credit to large industry has been showing double-digit growth since October 2022.

  • Electronics exports rise nearly threefold, from $4.4 billion in FY19 to $11.6 Billion in FY22.

  • India has become the second-largest mobile phone manufacturer globally, with the production of handsets going up from 6 crore units in FY15 to 29 crore units in FY21.

  • Foreign Direct Investment (FDI) flows into the Pharma Industry has risen four times, from $180 million in FY19 to $699 million in FY22.

  • The Production Linked Incentive (PLI) schemes introduced across 14 categories, with an estimated capex of Rs 4 lakh crore over the next five years, to plug India into global supply chains. Investment of Rs 47,500 crores has been seen under the PLI schemes in the FY22, which is 106% of the designated target for the year. Production/sales worth Rs 3.85 lakh crore and employment generation of 3.0 lakh have been recorded due to PLI schemes.

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  • Over 39,000 compliances have been reduced and more than 3500 provisions decriminalized as of January 2023.


  • The services sector is expected to grow at 9.1% in FY23, as against 8.4% (YoY) in FY22.

  • Robust expansion in PMI services, indicative of service sector activity, observed since July 2022.

  • India was among the top ten services exporting countries in 2021, with its share in world commercial services exports increasing from 3 per cent in 2015 to 4 per cent in 2021.

  • India’s services exports remained resilient during the Covid-19 pandemic and amid geopolitical uncertainties driven by higher demand for digital support, cloud services, and infrastructure modernization.

  • Credit to services sector has grown by over 16% since July 2022.

  • $7.1 billion FDI equity inflows in services sector in FY22.

  • Contact-intensive services are set to reclaim pre-pandemic level growth rates in FY23.

  • Sustained growth in the real estate sector is taking housing sales to pre-pandemic levels, with a 50% rise between 2021 and 2022.

  • Hotel occupancy rate has improved from 30-32% in April 2021 to 68-70% in November 2022.

  • Tourism sector is showing signs of revival, with foreign tourist arrivals in India in FY23 growing month-on-month with resumption of scheduled international flights and easing of Covid-19 regulations.

  • Digital platforms are transforming India’s financial services.

  • India’s e-commerce market is projected to grow at 18 per cent annually through 2025.

External Sector

  • Merchandise exports were $332.8 billion for April-December 2022.

  • India diversified its markets and increased its exports to Brazil, South Africa and Saudi Arabia.

  • To increase its market size and ensure better penetration, in 2022, CEPA with UAE and ECTA with Australia come into force.

  • India is the largest recipient of remittances in the world receiving $100 billion in 2022. Remittances are the second largest major source of external financing after service export.

  • As of December 2022, Forex Reserves stood at $563 billion covering 9.3 months of imports.

  • As of end-November 2022, India is the sixth largest foreign exchange reserves holder in the world.

  • The current stock of external debt is well shielded by the comfortable level of foreign exchange reserves.

  • India has relatively low levels of total debt as a percentage of Gross National Income and short-term debt as a percentage of total debt.

Physical and Digital Infrastructure

Government’s Vision for Infrastructure Development

Public Private Partnerships

  • In-Principal Approval granted to 56 projects with Total Project Cost of Rs 57,870.1 crore under the VGF Scheme, from 2014-15 to 2022-23.

  • IIPDF Scheme with Rs 150 crore outlay from FY 23-25 was notified by the government on 03 November, 2022.

National Infrastructure Pipeline

  • 89,151 projects costing Rs 141.4 lakh crore under different stages of implementation.

  • 1009 projects worth Rs 5.5 lakh crore completed.

  • NIP and Project Monitoring Group (PMG) portal linkage to fast-track approvals/ clearances for projects.

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National Monetisation Pipeline

  • Rs 9.0 lakh crore is the estimated cumulative investment potential.

  • Rs 0.9 lakh crore monetisation target achieved against expected Rs 0.8 lakh crore in FY22.

  • FY23 target is envisaged to be Rs 1.6 lakh crore (27 per cent of overall NMP Target).


  • PM GatiShakti National Master Plan creates comprehensive database for integrated planning and synchronised implementation across Ministries/ Departments.

  • Aims to improve multimodal connectivity and logistics efficiency while addressing the critical gaps for the seamless movement of people and goods.

Electricity Sector and Renewables

  • As on 30 September 2022, the government has sanctioned the entire target capacity of 40 GW for the development of 59 Solar Parks in 16 states.

  • 17.2 lakh GWh electricity generated during the year FY22 compared to 15.9 lakh GWh during FY21.

  • The total installed power capacity (industries having demand of 1 Mega Watt (MW) and above) increased from 460.7 GW on 31 March 2021 to 482.2 GW on 31 March 2022.

Making Indian Logistics Globally Competitive

  • National Logistics Policy envisions to develop a technologically enabled, integrated, cost-efficient, resilient, sustainable and trusted logistics ecosystem in the country for accelerated and inclusive growth.

  • Rapid increase in National Highways (NHs) /Roads Construction with 10457 km NHs/roads constructed in FY22 compared to 6061 km in FY16.

  • Budget expenditure increased from Rs 1.4 lakh crore in FY20 to Rs 2.4 lakh crore in FY23 giving renewed push to Capital expenditure.

  • 2359 Kisan rails transported approximately 7.91 lakh tonnes of perishables, as of October 2022.
    More than one crore air passengers availed the benefit of the UDAN scheme since its inception in 2016.

  • Near doubling of capacity of major ports in 8 years.

  • Inland Vessels Act 2021 replaced 100-year-old Act to ensure hassle free movement of Vessels promoting Inland Water Transport.

India’s Digital Public Infrastructure

Unified Payment Interface (UPI)

  • UPI-based transactions grew in value (121 per cent) and volume (115 per cent) terms, between 2019-22, paving the way for its international adoption.

Telephone and Radio - For Digital Empowerment

  • Total telephone subscriber base in India stands at 117.8 crore (as of Sept,22), with 44.3 per cent of subscribers in rural India.

  • More than 98 per cent of the total telephone subscribers are connected wirelessly.

  • The overall tele-density in India stood at 84.8 per cent in March 22.

  • 200 per cent increase in rural internet subscriptions between 2015 and 2021.

  • Prasar Bharati (India’s autonomous public service broadcaster) - broadcasts in 23 languages, 179 dialects from 479 stations. Reaches 92 per cent of the area and 99.1 per cent of the total population.

Digital Public Goods

  • Achieved low-cost accessibility since the launch of Aadhaar in 2009

  • Under the government schemes, MyScheme, TrEDS, GEM, e-NAM, UMANG has transformed market place and has enabled citizens to access services across sectors.

  • Under Account Aggregator, the consent-based data sharing framework is currently live across over 110 crore bank accounts.

  • Open Credit Enablement Network aims towards democratising lending operations while allowing end-to-end digital loan applications.

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  • National AI portal has published 1520 articles, 262 videos, and 120 government initiatives and is being viewed as viewed as a tool for overcoming the language barrier e.g. ‘Bhashini’.

  • Legislations are being introduced for enhanced user privacy and creating an ecosystem for standard, open, and interoperable protocols underlining robust data governance.


What is the central theme of economic Survey 2122? ›

Economic Survey 2021 Highlights. The Economic Survey 2021 was presented by Finance Minister Smt. Nirmala Sitharaman. The theme for Economic Survey 2021 is “Saving Lives and Livelihoods”.

What is included in economic Survey? ›

This document of the Ministry, the Economic Survey of India reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

Which volume of economic survey is important for UPSC Prelims Quora? ›

UPSC CSE demands that the aspirants should be aware of their surroundings. This is the reason that current affairs play a major role in this game. So, whether it's economic survey Or budget, you should go through the latest one i.e. Economic survey 2021–22 and budget 2022–23.

WHO releases economic survey in India? ›

Synopsis. The Economic Survey for 2022-23 will be released on Tuesday, January 31. It will be presented by finance minister Nirmala Sitharaman in the Parliament during the Budget Session.

What is the theme of economic Survey 2022 23? ›

Global growth is forecasted to slow from 3.2 per cent in 2022 to 2.7 per cent in 2023 as per IMF's World Economic Outlook, October 2022. A slower growth in economic output coupled with increased uncertainty will dampen trade growth.

What is the main theme of economic Survey 2022? ›


What are the four 4 key elements of the study of economics? ›

Key Takeaways

Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.

What are the 4 basic questions of economics? ›

Answer: The four basic problems of an economy, which arise from the central problem of scarcity of resources are:
  • What to produce?
  • How to produce?
  • For whom to produce?
  • What provisions (if any) are to be made for economic growth?

What are the 4 methods commonly used in economic analysis? ›

The main types of economic analyses are cost-effectiveness analysis (CEA), cost-utility analysis (CUA), and cost-benefit analyses (CBA).
DALY, disability-adjusted life-year; QALY, quality-adjusted life-year.
  • 2.1 Cost-effectiveness analysis. ...
  • 2.2 Cost-utility analysis. ...
  • 2.3 Cost–benefit analysis.
Aug 13, 2020

How many questions are asked from economic survey in prelims? ›

The Economic Survey is a high weightage as far as Civil Services Prelims and Mains examinations. Each year at least 2-3 questions are directly or indirectly asked in the Prelims and the number is even higher in the Mains.

What are the most important topics in economics for UPSC? ›

Here, you must cover topics such as economic growth and development, finance, banking, budget, balance of payments, poverty and related issues, population composition and related characteristics, social sector initiatives related to education, health and sanitation, and international financial institutions.

What should I study for economics prelims? ›

Start with Class 11 and 12 NCERT books for Economics. After that, you can read the Indian Economy by Ramesh Singh. After completing the above basic books, students should go through Economic Survey and Union Budget. Regularly read economics current affairs, government policies and schemes.

What is economic survey 2023? ›

The Economic survey is mainly the government's review of how the economy fared in the past year. Following are the highlights of the Economic Survey 2022-23: India's economy to grow 6.5 pc in 2023-24, compared to 7 pc this fiscal and 8.7 pc in 2021-22. India to remain the fastest growing major economy in the world.

What is the purpose of economic survey? ›

He also said that the purpose of the Economic Survey is "stock-taking". It holds significance as it acquaints citizens with the state of the economy and informs them of key economic decisions of the government which have a "bearing on their lives".

Who is responsible for economic survey? ›

It is prepared under the guidance of the Chief Economic Advisor (CEA), who also presents it in both Houses of Parliament during the budget session. Further Reading: Union Budget 2021.

What are the projected growth rate decided by recent economic survey for 2022 23? ›

The Union Finance Minister tabled the Economic Survey for the Financial Year 2022-23, after the President's address. The Economic Survey 2022-23 highlighted that India's economic recovery from the pandemic is complete and the economy is expected to grow in the range of 6% to 6.8% in the coming financial year 2023-24.

What are the most important surveys of future economic activities? ›

Learn what to watch to improve your investing
  • Gross Domestic Product.
  • Employment Indicators.
  • Consumer Price Index.
  • Central Bank Minutes.
  • PMI Manufacturing & Services.
Oct 31, 2021

Which of the following was the central theme for this year's economic survey? ›

The central theme of Economic Survey 2021-22 is the "Agile Approach". Another theme highlighted in this Economic Survey relates to the art and science of policy-making under conditions of extreme uncertainty.

What is the motto of economic Survey 2022? ›

The central theme of this year's Economic Survey is the “Agile approach”.

What are the major themes of economics? ›

There are six main economic themes:
  • Scarcity and Limited Resources.
  • Economic Reasoning of Choices.
  • Allocation of Resources.
  • Marginal Analysis and Decision-making.
  • Opportunity Cost.
  • Incentives.

What are the advantages of economic survey? ›

Why is it significant? The survey reviews economic development in India over the past fiscal year by analysing data from all sectors. It also helps give a better understanding of the Union Budget by laying out the country's priorities and challenges for the coming year.

What are the 5 core concepts in economics? ›

Some of the concepts are scarcity, supply & demand, incentives, trade-off and opportunity cost, economic systems, factors of production, production possibilities, marginal analysis, circular flow, and international trade.

What are the 6 core principles of economics? ›

Six Basic Principles to Understand Economics
  • People must make choices. All choices have a cost.
  • People respond to incentives in predictable ways. Economic systems influence people's choices.
  • Voluntary exchange creates wealth. The future consequences of our choices matter the most.

What are the 7 fundamentals of economics? ›

These principles are: Scarcity Principle, Cost-Benefit Principle, Principle of Unequal Costs, Principle of Comparative Advantage, Principle of Increasing Opportunity Cost, Equilibrium Principle, and…show more content…

What are the 3 E's in economics? ›

Economy, efficiency, and effectiveness are commonly described as the “3 Es”, characterized as follows: Economy — Getting the right inputs at the lowest cost (or getting a good deal).

What are the 3 big questions of economics? ›

Students will read and take notes on the three main questions of economics. These are what to produce, how to produce it, and who to produce it for.

What are the 5 major economic problems? ›

The 5 basic problems of an economy are as follows:
  • What to produce and what quantity to produce?
  • How to produce?
  • For whom to produce the goods?
  • How efficient are the resources being utilised?
  • Is the economy growing?

What is four pillar strategy in economic Survey? ›

According to the survey, India adopted a four-pillar strategy of containment, fiscal reforms, financial reforms and long-term structural reforms. The government's Production-linked Incentive (PLI) scheme was talked about in the survey as a means to expand the supply in the medium and long term.

What are the two major approaches to economic analysis? ›

There are two prominent types of methods of economic study or analysis: A) Deductive Method B) Inductive Method.

What are main 4 processes which cause the growing significance of knowledge economy? ›

The World Bank defines knowledge economies according to four pillars: Institutional structures that provide incentives for entrepreneurship and the use of knowledge. Availability of skilled labor and a good education system. Access to information and communication technology (ICT) infrastructures.

How can I pass economic exam? ›

The Best Way to Study for Economics Exams One to Three Weeks in Advance
  1. Ask your instructor for an exam outline and what to expect on the exam.
  2. Create an overview. Review your notes and any assignments you had.
  3. Review the course's main ideas.
  4. For each big idea, review its sub-topics and supporting details.
  5. Practice.
May 24, 2019

Is economics exam hard? ›

Although studying Economics can be a hugely rewarding and valuable subject, many students struggle with it at A-Level, particularly because of the tricky essay structure and the combination of skills it demands.

What is difference between economic survey and Budget? ›

It is not mandatory for the government to present the Economic Survey and its recommendations are not binding on the government either.
Difference between Economic Survey and Union Budget.
Economic SurveyUnion Budget
From 1964, the Economic Survey is presented a day before BudgetThe Union Budget is presented a day after the Economic Survey is presented.
2 more rows

Which topic is best for Research in economics? ›

Areas of research
  • Budget, Taxes and Public Investment. EPI's work on federal fiscal policy analyzes revenues, spending and deficits, but always within the context of the overall economy. ...
  • Economic Growth. ...
  • Education. ...
  • Green Economics. ...
  • Health. ...
  • Immigration. ...
  • Inequality and Poverty. ...
  • Jobs and Unemployment.

What are the topics for economics in UPSC 2023? ›

Important topics of economics for UPSC include National Income, Economic Growth and Development, Poverty, International Financial Institutions, Banking, Finance, Budgeting, Balance of Payments, Economic Surveys etc. Q.

How can I study economic survey for prelims? ›

Tips to read the Economic Survey:
  1. Read after a basic study: Students should have a basic understanding of economics, especially the basic terms like GDP, inflation, fiscal drag, etc. ...
  2. Read the Preface thoroughly: The Preface of the Economic Survey is like a summary of the document.

What should I not read for prelims? ›

List of what not to study for UPSC
  • You should avoid sports news. ...
  • Business news not related to the UPSC syllabus.
  • Avoid criminal news even if it is capturing headlines.
  • Don't read small and irrelevant regional/state/local news. ...
  • Avoid Bollywood and other entertainment news.

How to read economy for prelims? ›

UPSC Prelims: How to Cover Indian Economy in 50 Days
  1. Day 1 – 2: Read class IX NCERT textbook 'Economics'. ...
  2. Day 3 – 5: Read class X NCERT textbook 'Understanding Economic Development'. ...
  3. Day 6 -7: At this point, solve previous years' questions papers of both the prelims and the mains.

What is economic survey in simple words? ›

This document of the Ministry, the Economic Survey of India reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

What does economic survey include? ›

The Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors that have a bearing on the Budget. It is presented in Parliament ahead of the Budget for the ensuing year.

Who presented economic Survey 2023? ›

It will be released on January 31, 2023. Finance Minister Nirmala Sitharaman will be presenting it in the Parliament. What is included in the survey? The survey includes the state of India's economy in the current financial year i.e. 2022-23.

What is the latest economic survey? ›

The Economic Survey said that India's economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparision to 7 per cent this fiscal and 8.7 per cent in 2021-22.

What is an economic survey and why is this required by the authority? ›

An economic survey is a general statement describing the structure, purpose, economic feasibility of the proposed cooperative, area of operation, size of membership and other pertinent data. It is, in fact, a project feasibility study.

Is it mandatory to present economic survey? ›

However, CEA highlighted that it is not mandatory for the government to prepare and present an Economic Survey to Parliament.

What is the theme of economic survey? ›

Each year, the survey comes with a theme. The theme of last year's Economic Survey was "Agile Approach," reflective of the measures taken by the government to combat the challenges laid down by the Covid-19 outbreak and the step taken to steer the economy on recovery mode.

Who prepares economic survey for the budget? ›

It is prepared by the Economic Division of the Department of Economic Affairs (DEA).

Who complies the economic survey every year? ›

The Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament today, which projects a baseline GDP growth of 6.5 per cent in real terms in FY24.

What is the central theme of economics? ›

Economics studies scarcity and how it affects how resources are used, how commodities and services are produced, and how production and welfare increase over time.

What is the basic theme of economic? ›

At the most basic level, economics attempts to explain how and why we make the purchasing choices we do. Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.

What is the economic survey mission? ›

Washington, October 9, 1950. At the request of the President of the Philippine Republic, President Truman appointed a United States Economic Survey Mission to consider the economic and financial problems of that country and to recommend measures that will enable the Philippines to become and to remain self-supporting.

What are the 3 important concepts in economics? ›

What are the 3 basic economic concepts? The three basic concepts are supply & demand, scarcity, and opportunity cost.

What are the 5 basic economic problems? ›

The 5 basic problems of an economy are as follows:
  • What to produce and what quantity to produce?
  • How to produce?
  • For whom to produce the goods?
  • How efficient are the resources being utilised?
  • Is the economy growing?

What are the 7 important economic principles? ›

These principles are: Scarcity Principle, Cost-Benefit Principle, Principle of Unequal Costs, Principle of Comparative Advantage, Principle of Increasing Opportunity Cost, Equilibrium Principle, and…show more content…

What are the 9 key concepts of economics? ›

By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the DP economics course will develop the knowledge, skills, values and attitudes that will encourage them to act ...

Is economic survey mandatory? ›

It is not mandatory for the government to present the Economic Survey and its recommendations are not binding on the government either.

How many questions are there in the economic Survey in prelims? ›

The Economic Survey is a high weightage as far as Civil Services Prelims and Mains examinations. Each year at least 2-3 questions are directly or indirectly asked in the Prelims and the number is even higher in the Mains.


1. Economic Survey 2023 Highlights - Brief overview of the Economic Survey 2022-23 by Dr Gaurav Garg
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2. Union Budget 2023-24 | Complete Analysis & Highlights | UPSC Economy #Budget Economic Survey #UPSC
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3. Key Highlights of Economic Survey 2022 | UPSC CSE 2022/23 | Rahul Bhardwaj
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4. Economic Survey 2022-23 | State of Indian Economy and Theme of survey By Gaurav Bansal | GS SCORE
5. Union Budget 2023-24 | Key Highlights and Analysis | UPSC CSE 2023
6. Inside The Economic Survey 2023: Take A Look At Key Highlights | Budget 2023 | CNBC-TV18
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