Let us understand the economic survey for the year 2023 and its importance through a short story about a girl named Anushka.
Once upon a time, there was a young entrepreneur named Anushka who lived in Udaipur city of Rajasthan. Anushka had recently started her own business selling eco-friendly products, and she was excited to read the Economic Survey for the year 2023 to see how the economy was faring.
As she read through the report, Anushka was pleased to see that the GDP was projected to grow at a rate of 8.5% in the upcoming year. This was a significant improvement compared to the previous year's contraction of 7.7%. Anushka felt optimistic about the future of her business, knowing that the overall economic situation in the country was improving.
The report also showed that inflation was projected to remain stable at around 5.5%, which meant that prices for essential goods and services were not likely to rise drastically, providing some relief to consumers like Anushka and her customers.
As Anushka read on, she saw that the agricultural sector was projected to grow at a rate of 4.5% in the upcoming year, which was a welcome sign. She knew that many small farmers and rural communities relied heavily on the agriculture sector for their livelihoods, and this growth would have a positive impact on their lives.
However, the report also highlighted some challenges that the country was facing. The services sector was expected to grow at a slower pace compared to other sectors due to the ongoing impact of the pandemic. This was a concern for Anushka since her business was part of the services sector, and a slowdown could impact her growth plans.
The report also projected a fiscal deficit of 6.5% of GDP, which was higher than the government's budgeted estimate. Anushka knew that a high fiscal deficit could lead to inflation and other economic problems, so she hoped that the government would take measures to address this issue.
Despite these challenges, Anushka was heartened to see that the report projected a strong recovery in foreign trade, which would help boost the country's economic growth. The employment situation was also expected to improve, with the report projecting an increase in employment by 2.5%.
Anushka realized that the Economic Survey was an essential document that helped entrepreneurs like her understand the country's economic situation. It highlighted the challenges and opportunities that the nation was facing and provided valuable insights for businesses to plan their strategies.
In conclusion, Anushka was hopeful for the future of her business and the country after reading the Economic Survey for the year 2023. The economic indicators in the report showed that the country was recovering from the pandemic's impact, but there were still challenges that needed to be addressed.
Through this story , you could have added economic survey terms in your vocabulary namely
1. GDP - Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period.
2. Inflation - Inflation - Inflation measures how much more expensive a set of goods and services has become over a certain period, usually a year.
3. Fiscal deficit - The fiscal deficit of a country is calculated as a percentage of its GDP or simply as the total money spent by the government in excess of its income. In either case, the income figure includes only taxes and other revenues and excludes money borrowed to make up the shortfall.
4. Foreign trade - Foreign Trade is the exchange of goods and services between two countries in the international market.
By- Archit Maheshwari
(Student- Shaheed Bhagat Singh College)