Union Budget 2023-24: These numbers (GDP numbers) will include revised estimates of national income, saving and capital formation, consumption expenditure and so on
Ahead of the Union Budget 2023-24, several changes are both expected and are being introduced as a step in favour of change. As per latest reports, the government has changed its data calendar and decided that the Gross Domestic Product (GDP) numbers and the rest will only be released after the Budget 2023 announcement.
According to a report in the Economic Times, the government has decided to bring this change in order to bring an order in the release timings of various data. The new calendar reportedly suggests that the Ministry of Statistics and Programme Implementation will release these numbers on the last day of February, instead of the current last working day of January. These numbers will include revised estimates of national income, saving and capital formation, consumption expenditure and so on.
It must be noted that the current government also changed the Union Budget announcement date to February 1, instead of it being presented on the last working day of February. Hence, in order to avoid any confusion before the Budget 2023-24, this change has reportedly been introduced.
“The release date of January 31 has been changed because it came just two days before the Budget and these numbers can’t be incorporated in it,” the Economic Times quoted an official as saying.
Ahead of the Union Budget 2023-24, the first revised estimates of national accounts data is being seen as crucial as it will also throw light on India’s savings and country’s growth trajectory. At a time when global headwinds are somewhat tricky, these numbers are crucial in order to gauge the economic health of the country.