Inflation control: coordinated monetary, fiscal and supply measures brought consumer and wholesale inflation within tolerance limits.
Prompt monetary and fiscal action alongside supply-side interventions curtailed inflationary pressures in 2022, bringing both consumer and wholesale inflation toward the central bank's tolerance range. Policy measures included tightening under the liquidity adjustment framework by the central bank and fiscal steps such as excise reductions on fuels, export restrictions and duties, import duty rationalisation, stock limits and buffer stocks for key food items, together with a new integrated food security programme to protect vulnerable households.

Trust-based governance and public digital infrastructure reforms strengthen investment climate and enable medium-term economic growth potential.
The document identifies post 2014 reforms that reorient growth through creation of public goods, trust-based governance, private sector partnership and agricultural productivity measures. It emphasises public physical and digital infrastructure investment, regulatory simplification, tax restructuring, liberalised FDI and targeted MSME and agri reforms to improve ease of doing business, crowd in private investment, increase formalisation and financial inclusion, and support renewed credit driven investment as global shocks dissipate.

Export resilience supported by rupee settlement and macro buffers reduces external vulnerability and aids balance of payments stability.
India's external sector is resilient due to export growth across key sectors, policy measures to nurture comparative advantage, and macro buffers. The Survey notes rising imports from revived activity and commodity prices but emphasises that services surpluses and remittances mitigate external pressures. It projects the Current Account Deficit to remain manageable and highlights the promotion of rupee invoicing and settlement via special Rupee Vostro accounts as a measure to reduce foreign exchange dependence, alongside comfortable external debt ratios and substantial forex reserves acting as shock absorbers.

GDP growth projection tied to domestic demand, capex momentum and credit expansion amid external risks confronting the outlook.
Projected GDP growth for the coming fiscal year is driven by robust domestic demand, expanding capital expenditure, a rebound in contact-intensive services, and strengthened corporate and banking balance sheets enabling credit expansion. Public capex has crowded in private investment and stimulated construction activity, while targeted support has boosted MSME credit. Downside risks include global shocks, elevated inflation, commodity price volatility, a widening current account deficit, and potential currency depreciation, making the domestic expansion conditional on external developments and sustained private capex.

Fiscal and monetary stability underpin recovery, stressing capex-led growth, credit expansion and green investment frameworks.
Broad-based recovery is driven by strengthened domestic demand, higher public and private capital expenditure and credit expansion to MSMEs and NBFCs, with a capex-led growth strategy and improved balance sheets underpinning a renewed investment cycle. Fiscal measures show buoyant direct tax and GST revenues alongside higher central capital spending and incentives to states to prioritise infrastructure, aimed at preserving a positive growth-interest rate differential. Monetary tightening, moderated liquidity and supply-side fiscal interventions complement inflation management. Expanded social spending, digital public infrastructure and green finance initiatives support inclusion and the energy transition.

Services sector growth drives stronger credit and investment outlook, boosting exports and digital services expansion.
The services sector rebounded in FY22 with 8.4% YoY growth and is projected to attain 9.1% GVA growth in FY23, led by a 13.7% rise in contact intensive services; bank credit to the sector rose 21.3% YoY, services exports strengthened-notably software and IT BPM-and record FDI inflows were recorded, while sub sectors such as IT BPM, e commerce, tourism, real estate and digital financial services showed marked recovery amid potential external downside risks.

Budget session commencement highlights President's first address and call for a citizen-focused budget and constructive parliamentary debate.
The Prime Minister opened the Budget Session, marked the President's first address to the joint sittings, and urged respect for parliamentary traditions and constructive participation. He noted the upcoming Finance Minister's budget presentation as aimed at addressing citizens' aspirations and drawing global attention amid challenging economic conditions, reiterated the government's priority of the nation and citizens, and called for rigorous but productive debate to shape useful national policy.

Paperless Union Budget delivery expands digital access to constitutionally prescribed budget documents via a mobile app.
The Union Budget will be presented in paperless form with all 14 constitutionally prescribed budget documents published on the Union Budget Mobile App in bilingual format for MPs and the public after the Finance Minister's Budget Speech; the App is downloadable from the Union Budget Web Portal.

Public debt management: issuance below calendar, yields hardened and maturities shortened amid liquidity pressures.
Central Government borrowing in July-September 2022 involved issuance of dated securities below the notified calendar amount, with primary yields hardening and weighted average maturity of new issuances shortening. No cash management bills were issued and RBI did not conduct open market operations; liquidity absorption under LAF was substantial. Total gross liabilities rose quarter on quarter, public debt increased its share of liabilities, and a significant share of outstanding dated securities had residual maturities under five years.

Budget consultations propose policy measures to support MSMEs, green technologies, labour protections and infrastructure in forthcoming budget.
Pre-budget consultations were held virtually with over one hundred invitees across seven stakeholder groups and senior finance officials to collect proposals for the forthcoming Union Budget. Stakeholder suggestions included green certification for MSMEs, an urban employment guarantee programme, income tax rationalisation, innovation clusters, measures to strengthen domestic supply chains, tax and policy support for electric vehicles and green hydrogen, a Social Sector Entrepreneurship Fund, care-economy worker training and accreditation, portable social benefits for children, a national regulatory authority for water and sanitation, expanded ESIC coverage for unorganised workers, continuation of public capital expenditure, and fiscal consolidation with customs duty adjustments.

Intergovernmental fiscal consultation: states submitted budget priorities after recognition of central borrowing and devolution support, for review.
Pre-budget intergovernmental consultation assembled state and union finance officials to present proposals for Budget 2023-24; participants acknowledged central fiscal support measures-enhanced borrowing limits, two advance devolution installments, and Special Assistance for capital expenditure-and the Union Finance Minister committed to examine the submissions as part of the consultative budgetary process.

Finance Act 2022: virtual digital assets taxed at 30%, stricter charity compliance, faceless assessment expanded.
The Finance Act, 2022 revises income tax chargeability, surcharge bands and adds a 4% Health and Education Cess; defines "virtual digital asset" and taxes transfers of such assets at 30% with only cost of acquisition allowed and no carry forward of losses; tightens trust and institutional compliance by amending sections on registration, corpus, accumulation, audit and cancellation of approvals; creates a 24 month updated return regime with required tax payment and additional income tax for delays; expands faceless assessment architecture and prescribes electronic process, video hearings and automated workflows; and updates customs/excise tariff rates and classifications.

Finance Bill 2022 taxes transfers of virtual digital assets at 30% with no deductions allowed.
The Bill defines virtual digital asset and establishes a dedicated tax regime: income from transfer of virtual digital assets is subject to tax at thirty per cent, with no deduction except cost of acquisition, no set off of losses against other income, and no carry forward of such losses; a parallel thirty per cent rate applies to specified incomes of certain exempt entities; the Central Government may, by notification, exclude particular digital assets from the definition.

Definition of Transfer expanded to include virtual digital assets, changing tax treatment and reporting obligations for such assets.
Proposed Finance Bill amendments expand statutory references to include electronic and digital forms, explicitly apply the concept of transfer to virtual digital assets, and create a recomputation rule treating disallowed surcharge or cess deductions as deemed under reported income for penalty purposes while allowing a prescribed recomputation and payment route to avert under reporting treatment.

Central Excise notification amendments propose to update existing excise notification framework and supersede prior notification.
Central Excise notification changes amend an earlier consolidated notification and supersede an older central excise notification, effecting procedural and regulatory modifications to the existing legal instruments that govern central excise levy and related administrative provisions to align with budgetary policy.

Customs tariff amendments update exemptions, cess rates, rescissions and concessional import rules affecting import duty treatment.
Amendments revise the customs tariff framework by modifying notification provisions to adjust effective rates of the Agriculture Infrastructure and Development Cess, exempt the Social Welfare Surcharge for specified marble, travertine and certain precious metals, rescind multiple prior notifications, and amend rules governing concessional import duty and related non tariff procedural measures to align levy and exemption mechanics.

Tax regime reforms: updated return facility and targeted taxation of virtual digital assets to boost compliance and clarity.
The Budget prioritizes large public capital expenditure via PM GatiShakti to expand transport and logistics infrastructure, complemented by targeted schemes for agriculture, digital education, health, and regional development; financing includes sovereign green bonds and long-term state capital assistance. Tax reforms promote voluntary compliance through an updated return facility, introduce a 30% tax regime with restrictive set-off and TDS for virtual digital asset transfers, provide parity and reliefs for cooperatives and state employees' pension contributions, extend startup and manufacturing tax incentives, streamline customs exemptions and move SEZ customs administration onto an IT-driven national portal.

Taxation of virtual digital assets: new fixed rate tax, restrictive deductions, TDS and no set off for losses.
Direct tax measures introduce an Updated Return permitting declaration of omitted income within two years on payment of additional tax, reduce alternate minimum tax and surcharge for cooperative societies, extend start up and concessional regime timelines, establish a specific tax regime for transfers of virtual digital assets with fixed rate taxation, restrictive deductions, disallowance of set offs for losses and TDS on transfers and gifts, and adopt litigation management by deferring departmental appeals on identical legal questions pending in higher courts.

Urban planning reform: proposed high-level committee to recommend policies and governance changes for sustainable cities.
Proposal to constitute a high-level committee of urban planners, economists and institutions to recommend reforms in urban policy, planning, implementation, capacity building and governance to enable orderly urban expansion, strengthen metropolitan and secondary city roles, and reimagine cities as centres of sustainable living with inclusive opportunities for women and youth.

Trust-based governance to streamline approvals, digitise services and eliminate overlapping compliances for easier business operations.
Trust-based governance will drive Ease of Doing Business 2.0 through digitisation, Central-State IT integration, single-point citizen services and rationalisation of compliances. PARIVESH will be expanded for single-form, location-specific green clearances with CPC-Green tracking. States will be encouraged to adopt a Unique Land Parcel Identification Number and transliteration of records. Procurement reforms include an end-to-end online e-bill system and acceptance of surety bonds in place of bank guarantees. Institutional measures include an AVGC task force, C-PACE for accelerated voluntary winding-up, a design-led 5G PLI strand, and opening defence R&D to industry with earmarked budget and SPV facilitation.