Finance Minister Nirmala Sitharaman is set to table the Economic Survey 2023-24 at 1 pm today in the Lok Sabha. The survey will give detailed insights of the state of the economy in the past financial year 2023-24, and some outlook for the current fiscal. It is one of the key economic documents in the country, which sets the stage for the Union Budget.
What is the Economic Survey?
The Economic Survey is the key document that provides a detailed overview of the country’s economic performance in the past year and sets the stage for the Union Budget. It contains:
Comprehensive Analysis: It provides a detailed overview of the economic performance of the country over the past financial year, including analysis of various sectors such as agriculture, industry, and services.
Statistical Data: Contains a wealth of statistical data related to economic parameters like GDP growth, inflation, employment, fiscal deficit, and more.
Policy Recommendations: Suggests policy measures to address economic challenges and promote growth. These recommendations are often considered in the formulation of the Union Budget.
Review of Government Programmes: Evaluate the effectiveness of government programmes and initiatives.
Who Prepares the Economic Survey?
The Economic Division of the Department of Economic Affairs, the Ministry of Finance, is responsible for preparing the Economic Survey, under the supervision of the chief economic advisor. Currently, V Anantha Nageswaran is India’s chief economic advisor. It will be his second Economic Survey.
When Will the Economic Survey 2023-24 Be Presented?
The Economic Survey 2023-24 will be presented in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm. Following this, Nageswaran will address the press conference at 02:30 pm at the National Media Centre in New Delhi.
The PDF of the Economic Survey 2023-24 can be downloaded from the India Budget portal today at around 2:15-2:30 pm. Here’s the link.
Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 at 11 am in Parliament on Tuesday, July 23.
Economic Survey 2023-24: What To Watch Out For?
GDP Growth: The Economic Survey will share India’s GDP growth rate. It will have projections for GDP growth for the current upcoming fiscal years, apart from analysis on sectors growing well and those lagging behind. The Economic Survey is expected to project a baseling growth of 6.5-7 per cent, with a potential for an upside. During FY24, India’s GDP growth stood at an impressive 8.2 per cent. The Economic Survey 2022-23 had pegged GDP growth at 6-6.8 per cent for FY24.
Fiscal Deficit: It will also share detailed insights on India’s fiscal deficit. In Interim Budget 2024-25, India’s fiscal deficit was pegged at 5.1 per cent for the current fiscal. It is now expected to reduce to 5 per cent for the current financial year amid RBI’s surplus transfers of 2.1 lakh crore and strong tax collections.
Inflation Trends: Price rise trends will be keenly watched in the Survey, which will have assessment for both wholesale and CPI inflation.
Apart from these, insights will also be keenly watched on employment, agriculture, industrial performance, exports & imports, investment climate, sustainability, social sector schemes and government reforms.
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