Economic Survey 2023-24: What is it? When will it be presented? What can you expect from it?
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.
FollowFinance Minister Nirmala Sitharaman is set to table the Economic Survey 2023-24 at 1 pm today in the Lok Sabha. The research project will provide in-depth analysis of the economy's performance in the most recent fiscal year, 2023–2024, as well as a forecast for the current fiscal year. One of the most important economic papers in the nation, it lays the foundation for the Union Budget.
What is the Economic Survey?
The main document that gives a thorough summary of the nation's economic performance during the previous year and establishes the framework for the Union Budget is the Economic Survey. It includes:
- Comprehensive Analysis: It offers a thorough summary of the nation's economic performance over the previous fiscal year, analysing a number of different industries and sectors, including services, industry, and agriculture.
- Statistics: Provides a plethora of statistics on economic variables, including employment, GDP growth, inflation, and the budget deficit, among others.
- Policy Recommendations: Makes recommendations for actions to take to alleviate economic issues and encourage expansion. The Union Budget is frequently developed with these suggestions in mind.
- Review of Government Initiatives and activities: Assess the success of government projects and activities.
Under the direction of the top economic advisor, the Ministry of Finance's Economic Division of the Department of Economic Affairs is in charge of creating the Economic Survey. Currently, V Anantha Nageswaran is India’s chief economic advisor. It will be his second Economic Survey.
When will the 2023–24 Economic Survey be presented?
The Lok Sabha will hear the Economic Survey 2023–24 at 1 pm, and the Rajya Sabha at 2 pm. Nageswaran will then speak at a news conference at the National Media Centre in New Delhi at 2:30 p.m. Today between 2:15 and 2:30 pm, you can obtain the Economic Survey 2023–24 in PDF format from the India Budget website.
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?
The GDP growth rate of India will be disclosed by the Economic Survey. In addition to assessments of the sectors that are developing quickly and those that are not, it will provide GDP growth estimates for the current and forthcoming fiscal years. A baseling growth of 6.5-7 per cent is anticipated by the Economic Survey, with room for improvement. The Economic Survey 2022–2023 predicted that GDP growth in FY24 will range from 6.8% to 6.8%.
Comprehensive information on India's fiscal deficit will also be shared. India's current budget deficit was estimated to be 5.1% in the Interim Budget 2024–25. It is now anticipated to drop to 5% for the current fiscal year due to the RBI's 2.1 lakh crore in excess transfers and robust tax receipts. Trends in price increases will be closely monitored in the Survey, which will evaluate wholesale and CPI inflation. In addition, developments in the areas of employment, agriculture, industrial performance, exports and imports, investment climate, sustainability, social sector initiatives, and governmental reforms will be closely monitored.
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