Finance Minister Nirmala Sitharaman is set to table the Interim Budget for the fiscal year 2024-25 in Lok Sabha on February 1, 2024. Every year, the Finance Ministry rolls out the Economic Survey of India, a day ahead of the Budget.<\/p>\n
The Economic Survey 2024 \u2014 prepared by the Economics Division of the Department of Economic Affairs under the stewardship of the Chief Economic Advisor \u2014 will hold a mirror to the state of India\u2019s economy in the year gone by. Additionally, it will underline the challenges that could impede the country\u2019s growth while also offering insights into opportunities.<\/p>\n
What Is An Economic Survey?<\/h2>\n
The Economic Survey is an indicator of the national economy\u2019s health over the last 12 months. Since 1964, the report has been released a day before the Union Budget, offering an analysis of the decisions taken by the government.<\/p>\n
Importance<\/h2>\n
The report performs manifold duties: First, it provides a detailed account of the country\u2019s performance in the past year. Second, it outlines how the government\u2019s development programs and policy initiatives fared during the period. Third, it acts as a prelude to the Budget and gauges economic factors such as money supply, agricultural and industrial production, infrastructure, prices, employment, exports, imports, and foreign exchange reserves, among others.<\/p>\n
Key Highlights of Economic Survey 2023<\/h3>\n\n- The survey projected a robust 7% gross domestic product (GDP) growth rate for the Indian economy in 2023-24. India\u2019s GDP growth came out to be 8.7% in the previous fiscal year, according to the report.<\/li>\n
- The report predicted a modest 6-6.8% GDP growth in FY24, but that number could go further north in the wake of macroeconomic uncertainties and political developments around the world.<\/li>\n
- India\u2019s baseline GDP is expected to grow by 11% in nominal terms and 6.5% in real terms in FY 24, as per Economic Survey 2023.<\/li>\n
- The survey insists that India quickly recovered from the pandemic blues, and that robust domestic demand and an uptick in capital capital investment will fuel growth in the upcoming year.<\/li>\n
- Furthermore, the Economic Survey 2023 said India will maintain its position as the world\u2019s fastest-growing major economy. The Indian economy was on the path to recovery to pre-pandemic levels in FY23, the survey said.<\/li>\n<\/ul>\n
What Makes the Economic Survey 2024 Different?<\/h3>\n
In recent years, the Economy Survey has been released in two parts. The first one sheds light on major economic developments while the other discusses in-depth issues, such as climate, poverty, education, and healthcare. As India goes to poll this year, the government is not supposed to release the Economy Survey ahead of the Interim budget, as per Parliament convention.<\/p>\n
What Makes the Economic Survey 2024 Different?<\/h3>\n
In recent years, the Economy Survey has been released in two parts. The first one sheds light on major economic developments while the other discusses in-depth issues, such as climate, poverty, education, and healthcare. As India goes to poll this year, the government is not supposed to release the Economy Survey ahead of the Interim budget, as per Parliament convention.<\/p>\n
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