Budget 2024: Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on Monday (July 22), a day ahead of the Union Budget. The survey will serve as a report card on the economy, detailing its performance and providing a growth outlook for the future.
The Economic Survey provides a comprehensive account of the state of the economy, its prospects, and policy challenges. It is prepared by a team led by Chief Economic Adviser V Anantha Nageswaran, as reported by news agency IANS.
The Survey offers statistical information and analysis on various sectors of the economy, including data on employment, GDP growth, inflation, and the budget deficit.
IMF raises India's GDP forecast to 7% for 2024-25
India has retained its tag as the fastest-growing economy, and the Economic Survey will be presented at a time when the IMF has just raised its economic growth forecast for the country for FY25 to 7 per cent, up from the 6.8 per cent projected in April.
"The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF said.
In June, the Reserve Bank of India (RBI) revised the growth forecast to 7.2 from 7 per cent. The RBI sees India moving ahead towards an 8 per cent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as GST. "If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth," RBI Governor Shaktikanta Das said.
He also said the Indian economy in the last financial year 2023-24 contributed to 18.5 per cent of the global growth which is a major achievement as it was much lower 7 or 8 years ago. The IMF has projected that this growth will go up, he added.
What is Economic Survey?
The Economic Survey is traditionally presented a day before the Union Budget. The Finance Minister presents the Economic Survey in Parliament. Serving as a crucial annual report from the Finance Ministry, it is often referred to as an account of the economic well-being of the country. It serves as a comprehensive review of the nation's economic development in the previous fiscal year. The survey provides insights into the economic performance of the nation over the past year and serves as a key foundation for the subsequent budget. It acts as a primary means through which the government communicates the economic state of the country.
The Economic Survey is presented in two parts. The first part provides information about the state of the Indian economy, while the second part contains details of key economic indicators.
What is in the Economy Survey?
The Economic Survey is a report that provides information on the implementation of various government schemes. It highlights trends in economic growth, detailing the amount of investment in different sectors and presenting key economic indicators and sector-wise economic trends. The report aims to assess the economic situation of the country and offer insights into the direction of the economy in the upcoming fiscal year. It includes details of major economic figures and sector-specific trends, serving as an independent reference for understanding the economic policies of the government and their impact.
Who prepares Economic Survey?
The Economic Survey is prepared by the Economic Division of the Ministry of Finance. It is a document that outlines the main economic adviser's perspective. Before its release, it requires approval from the Finance Minister. The Economic Survey is presented by the Finance Minister in the Parliament. Following that, the Chief Economic Adviser presents an overview of the current financial year.
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