New Delhi: The Economic Survey 2023-2024 will be presented by the government on Monday, ahead of the Union Budget 2024-25 scheduled for Tuesday. According to a post by the Ministry of Finance on X, Chief Economic Adviser Dr V Anantha Nageswaran will hold a media briefing after the Economic Survey is presented in the Lok Sabha.
Union Finance Minister Nirmala Sitharaman will table the pre-budget document in the Parliament. The document has been prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the Chief Economic Adviser. A report card on the economy and also the growth outlook ahead, the survey gives a detailed account of the state of the economy, prospects and policy challenges.
The Economic Survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit.
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 from 6.8 per cent projected in April. In June, the Reserve Bank of India revised the growth forecast to 7.2 from 7 per cent.
According to RBI Governor Shaktikanta Das, if the average growth India recorded over the three years is seen, the average comes to 8.3 per cent and in the current year, they have given a projection of 7.2 per cent growth.
The Union Budget will focus on supporting consumption via higher allocation for the rural economy, welfare schemes, and agriculture with higher allocations for schemes like PMAY and MNREGA, according to rating agencies.
It expects a focus on manufacturing and capex to continue as the government is likely to retain its interim budget’s target of capex and an increase in PLI allocation to more labour-intensive sectors like textiles, leather footwear and toys to aid job creation.
(With IANS Inputs)
