FM Nirmala Sitharaman to Present Economic Survey 2023-24 in Parliament
Union Finance Minister Nirmala Sitharaman will release the Economic Survey 2023-24, marking the commencement of the Monsoon Session of Parliament. This crucial document, prepared by the Economic Division of the Department of Economic Affairs under the Ministry of Finance, is formulated under the guidance of Chief Economic Adviser Dr. V. Anantha Nageswaran.
The Economic Survey acts as a comprehensive report card on the nation’s economy, presenting a detailed analysis of the current economic landscape, growth prospects, and policy challenges. It offers an in-depth statistical overview of various economic sectors, including key metrics such as employment rates, GDP growth, inflation trends, and the budget deficit.
According to a post by the Ministry of Finance on social media platform X, Chief Economic Adviser Dr. V. Anantha Nageswaran will address the media later in the afternoon following the presentation of the Economic Survey in the Lok Sabha.
Traditionally, the Economic Survey is published on January 31, preceding the Union Budget presentation by the Finance Minister. However, in election years, the government adheres to constitutional norms by presenting a shorter report titled "The Indian Economy - A Review" and tabling an interim budget in February.
This year's Economic Survey comes at a critical juncture as several major global economies face economic turbulence. In contrast, India continues to solidify its status as the world’s fastest-growing economy. The International Monetary Fund (IMF) recently revised its economic growth forecast for India for FY25 to 7 percent, up from the 6.8 percent projected in April. Similarly, the Reserve Bank of India (RBI) revised its growth forecast to 7.2 percent from 7 percent in June. RBI Governor Shaktikanta Das noted that India’s average growth over the past three years stands at 8.3 percent, with a 7.2 percent growth projection for the current year.
The forthcoming Union Budget is expected to prioritize supporting consumption through increased allocations for the rural economy, welfare schemes, and agriculture. Enhanced funding for programs such as the Pradhan Mantri Awas Yojana (PMAY) and the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) is anticipated. Additionally, the government is likely to maintain its focus on manufacturing and capital expenditure, with increased allocations under the Production Linked Incentive (PLI) scheme aimed at labor-intensive sectors like textiles, leather footwear, and toys to spur job creation.