Budget 2024-25: Nirmala Sitharaman to Present Economic Survey Today
The economic survey is an annual document presented by the Government of India before the national budget to review the state of the economy over the past year.
Union Finance Minister Nirmala Sitharaman will table the economic survey 2023-24 at around 1 pm on Monday, a day before Budget 2024-25. At 2:30 pm, Chief Economic Advisor Dr V Anantha Nageswaran will detail the state of the Indian economy in a press conference.
The economic survey is an annual document presented by the Government of India before the national budget to review the state of the economy over the past year. It also provides an overview of its short-to-medium-term prospects.
It is divided into 3 sections– Overview and CEA perspective (insights into key economic issues and the government’s stance on the financial state of the country), sectoral data and figures (data on various sectors given by respective departments and ministries), and macroeconomic statistics (national income, production, employment, inflation, balance of trade, export-import trade and other aspects of the economy).
Top points of mini economic survey
The mini economic survey tabled in January this year said that India can aspire to become a $7 trillion economy by 2030. In the report, CEA Nageswaran assured that if there aren’t much hiccups in FY25, it could be the fourth year after the COVID-19 pandemic that the Indian economy will grow at over 7 per cent.
It, however, outlined some challenges to India’s growth trajectory. The report, authored by CEA Nageswaran, noted that India’s growth outlook is not only a function of domestic performance but also reflects the spillover effects of global developments.
He added that artificial intelligence (AI) poses a huge challenge to governments around the world due to its impact on employment, especially in the services sector. It further mentioned that AI may alleviate cost competitiveness enjoyed by countries exporting digital services.
The report also said India will face challenges in exporting goods and services in the current times due to geopolitical tensions and Red Sea crisis, leading to slower growth in global trade in 2023.
“This reinforces the need to lower logistics costs and invest in product quality to hold on to and expand market share in areas where India has an advantage,” mini economic survey read.
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