Finance Minister Nirmala Sitharaman will present the Economic Survey in Parliament today, July 22, 2024. This comes a day before she presents the Union Budget for the seventh consecutive time.
Parliamentary Announcement
Union Minister of Parliamentary Affairs Kiren Rijiju confirmed the schedule:
- Economic Survey: July 22, 2024
- Budget for Jammu and Kashmir: July 23, 2024
Preparation of the Economic Survey
- Prepared by: The Economic Division of the Department of Economic Affairs, Ministry of Finance.
- Supervision: Under the chief economic adviser.
Purpose and Content
- Insights: The Economic Survey provides insights into the state of the economy and various indicators for the financial year 2023-24 (April-March).
- Outlook: It also offers an outlook for the current year.
History of the Economic Survey
- First Survey: Conducted in 1950-51, initially part of the budget documents.
- Separation: In the 1960s, the Economic Survey was separated and presented a day before the Budget.
Themes of Past Economic Surveys
- 2022 Theme: ‘Agile Approach’ – Focused on India’s economic response to the Covid-19 pandemic
- 2023 Theme: ‘Recovery Complete’ – Emphasized the economy’s recovery amid the Russia-Ukraine war and returning to pre-Covid levels.
Upcoming Budget Highlights
Government’s First Major Policy Announcement: This Budget will be the first major policy announcement by Prime Minister Narendra Modi’s government after securing a third term in Lok Sabha elections.
Economic Forecasts
- RBI GDP Forecast: The Reserve Bank of India raised the GDP forecast for 2024-25 to 7.2% from 7%.
- IMF Growth Projection: The International Monetary Fund increased India’s growth projections for 2024 from 6.8% to 7%.
Conclusion
The Economic Survey and Budget 2024 are crucial documents that provide a comprehensive overview of India’s economic state and future outlook. They will guide the government’s financial and economic policies for the coming year.
