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PremiumEconomic Survey 2024 Updates: Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 on Monday, ahead of the highly anticipated Union Budget 2024-25 set to be unveiled the following day. The Union Budget for the fiscal year 2024-25 will be introduced in Parliament this Tuesday by Sitharaman, marking the first budget of Prime Minister Narendra Modi's third term.
The Monsoon session, which begins today, will feature 19 sittings until August 12. During this session, the government plans to present six bills, including one to replace the 90-year-old Aircraft Act, and seek Parliament's approval for the budget of Jammu and Kashmir, which is currently under central rule.
Chief Economic Advisor V. Anantha Nageswaran has expressed confidence in achieving the 7 percent growth target set in the Economic Survey 2023-24, presented on July 22. Nageswaran noted that while meeting this target is attainable, there are several risk factors to consider, such as unpredictable weather patterns, growing financial market uncertainties in developed economies, and geopolitical complexities. The government remains hopeful about achieving the growth target despite these challenges.
The Indian economy faces several challenges and four of these were listed by Chief Economic Advisor V Ananta Nageshwaran and his team in their “mini Economic Survey" ahead of the Interim Budget in January 2024.
These could be addressed in the upcoming full Budget 2024, which Finance Minister Nirmala Sitharaman will announce on July 23, and the Economic Survey 2024, which is scheduled to be tabled in Parliament today, a day ahead of the Budget. We take a look at what these challenges mentioned in the document titled ‘The Indian Economy: A Review’ are.
While aspects of the Union Budget and the Economic Survey may be similar, there are key differences between the two:
Usually, the Economic Survey is presented on January 31, ahead of the February 1 Budget announcement. However, due to the 2024 general elections this year, both the Eco Survey and full Budget were pushed to after the elections were complete.
As per the Parliamentary convention the incumbent government is not supposed to present the Economic Survey with the Interim Budget presented in the election year.
A mini ‘Eco Survey’ or review document was instead released.
This year, the Economic Survey 2023-24 will be presented by Finance Minister Nirmala Sitharaman in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm, followed by a press conference by CEA Nageswaran.
"The document serves the purpose of stock-taking. Further, it holds significance as it acquaints citizens with the state of the economy and informs them of key economic decisions of the government which have a bearing on their lives," Nageswaran wrote for Mint.
"The publication reviews the overall economic development over the past financial year by analysing and providing detailed statistical data on all aspects and sectors of the economy, ranging from industry, agriculture and services to the external sector, financial sector, prices, physical and social infrastructure, etc. While each ministry/department/regulator has its annual report, which offers an overview of their respective activities over a year, the Economic Survey pulls them together in one ‘master’ document. It serves as a go-to resource for many," he noted.
The Economic Survey is the most authoritative and comprehensive analysis of the economy that is conducted from within the Union government. It reviews the country's development over the past financial year and gives detailed statistical data across sectors such as agriculture, employment, exports, industries, and prices, among others.
It gives a broad picture of the economy before the Budget and provides a guide for the next financial year on which sectors require attention and allocation, government programmes and policy support.
Notably, however, recommendations and assessment in the document are not binding on the Union Budget.
The Economic Survey serves a summary of the sucess and failures of major development programmes, tracks policy implementations and the country's economic performance. It also provides an outlook for the upcoming financial year.
The document consists of two parts — Part A, which includes India's economic developments and challenges and a broad review of the economy; and Part B, which analyses the past financial year over specific topics such as social security, poverty, education, healthcare, human development, and climate.
The Economic Survey is an “annual report" or comprehensive review of the Indian economy during the financial year ended. It is prepared by the Finance Ministry's Department of Economic Affairs — Economics Division, under the country's Chief Economic Advisor (CEA).
This year's Eco Survey will be released by CEA V Anantha Nageswaran today, and then tabled in Parliament by Finance Minister Nirmala Sitharaman, a day ahead of the Budget announcement.
Finance Minister Nirmala Sitharaman is scheduled to table the Economic Survey 2024 document, submitted by India's Chief Economic Advisor V Ananta Nageswaran and his team, in Parliament today, on July 22 — a day ahead of the Union Budget announcement tommorow.
