FM Nirmala Sitharaman to Present Economic Survey 2023-24 in Parliament Today
Union Finance Minister Nirmala Sitharaman is set to release the Economic Survey 2023-24 on Monday, coinciding with the first day of the Monsoon Session of Parliament. This crucial document has been prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance, under the guidance of Chief Economic Adviser Dr. V. Anantha Nageswaran.
The Economic Survey serves as a comprehensive report card on the nation’s economy, detailing the current state, future prospects, and policy challenges. It offers a thorough analysis of various economic sectors, including employment, GDP growth, inflation, and the budget deficit.
According to a post by the Ministry of Finance on the 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, just before the Union Budget presentation. However, in election years, the government follows 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 is particularly significant as it arrives at a time when many major global economies are facing economic challenges. In contrast, India continues to uphold its reputation as the world’s fastest-growing economy. The International Monetary Fund (IMF) recently raised 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.
