Today, the Union government presented the Economic Survey 2023–24 in both houses of Parliament. Finance Minister Nirmala Sitharaman shared this important report a day before unveiling the full budget for 2024–25. The survey was first presented in the Lok Sabha and then in the Rajya Sabha. Afterward, Chief Economic Adviser Ananta Nageswaran held a press conference.
Finance Minister Nirmala Sitharaman presented the Economic Survey 2023–24 on Monday, stating that the Indian economy is strong and stable. The survey, released a day before the budget on July 23, predicts GDP growth of 6.5–7% for FY25. It was noted that inflation remains in check, except for certain food items.
The trade deficit for FY24 was lower than the previous year, and the current account deficit stood at 0.7% of GDP, with a surplus in the last quarter. India’s foreign exchange reserves are plentiful, supporting economic stability. Public investment has boosted capital formation, and the private sector, having resolved balance sheet issues, is now showing promising signs of increased investment since FY22.
This year’s budget is highly anticipated, as many global economies are facing challenges. India, however, continues to be recognized as the fastest-growing economy.
The Economic Survey is a detailed report produced by the Economic Division of the Ministry of Finance, overseen by the Chief Economic Adviser. It provides a comprehensive overview of the economy. Offering insights into key economic indicators like GDP growth, inflation, employment, and the budget. Focusing on the current economic state, prospects, and all the challenges. Each year's survey highlights a central theme; for instance, recent themes have included India’s economic resilience post-COVID-19 and recovery from global economic shocks.
Congress MP Manickam Tagore said, “We want the Finance Minister to address the real issues of jobless India states being discriminated against, which are ruled by the opposition parties. We know that the government is working for the super-rich.
They always forget the ordinary man in the whole game. In the past 10 years, we have seen budgets that supported the super-rich and left the middle class, lower middle class, and poor. There are issues that should be addressed. The common man, middle class, and salaried individuals have high expectations from Budget 2024 as they expect income tax relief from Nirmala Sitharaman.