Pooja Mahabadi, Pune
The economic Survey is an integral part of the Budget, it is an annual document that is served to the Parliament to review the state of the government in the past year.
The Union Finance Minister Nirmala Sitharaman will present the Economic Survey to the Table, the survey will be presented to the Parliament at 1 pm today, and the Union Budget will be out the next day- 23rd July 2024.
Chief Economic Advisor, Dr V Anantha Nageswaran at 2:30 pm today will further elaborate the State of the Indian Economy in a press Conference.
The survey is divided into three sections. The first section will talk about the overview and the perspective of the Chief Economic Advisor. This part will look into the key economic insights and the government’s take on the nation’s financial state. The following part will be the Data and Analytical sectoral data, these numbers are the data from respective departments and ministries. The last section of the survey will focus on the Macroeconomic statistics like the annual income of the state, industrial and agricultural production, employment levels, the balance between import and export trades, and several other aspects of the Indian and Global economy.
The mini-economic survey submitted in January said that India aims to become a $7 trillion economy by 2030. In this report, the Chief Economic Advisor said that if there are no challenges in the coming months ahead of the Union Budget the Financial Year (FY) 25 could be the fourth consistent year after the Covid-19 pandemic that India’s economy will grow at 7 percent. The report also informed the the challenges the jobs will face due to increasing pressure from AI. As India heads an economic journey, jobs remain a challenge- there were several conversations about the same.
Further challenges that the nation might face in its new stable economy include the exports, especially the Red Sea crisis. India needs to focus on its increasingly integrated Economy on international grounds. The Finance minister should carefully consider its neighbors when it comes to onshoring.
Nirmala Sitharaman with this budget will make a new record surpassing the old one presented by former Prime Minister Morarji Desai, with five annual budgets and one Interim budget. The Economic Survey promises a steadfast economy for example 20 per cent highest GDP in FY 24 than FY 20.