LIVE updates on the 2024 budget: The Economic Survey 2023-24, presented by Indian Finance Minister Nirmala Sitharaman on Monday (July 22), states that the Indian economy is on a good track despite global headwinds. However, the report also touches on the weak points of the country's economy, including agriculture, job creation, productivity, skill, external uncertainties and others. The report advocates a transition to green energy and asks the government to loosen its grip in areas where it does not have the capacity to unleash its capacity and improve its performance. The comprehensive economic document also talks about the role of corporates in promoting the traditional Indian lifestyle over glorifying sedentary, unhealthy habits. Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament today. The Economic Survey of India is a comprehensive annual report presented to Parliament ahead of the Union Budget. All macroeconomic indicators are likely to remain robust, according to the Economic Survey 2023-24. However, it adds that there is no reason for complacency, especially as external factors could have an impact. The economic document also said that the Indian financial sector is in a “turnpike moment” and added that the dominance of bank support over credit is declining. On inflation, the survey pointed out that India has one of the smallest deviations from its inflation target compared to developed economies like the US, Germany and France.
The Economic Survey is prepared by the Chief Economic Advisor (CEA) of the Ministry of Finance (MoF), who is appointed by the Prime Minister. Currently, Dr. V. Anantha Nageswaran is the Chief Economic Advisor of India. The Economic Survey of India was changed in format in 2022-23 and is now back to one volume. This change coincided with a change in leadership in the Office of the Chief Economic Advisor (CEA). Even though the report comes out just a day before the budget, its recommendations do not impose any binding constraints on the wording or content of the budget.
The survey can be accessed and downloaded at www.indiabudget.gov.in/economicsurvey and will be made available to the public once it is presented in Parliament.
