Union Finance Minister Nirmala Sitharaman will present the Economic Survey in Parliament on Monday (July 22), a day before the Union Budget. The poll will act as an economic report card, assessing performance and forecasting future development.
The Economic Survey provides a detailed analysis of the economy’s current situation, prospects, and policy concerns. It is being drafted by a team led by Chief Economic Adviser V Anantha Nageswaran, according to news agency IANS.
The Survey provides statistical data and analysis on different aspects of the economy, including as employment, GDP growth, inflation, and the budget deficit.
IMF improves India’s GDP projection to 7% in 2024-25
India is the world’s fastest-growing economy, and the Economic Survey will be released at a time when the IMF has recently boosted its FY25 economic growth prediction to 7%, up from 6.8% in April.
“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said.
In June, the Reserve Bank of India (RBI) reduced its growth prediction to 7.2 percent from 7%. The RBI envisions India moving ahead to an 8% GDP growth trajectory on a sustained basis, supported by fundamental economic changes such as GST. “If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth,” RBI Governor Shaktikanta Das said.
He also stated that the Indian economy produced 18.5% of global growth in the fiscal year 2023-24, a significant achievement given that it was considerably smaller seven or eight years earlier. The IMF has anticipated that this growth will accelerate, he noted.
What is an Economic Survey?
The Economic Survey is generally released the day before the Union Budget. The Finance Minister gives the Economic Survey to Parliament. It serves as an important yearly report from the Finance Ministry and is sometimes referred to as an account of the country’s economic well-being. It provides a detailed evaluation of the nation’s economic development throughout the preceding fiscal year. The study gives insights into the nation’s economic performance during the previous year and acts as a fundamental basis for the upcoming budget. It serves as the principal way by which the government communicates about the country’s economic situation.
The Economic Survey is provided in two sections. The first section discusses the health of the Indian economy, while the second section delves into crucial economic statistics.
What is included in the Economic Survey?
The Economic Survey is a report that contains information about the implementation of several government projects. It emphasises economic growth patterns, details investment in various areas, and presents key economic statistics and sector-specific economic trends. The study attempts to examine the country’s economic status and provide insight into the economy’s path in the future fiscal year. It offers data on significant economic numbers and sector-specific trends, making it an unbiased reference for understanding the government’s economic policies and their impact.
Who prepares the Economic Survey?
The Economic Division of the Ministry of Finance is responsible for preparing the Economic Survey. It is a paper that expresses the principal economic adviser’s viewpoint. Before it can be released, the Finance Minister must provide his consent. The Finance Minister presents the Economic Survey before Parliament. Following that, the Chief Economic Adviser will provide a summary of the current fiscal year.
