Image Credits- Mint
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2024 tomorrow, the Economic Survey 2023-24 is set to be unveiled in Parliament today. This annual document reviews the past fiscal year’s economic performance and provides a framework for the upcoming budget’s budgetary policies.
The Economic Survey 2023-24, prepared by Chief Economic Advisor V. Anantha Nageswaran, is expected to present a promising economic outlook for India, projecting a growth rate of 6.5% for the fiscal year 2024-25. This forecast builds on the groundwork laid in the Economic Survey 2022-23, which had anticipated a slower recovery from the COVID-19 pandemic but predicted a strong rebound in economic activity.
In the previous year’s survey, India was projected to grow at 6.8% for the fiscal year 2023-24. The actual growth has aligned closely with these predictions, underscoring the effectiveness of the government’s economic policies. The 2022-23 survey highlighted a post-pandemic recovery driven by increased domestic consumption, robust industrial production, and significant government investments in infrastructure. For the current year, the Economic Survey 2023-24 will likely emphasize the success of various economic reforms introduced over the past year. Notable among these is the continuation of the National Monetization Pipeline (NMP), which has advanced infrastructure projects and attracted over ₹1.5 trillion in private investments. The survey will also review the progress of the Digital India initiative, which has improved digital access and literacy, especially in rural areas.
Fiscal policies will be a key focus, with the survey expected to address the government’s approach to managing the fiscal deficit, which is projected to be around 4.1% of GDP for 2024-25. The Economic Survey will discuss strategies for maintaining fiscal discipline while supporting sustainable economic growth. Additionally, the survey is anticipated to examine global economic conditions such as volatile oil prices and geopolitical tensions, which have influenced India’s external trade and investment landscape.