Nirmala Sitharaman will provide the Economic Survey for the 2024–25 budget today. Details are available here.
The economic survey 2023–24 will be presented by Union Finance Minister Nirmala Sitharaman on Monday at approximately 1 pm, one day ahead of the 2024–25 budget. Dr. V Anantha Nageswaran, the Chief Economic Advisor, will provide an overview of the Indian economy at a press conference at 2:30 pm.
The Indian government reviews the status of the economy for the previous year in an annual report called the economic survey, which is issued before the national budget. A summary of its short-to medium-term potential is also given.
It is broken down into three sections: macroeconomic statistics (national income, production, employment, inflation, balance of trade, export-import trade, and other aspects of the economy); sectoral data and figures (data on various sectors given by respective departments and ministries); and Overview and CEA perspective (insights into key economic issues and the government’s stance on the financial state of the country).
Highlights of the brief economic survey
According to the brief economic study that was presented in January of this year, India’s GDP could reach $7 trillion by 2030. According to CEA Nageswaran’s assessment, assuming FY25 goes smoothly, it may be the fourth year in a run that the Indian economy grows at a rate more than 7% following the COVID-19 pandemic.
It did, however, highlight a few obstacles to India’s projected development rate. According to the study, which was written by CEA Nageswaran, India‘s economic prospects are influenced by both internal and international factors.
He went on to say that because of the way artificial intelligence (AI) is affecting employment, particularly in the services industry, governments everywhere are facing enormous challenges. It went on to say that AI might reduce the cost competitiveness that nations that export digital services enjoy.
The survey also stated that the Red Sea situation and geopolitical tensions will make it difficult for India to export products and services currently, which will slow down the expansion of global commerce in 2023.
“This reinforces the need to lower logistics costs and invest in product quality to hold on to and expand market share in areas where India has an advantage,” a brief economic assessment stated.
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