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.
The economic survey 2024 will be presented by Union Finance Minister Nirmala Sitharaman today at approximately 1 pm, one day ahead of the 2024-25 union budget. At a news conference at 2:30 pm, Chief Economic Advisor Dr. V Anantha Nageswaran will give a summary of the Indian economy.
What is the Economic Survey 2024?
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 of India. A summary of its short-to-medium-term potential is also given.
The document is divided into three sections: overview and CEA viewpoint, which provides insight into significant economic concerns and the government’s position about the nation’s financial situation; Whereas sectoral data and figures are provided by particular departments and ministries, macroeconomic statistics, which cover national income, production, employment, inflation, balance of trade, export-import trade, and other aspects of the economy, are different.
Top points of the Indian economic survey 2024
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 of more than 7% following the COVID-19 pandemic.
It did, however, highlight a few obstacles to India’s projected development rate. India’s growth projection, according to the report written by CEA Nageswaran, is dependent on domestic performance and takes into account the effects of global events.
He continued by saying that because of its effects on employment, particularly in the services sector, artificial intelligence (AI) presents a significant challenge to governments around the globe. It went on to say that AI might reduce the cost competitiveness that nations that export digital services enjoy.
According to the paper, 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 international commerce in 2023.
Budget 2024 Expectations
On Tuesday, July 23, Finance Minister Nirmala Sitharaman will deliver the Union Budget 2024-25 to the Parliament. After the Modi 3.0 government was victorious in this year’s Lok Sabha election for 2024, this will be its first budget.
The country’s salaried class is hopeful that Sitharaman will announce some much-needed tax relief, and with more development projects planned throughout the nation this year, infrastructure and railroads may see a capital expenditure boost.
Breaking the record set by Morarji Desai’s six budget presentations, Sitharaman will become the first Finance Minister to present seven straight budgets with the release of the Indian budget 2024.
Similar to the last few complete Union budgets, Budget 2024 will be distributed electronically. The nation was about to hold general elections, thus on February 1st, an interim union budget for 2024 was announced.
The middle class is anticipating simplified capital gain tax regimes, an increase in the standard deduction limit, and an increase in the basic tax exemption limit under the new income tax regime in exchange for tax relaxations.
During the budget formation discussions, a team of economists recommended to the ministry that the future budget should prioritize cutting the fiscal deficit in addition to the need to create jobs.