Economic Survey Date: Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on July 22, preceding the Union Budget 2024-25. This report serves as an economic assessment and a preview of future growth prospects.
The Budget Session of the Parliament will begin from July 22, 2024 and conclude on August 12, 2024, Parliamentary Affairs Minister Kiren Rijiju had said. Sitharaman will present the first Union Budget (2024-25) of Prime Minister Narendra Modi’s third term on July 23.
The Economic Survey is an annual document prepared by the government’s Ministry of Finance in India. It serves as a comprehensive report on the state of the economy over the past year and provides insights into the economic policies and reforms undertaken. The survey covers various aspects such as GDP growth, inflation rates, fiscal developments, sectoral performances, employment trends, and social sector initiatives.
The Economic Survey is prepared by a team led by chief economic adviser V Anantha Nageswaran.
Where to Watch Economic Survey presentation?
–Budget Session: The Economic Survey is officially presented to both houses of Parliament (Lok Sabha and Rajya Sabha) by the Finance Minister. This presentation is usually covered live by parliamentary proceedings and can be watched on Sansad TV.
–Government Websites: The Ministry of Finance or the Government of India also publishes the Economic Survey on their official websites. You can access these documents as soon as they are released for public viewing and download. All details of the economic survey can be found here – https://www.indiabudget.gov.in/
–News Channels and news websites: Major news channels in India will cover the presentation of the Economic Survey live or provide summaries and analyses shortly after its release. FinancialExpress.Com will also provide all live coverage of the Economic Survey.
–Social Media: Government ministries and officials, as well as news organizations, often share updates and highlights from the Economic Survey on their social media platforms such as Twitter, Facebook, and YouTube.
–Print Media: Newspapers, including Financial Express, and business magazines also cover the Economic Survey extensively. They provide detailed analysis, summaries, and key takeaways from the survey.
IMF forecast of India’s GDP
In July, the International Monetary Fund (IMF) has revised India’s growth forecast for the 2024-25 fiscal year upward to 7% from its earlier estimate of 6.8%. This revision is attributed to improving private consumption, especially in rural areas of India. The IMF’s World Economic Outlook report also maintains its projection of 6.5% GDP growth for India in the subsequent financial year of 2025-26.
The IMF had previously upgraded its forecast in April from 6.5% to 6.8%, indicating a continued positive outlook for India’s economic trajectory amidst global and domestic economic dynamics.