The Budget session of the Parliament began on a significant note today, July 22, and the Union Finance Minister, Nirmala Sitharaman presented the Economic Survey 2023-24.
This document, tabled on July 22, sets the stage for the first full-fledged Union Budget of the NDA government since its re-election for a third consecutive term.
As the nation eagerly awaits with several expectations, the Union Finance Minister Nirmala Sitharaman will present the Budget 2024 on July 23 (Tuesday) in Lok Sabha.
The Economic Survey 2023-24 provides a comprehensive overview of the country's economic health, detailing crucial statistics and trends. Such as growth projections, fiscal performance, policy initiatives and challenges and opportunities ahead.
The Economic Survey 2023-2024, document is divided in two parts and provides a detail analysis of the country's economic landscape. The first part of the documents contains Economic Developments and Challenges, which gives a broad review of the economy and the challenges the country faces.
The second part is on the specific analyses of the past financial year and focuses on specific topics, and analysing the past financial year's performance in areas such as social security, poverty, education, healthcare, human development, and climate.
Key Projections and Insights
GDP Growth Forecast - One of the standout points in the Economic Survey is the projection for India's real GDP growth. The survey pegs India's GDP growth at 8.2 per cent for FY24.
The survey conservatively estimates a growth rate of 6.5-7 per cent for FY25.
Retail Inflation Trends - The survey also reports a positive trend in retail inflation, which has decreased to 5.4 per cent in FY24 from 6.7 per cent in FY23.
The Economic Survey 2023-24 will first be presented in the Lok Sabha and then in the Rajya Sabha during the ongoing Budget Session.
