Economic Survey Of India 2024 To Be Out Soon: Know All About It
The survey provides a macroeconomic overview, that includes GDP growth rates, inflation figures, fiscal deficit, current account deficit, and sectoral performances.
The Economic Survey of India, which is usually released a day prior to the Union Budget, is expected to be released on July 22. This is as Finance Minister Nirmala Sitharaman will be presenting this year's budget on July 23.
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The survey is an annual report released by the Ministry of Finance and serves as an important document that provides a comprehensive analysis of the country's economic performance and outlines policy recommendations.
It is significant as it offers a detailed assessment of the previous year's economic trends and forecasts for the upcoming year. It provides a macroeconomic overview, that includes GDP growth rates, inflation figures, fiscal deficit, current account deficit, and sectoral performances. This data-driven analysis helps stakeholders understand the health of the economy, identify emerging challenges, and anticipate policy directions.
Here is a look at what it focuses on.
Key Focus Areas And Contents
Each economic survey typically covers a wide range of topics, including:
Macroeconomic Indicators: It evaluates the overall economic health, including GDP growth rates, inflation, and fiscal deficits. These indicators provide insights into the economy's stability and growth trajectory.
Sectoral Performance: Analysis of various sectors, such as agriculture, industry, services, and infrastructure, and their contributions to overall economic growth.
Policy Recommendations: Based on economic analysis, the Economic Survey suggests policy reforms and interventions to address challenges and capitalise on opportunities.
Social Sectors: Assessment of social indicators like employment, poverty alleviation efforts, healthcare, and education, highlighting their impact on economic development.
Global Economic Trends: The survey discusses global economic developments and their implications for India, offering a broader context for economic policies.
Special Focus Areas: It may delve into specific themes, such as the digital economy, climate change, demographic trends, or structural reforms, reflecting current economic priorities.
Preparation And Presentation
The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor to the Government of India. The CEA leads a team of experts in compiling and analysing economic data from various sources, including government reports, surveys, and international agencies.
Role In Budget Preparation
The Economic Survey sets the stage for budgetary decisions. It provides a factual backdrop against which budget proposals are formulated, ensuring that fiscal policies are aligned with economic realities and long-term goals. The survey's recommendations often influence policy priorities, tax reforms, expenditure allocations, and measures to stimulate economic growth and development.
On July 16, the traditional 'halwa' ceremony, marking the final stage of the preparation process for Union Budget 2024, was held at the Union Finance Ministry headquarters at North Block in New Delhi. Union Finance and Corporate Affairs Minister Nirmala Sitharaman unwrapped a huge iron wok that had halwa in it and distributed it to ministry officials.
