Today, Finance Minister Nirmala Sitharaman will present the Economic Survey 2023-24 in Parliament. This crucial document reviews the past fiscal year's economic performance and offers a forecast for the future. It covers various aspects such as fiscal policy, banking and capital market evolution, and the performance of the manufacturing and services sectors.
Key Highlights and Presentation Schedule
Sitharaman will present the survey in the Lok Sabha at 1 PM and in the Rajya Sabha at 2 PM. Following this, Chief Economic Adviser (CEA) V. Anantha Nageswaran, who, along with his team at the Department of Economic Affairs, prepared the document, will present the key highlights to the press at 2:30 PM. The press conference will be live-streamed on DD News' YouTube channel.
Comprehensive Economic Review
The Economic Survey is a detailed document comprising Volume I, Volume II, and a statistical appendix. Compiled annually by the Economics Division of the Department of Economic Affairs under the Finance Ministry, the survey assesses India's economic progress. It focuses on sectors like manufacturing, services, and trade balance, and also examines global macroeconomic trends and significant international political and economic developments.
Since 1950-51, the Economic Survey has been an integral part of India's economic planning. Initially presented with the Union Budget, it has been presented separately a day before the budget since 1964. This document is essential as it reviews the economic developments over the past financial year, informs budget priorities, and highlights areas needing attention.
The Economic Survey presentation will be live-streamed on Sansad TV and PIB India's platforms. Additionally, live updates will be available on the Ministry of Finance's social media channels, including Twitter @FinMinIndia. The full document will be accessible on the India Budget website after its release.
Upcoming Union Budget 2024-25
Finance Minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2024-25 on July 23. This will be her seventh consecutive budget, setting a new record by surpassing Morarji Desai's six successive budgets. It will also be the first budget under Prime Minister Narendra Modi's third tenure. Continuing the recent trend, the budget will be presented in a paperless format.
Historical Context and Importance
The Economic Survey has a long history in India's economic planning. From 1950-51 to 1964, it was presented alongside the Union Budget. It was later separated to provide a comprehensive review of the past financial year and to set the stage for the upcoming budget. Prepared under the guidance of the Chief Economic Adviser and presented by the Finance Minister, it is a vital document for reviewing economic developments, informing budget priorities, and highlighting sectors that need emphasis.
The Economic Survey 2024 will offer valuable insights into India's economic performance and future trajectory. As Finance Minister Nirmala Sitharaman prepares to present her seventh consecutive Union Budget, the survey's findings will play a crucial role in shaping the country's fiscal policies and priorities for the coming year.
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