Budget, Economic Survey Highlights: FM Nirmala Sitharaman to present report on Indian economy

As the vibrant buzz of Parliament looms large, the Union Finance Minister, Nirmala Sitharaman, prepares to unveil the Economic Survey on the 31st of January. This chronicled examination shall illuminate the nuances of the Indian economy with special attention to pivotal sectors. For continuous updates, check here.

Who drafts this crucial document?

The Economic Survey, a crucial document indeed, emerges from the Economic Division under the stewardship of the Chief Economic Advisor, V Anantha Nageswaran. With his learned team, they adeptly craft an analysis that stands as a lodestar for both public and private stakeholders.

A Historical Note

Noteworthy, the Economic Survey first graced the halls of Parliament in the fiscal year 1950-51. Initially a part of the Union Budget documents, it gained its own spotlight in 1964, being presented a day prior to the Union Budget. A tradition now, steeped in history.

What precisely is the Economic Survey?

A polished synthesis of India’s economic journey over the past year, the survey provides a snapshot of competitiveness and growth. Divided into two distinct parts, Part A meticulously examines macroeconomic indicators. Part B, however, delves into socio-economic aspects such as education, poverty, and climate change. To learn more, explore this.

President Murmu’s Reflections

Ahead of the Economic Survey’s unveiling, President Droupadi Murmu, in her address to Parliament, noted the swift ascendancy of India’s aviation sector. She proudly announced, “The sector is progressing rapidly, with airline companies placing orders for 1,700 new aircraft.” India is, after all, expected to become the third-largest economy in due course.

Varied Opinions from the Parliament Green

Yet, like any compelling narrative, views differ. Congress MP Rajiv Shukla expressed concerns, telling ANI that foreign investors remain wary. He lamented that both domestic and international experts question India’s economic vigour, marking a dwindling GDP and mounting inflation. Not all are sceptical, though. Union Minister Prahlad Joshi expressed a more sanguine view, heralding India’s relatively favourable economic state.

Credit Schemes Encouraging Bold Ventures

In her remarks, President Murmu also lauded the Credit Guarantee Scheme for MSMEs, applauding its impact on commerce across sectors. These initiatives appear pivotal in driving economic momentum and entrepreneurial spirit.

Looking to tune in for the Economic Survey’s comprehensive presentation? Fret not. The event will be broadcast live on Sansad TV and PIB India’s channels. Post-release, the document can be downloaded directly from the India Budget website. Let us follow closely, as the narrative of India’s financial storyboard unfolds.

Previous Economic Insights

Reflecting on last year’s performance, the Indian economy displayed commendable growth, crossing the seven percent mark for the third consecutive time. This was buoyed by steadfast consumption demand and a gradual resurgence in investment activities. Interestingly, the current account deficit held steady at 0.7 percent of the GDP for FY24.

When and Where?

With the Parliamentary session commencing on the last day of January and concluding by early April, anticipation spills over. Mark your calendars — the Economic Survey lands on the noontime clock of January 31.