Economic Survey 2023-24

Context

  • Union Finance Minister released the Economic Survey 2023-24, the first day of the monsoon session of Parliament.

    • The survey typically comes out on January 31, a day before the Finance Minister presents the Union Budget for the next financial year.

Download Economic Survey 2023-24: Click Here

What is the Economic Survey?

  • As the name suggests, the Economic Survey is a detailed report of the state of the national economy in the financial year that is coming to a close.
  • It is prepared by the Economic Division of the Department of Economic Affairs (DEA) in the Union Finance Ministry, under the guidance of the Chief Economic Adviser.
  • Once prepared, the Survey is approved by the Finance Minister.
  • The first Economic Survey was presented for 1950-51 and until 1964, it was presented along with the Budget.
  • Similarly, for the longest time, the survey was presented in just one volume, with specific chapters dedicated to different key sectors of the economy such as services, agriculture, and manufacturing, as well as key policy areas like fiscal developments, state of employment and inflation etc. This volume carries a detailed statistical abstract as well.
  • However, between 2010-11 and 2020-21, the survey was presented in two volumes.
  • The additional volume carried the intellectual imprint of the CEA and often dealt with some of the major issues and debates facing the economy.
  • From 2022-23, the survey reverted to a single volume format, presumably because it was prepared and presented while there was a change in guard in the CEA’s office and the current CEA – V Anantha Nageswaran – took charge when the survey was released.

What is the Economic Survey’s significance?

  • Even though it comes just a day before the Budget, the assessment and recommendations carried out in the survey are not binding on the Budget.
  • Nevertheless, the survey remains the most authoritative and comprehensive analysis of the economy that is conducted from within the Union government. Its observations and details provide an official framework for analysing the Indian economy.

GDP Predictions

  • The International Monetary Fund (IMF) in July this year revised India’s growth forecast for 2024-25 from 6.8% to 7%, an increase due to an improvement in private consumption especially in rural India, in spite of challenging global and domestic economic dynamics.
  • The IMF’s World Economic Outlook report has also projected 6.5% GDP growth for India in 2025-26.

Source: IE

Visit Abhiyan PEDIA (One of the Most Followed / Recommended) for UPSC Revisions: Click Here

IAS Abhiyan is now on Telegram: Click on the Below link to Join our Channels to stay Updated 

IAS Abhiyan Official: Click Here to Join

For UPSC Mains Value Edition (Facts, Quotes, Best Practices, Case Studies): Click Here to Join

Leave a Reply