Finance Minister to Present Interim Budget 2024-25
The Interim Budget for the fiscal year 2024-25 will be presented by Finance Minister Nirmala Sitharaman in Lok Sabha on February 1, 2024. The Economic Survey of India, which provides an overview of the country’s economy, will be released a day before the budget.
Understanding the Economic Survey
The Economic Survey is a report that assesses the health of the national economy over the past year. It is released annually, a day before the Union Budget, and analyzes the government’s decisions and initiatives.
Significance of the Economic Survey
The report serves several purposes. It offers a detailed account of the country’s performance in the previous year, evaluates the government’s development programs and policies, and sets the stage for the budget by examining economic factors such as money supply, production, infrastructure, prices, employment, and trade.
Key Highlights of Economic Survey 2023
- The survey projects a robust 7% GDP growth rate for India in 2023-24.
- A modest GDP growth of 6-6.8% is predicted for FY24, with potential for further increase due to global uncertainties.
- India’s baseline GDP is expected to grow by 11% in nominal terms and 6.5% in real terms in FY24.
- The survey emphasizes India’s quick recovery from the pandemic and predicts growth driven by domestic demand and capital investment.
- India is set to maintain its position as the world’s fastest-growing major economy.
Economic Survey 2024: A Different Approach
This year, due to parliamentary convention during an election year, the government will release a concise document instead of a comprehensive Economic Survey. The document will provide an overview of the Indian economy’s health and key metrics like GDP growth predictions and oil prices. This marks a departure from traditional norms, as the full Economic Survey is typically released after the financial statement in June or July.
Hot Take: Interim Budget and Economic Outlook
The upcoming Interim Budget and the concise Economic Survey will offer insights into India’s economic trajectory for the fiscal year 2024-25. As the country navigates through challenges and opportunities, these reports will provide valuable information for investors, businesses, and individuals alike. Stay tuned for updates on key economic indicators and policy directions that will shape India’s growth in the coming year.
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