union budget 2024 expectations live updates finance minister nirmala sitharaman announcements 22 July 2024
Rep: Union budget 2024 expectations live updates finance minister nirmala sitharaman announcements 22 July 2024, The economic survey is a yearly report published by the Government of India prior to the national budget, reviewing the previous year’s economic performance.
Union Finance Minister Nirmala Sitharaman will present the Economic Survey 2023-24 around 1 PM on Monday, a day before the Budget 2024-25. At 2:30 PM, Chief Economic Advisor Dr. V Anantha Nageswaran will discuss the state of the Indian economy in a press conference.
The Economic Survey assesses the past year’s economic activities and offers a short-to-medium-term outlook. It is divided into three sections:
- Overview and CEA Perspective: Insights into key economic issues and the government’s financial stance.
- Sectoral Data and Figures: Data on various sectors provided by different departments and ministries.
- Macroeconomic Statistics: Information on national income, production, employment, inflation, trade balance, and other economic aspects.
Key Points of the Mini Economic Survey
The mini economic survey released in January suggested that India could aim to become a $7 trillion economy by 2030. CEA Nageswaran expressed optimism that, barring major disruptions in FY25, the Indian economy could achieve over 7% growth for the fourth year in a row post-COVID-19 pandemic.
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The report, however, identified several challenges to India’s growth. It emphasized that India’s economic outlook is influenced by both domestic performance and global developments. Furthermore, artificial intelligence (AI) poses a significant challenge due to its impact on employment, particularly in the services sector, and it might reduce the cost competitiveness of countries exporting digital services.
The report also noted that India faces difficulties in exporting goods and services due to geopolitical tensions and the Red Sea crisis, potentially leading to slower global trade growth in 2023. “This highlights the need to reduce logistics costs and improve product quality to retain and expand market share in areas where India has a competitive advantage,” the mini economic survey concluded.
