Budget 2024-2025: The economic survey 2023–24 will be presented by Union Finance Minister Nirmala Sitharaman on Monday at approximately 1 pm, one day ahead of the 2024–25 budget. Dr. V Anantha Nageswaran, the Chief Economic Advisor, will present an overview of the Indian economy at a press conference scheduled for 2:30 pm.
Budget 2024-2025, The Indian government reviews the status of the economy for the previous year in an annual report called the economic survey, which is issued before the national budget. An overview of its short- to medium-term potential is also provided..
The document is structured into three sections: Overview and CEA perspective, which provides insights into significant economic issues and the government’s position on the nation’s financial situation; Sectoral data and figures, which are provided by individual departments and ministries; and Macroeconomic statistics, which cover national income, production, employment, inflation, balance of trade, export-import trade, and other aspects of the economy.
Highlights of the brief economic survey
According to the brief economic study that was presented in January of this year, India’s GDP could reach $7 trillion by 2030. According to CEA Nageswaran’s assessment, assuming FY25 goes smoothly, it may be the fourth year in a run that the Indian economy grows at a rate more than 7% following the COVID-19 pandemic.
It did, however, highlight a few obstacles to India’s projected development rate. According to the study, which was written by CEA Nageswaran, India’s economic prospects are influenced by both internal and international factors.
He went on to say that because of the way artificial intelligence (AI) is affecting employment, particularly in the services industry, governments everywhere are facing enormous challenges. It went on to say that AI might reduce the cost competitiveness that nations that export digital services enjoy.
The report further stated that the Red Sea situation and geopolitical tensions will make it difficult for India to export products and services currently, which will slow down global trade growth in 2023.
The mini-economic survey highlighted the importance of reducing logistics costs and investing in product quality to maintain and grow market share in sectors where India has a competitive edge.
