Union Finance Minister Nirmala Sitharaman is set to present the Economic Survey 2023-24 at around 1 pm on Monday, one day before the Budget 2024-25. Following the presentation, Chief Economic Advisor Dr. V. Anantha Nageswaran will provide a detailed overview of the Indian economy during a press conference at 2:30 pm.
The Economic Survey, an annual document issued by the Government of India prior to the national budget, reviews the state of the economy over the past year and offers an outlook for the short-to-medium term. It consists of three main sections:
Overview and CEA Perspective: This section offers insights into key economic issues and the government's stance on the financial state of the country.
Sectoral Data and Figures: This section presents data on various sectors, provided by respective departments and ministries.
Macroeconomic Statistics: This section covers national income, production, employment, inflation, balance of trade, export-import trade, and other economic aspects.
In the mini Economic Survey tabled in January this year, it was projected that India could become a $7 trillion economy by 2030. The report, authored by CEA Nageswaran, stated that if there are minimal disruptions in FY25, it could mark the fourth consecutive year of the Indian economy growing at over 7 percent post-COVID-19 pandemic.
However, the report also highlighted several challenges to India's growth trajectory. It noted that India's growth outlook is influenced not only by domestic performance but also by global developments. One significant challenge mentioned is the impact of artificial intelligence (AI) on employment, particularly in the services sector. AI could potentially diminish the cost competitiveness that countries exporting digital services currently enjoy.
The report also addressed the challenges India faces in exporting goods and services due to geopolitical tensions and the Red Sea crisis, which are expected to slow global trade growth in 2023.
"This reinforces the need to lower logistics costs and invest in product quality to hold on to and expand market share in areas where India has an advantage," mini economic survey read.
