Prime Minister Narendra Modi on Monday said the Economic Survey highlighted the prevailing strengths of the economy and identified areas for further growth and improvement as we „move towards building Vixit Bharat”. Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2023-24 with a statistical appendix in the Lok Sabha. The Economic Survey is an annual document presented by the government before the Union Budget to review the state of the economy. The document also provides an overview of the economy’s short- to medium-term prospects. In a post on X, Modi said, „The economic survey highlights the prevailing strength of our economy and also shows the effects of various reforms brought in by our government.” It identifies areas for further growth and improvement as we move towards building Vixit Bharat,” the Prime Minister said.
The Economic Survey 2023-24, presented by Union Finance Minister Nirmala Sitharaman on Monday (July 22), indicated that the Indian economy remains in a strong position despite global interventions. However, the survey also touches on the pain points of the country’s economy, including agriculture, employment generation, productivity, capacity, external uncertainties and more. The survey recommends a shift to green energy, while urging the government to loosen its grip on under-performing areas to free up capacity and improve capacity. This comprehensive economic document also talks about the role of corporates in promoting the traditional Indian lifestyle by glorifying unhealthy sedentary habits. Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament today. The Economic Survey of India is a comprehensive annual report presented to Parliament before the Union Budget. According to the Economic Survey 2023-24, all macro-economic indicators remain strong. However, there is no room for complacency, especially since external factors can have an impact. Separately, the Economic Paper said the Indian financial sector is at a „turning point” while the dominance of bank support for credit is being reduced. In terms of inflation, the survey indicated that India has the lowest deviations from its inflation target when compared to advanced economies like the US, Germany and France.
The Chief Economic Adviser (CEA) under the Ministry of Finance (MoF) appointed by the Prime Minister prepares the Economic Survey. Dr. V Ananda Nageswaran is currently serving as the Chief Economic Adviser of India. In 2022-23, the format of the Indian Economic Survey has been changed and reverted to a single block description. The change coincided with a change of leadership in the Office of the Chief Economic Adviser (CEA). Although it comes a day before the budget, the survey’s recommendations do not impose any binding restrictions on the formulation or content of the budget.
The survey can be downloaded from the website 'www.indiabudget.gov.in/economicsurvey’. It will be available in the public domain once it is tabled in Parliament.