Economic Survey 2023-24 – Recent Updates

July 22, 2024

On July 22, the Economic Survey 2023–24 will be released by Union Finance Minister Nirmala Sitharaman. This is the first day of the summer session of Parliament. This is not how things usually work; Economic Surveys usually come out on January 31. But in election years, like 2024, there will be a shorter report before the interim budget.

What is the Economic Survey?

There is a lot of information in the Economic Survey about the state of the national economy for the fiscal year that is coming to an end. The Chief Economic Adviser guides the Economic Division of the Department of Economic Affairs in making it, and the Finance Minister gives his or her approval. The poll has changed in both format and frequency since it began in 1950–1951.

Historical Presentation

The Economic Survey was first shown along with the Union Budget until 1964. For many years, it was published in a single volume that covered many areas of the economy, such as industry, agriculture, and services. It came out in two volumes, from 2010–11 to 2020–21, and had a lot of in-depth analysis on important economic problems. It went back to a single-volume style as of 2022–2023, which happened at the same time as a change in the office of the Chief Economic Adviser.

Significance of the Economic Survey

Even though the Economic Survey is close to the budget, its conclusions and suggestions do not affect budget choices. It is, however, the government’s most thorough economic study to date, and it gives us a way to think about the Indian economy.

Focus Areas for 2023-24

The study this year is likely to look at India’s growth path, especially in light of the problems that have come up since COVID-19. The IMF has slightly raised its prediction for India’s growth in 2024–25, but big problems like high unemployment and rising poverty still loom large. The study should find out how much the economy has recovered and suggest policy changes that will help industries like manufacturing get back on their feet in a world where the economy is uncertain.

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