Economic Survey of India 2023-24 UPSC
Economic Survey Key Highlights – The Economic Survey is the central government’s flagship document, delving into the key details of the Indian economy and charting a course for the future. It also highlights potential threats to the economy.
2024 Economic Survey
The Survey is being released this year at a time when India’s economy is being hailed as a bright spot amid recessionary fears in advanced economies. The survey is released just one day before Finance Minister Nirmala Sitharaman delivers the Budget 2024.
Prime Minister Narendra Modi stated ahead of the Budget Session of Parliament that the Union Budget will attempt to meet the hopes and aspirations of ordinary citizens. He stated that the Budget will provide a ray of hope to the world amid global economic turmoil.
Why There Is No Economic Survey This Year
Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 on February 1. Traditionally, the central government presents an Economic Survey a day before the budget presentation. However, this year, the Economic Survey will not be presented on January 31.
Given the upcoming general elections, the government will present an interim budget to address essential financial matters. The comprehensive budget will follow once the Lok Sabha elections conclude and the new government is formed. This interim budget serves as a mechanism to manage financial responsibilities during the transitional period.
Due to the disruption caused by the upcoming elections, the traditional presentation of the Economic Survey on January 31 will not take place. In its stead, the Centre has issued a report titled ‘Indian Economy–A Review,’ encapsulating India’s economic journey over the past decade. The report, crafted by the office of Chief Economic Advisor (CEA) V Anantha Nageswaran, provides insights into the economic outlook for the forthcoming years. This unique approach allows for a retrospective analysis of the nation’s economic trajectory and a glimpse into its future direction.
Indian Economy – A Review Document
“The Indian Economy: A Review,” a 74-page document authored by V Anantha Nageswaran, Chief Economic Adviser to the government, and his team of economists, is not the official Economic Survey but serves as a comprehensive examination of the Indian economy’s trajectory over the last decade. The document is divided into two chapters. The first offers an overview of the past, present, and future of the Indian economy, and the second delves into government policies and progress across various sectors.
Nageswaran anticipates a growth rate of at least 7% for the Indian economy in FY24, with a similar prediction for FY25. This would mark the fourth consecutive year of 7% or higher growth, even as the global economy struggles to achieve a 2% growth rate. He emphasized the positive shift in economic indicators since 2014, citing controlled inflation, a decreasing fiscal deficit, and a current account deficit slightly above 1% of GDP. Foreign exchange reserves also provide coverage for nearly eleven months of imports.
About the Union Budget of India 2024-25
The Union Budget is an annual financial report of India. It contains the Government’s revenue and expenditure for a fiscal year, which runs from April 1 to March 31. It comprises the revenue budget and the capital budget and also contains estimates for the next fiscal year. The government presents the budget every year before the start of the financial year.
Union Budget 2024 facts and figures will be extremely important for all the upcoming exams in 2024 such as SBI PO and Clerk, IBPS PO and Clerk, RBI Grade B Officer and Assistant, SSC CGL, SSC CHSL, SSC CPO, IBPS RRB PO, Railways RRB, SEBI and more.
Download Economic Survey 2023-24 Here
There is no economic survey this year. The economic survey release after the general elections 2024 for Lok Sabha which scheduled in May 2024.
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Frequently Asked Questions – Economic Survey 2024-25
Ans. Yes, the economic survey is conducted and released every year.
Ans. The economic survey will be released on January 31st. It is prepared by the economic division of the department of Economic Division of the Department of Economic Affairs.
Ans. The four key economic concepts are scarcity, supply and demand, costs and benefits, and incentives.
Ans. For UPSC preparation one must read the Economic Survey for the years 2023–2024 and the Budget of 2024–2025.
Ans. Under the guidance of Chief Economic Advisor V Anantha Nageswaran the Department of Economic Affairs (DEA) prepared the Union Economic Survey 2023-2024.
Ans. The growth projection of the Union Economic Survey has predicted that India’s economy to grow at 6-6.8% in the fiscal beginning April 1, 2023.
Ans. For FY25 India’s GDP will grow between 6-6.8%.
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