Eco Survey updates: FM Nirmala Sitharaman on Monday presented Economic Survey 2023-24 in Lok Sabha
Economic Survey 2024 news: The Economic Survey stated that short-term inflation outlook seems benign, but India faces persistent deficit in pulses
 "Nirmala Sitharaman, Sitharaman, Nirmala, Finance Minister")
Union Minister Nirmala Sitharaman (Photo: PTI)
Prime Minister Narendra Modi on Monday said the Economic Survey highlights the prevailing strengths of the economy and identifies areas for further growth and progress as "we move towards building a Viksit Bharat". Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2023-24, along with the statistical appendix in the Lok Sabha. The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy. The document also provides an overview of the short-to-medium-term prospects of the economy. In a post on X, Modi said, "The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought." "It also identifies areas for further growth and progress as we move towards building a Viksit Bharat," the prime minister said.
Economic Survey 2023-24, tabled by Union Finance Minister Nirmala Sitharaman on Monday (July 22), notes that the Indian economy is on a strong wicket despite global headwinds. However, the survey also touches upon the pain points of the country's economy, including agriculture, job creation, productivity, skill, external uncertainties and others. The survey advocates a transition to green energy while asking the government to loosen its grip in areas where it does not have the capacity to free up its capacity and enhance capability. The comprehensive economic document also talks about the role of corporates in promoting Indian traditional lifestyle over glorifying sedentary unhealthy habits.
Finance Minister Nirmala Sitharaman has tabled the Economic Survey in Parliament today. The Economic Survey of India is a comprehensive annual report presented to Parliament before the Union Budget. All macro-economic indicators are likely to remain robust as per Economic Survey 2023-24. However, it adds that there is no room for complacency, especially as external factors could have an impact. Separately, the economic document said that the Indian financial sector is at a "turnpike moment" while adding that the dominance of banking support to credit is being reduced. As for inflation, the survey pointed out that India had one of the lowest deviations from its inflation target when compared to advanced economies like the USA, Germany, and France,
The Economic Survey is prepared by the Chief Economic Advisor (CEA) under the Ministry of Finance (MoF), who is appointed by the prime minister. Currently serving as Chief Economic Advisor of India is Dr V Anantha Nageswaran. The Economic Survey of India underwent a format change in 2022-23, returning to a single volume presentation. This change coincided with a transition in leadership at the Chief Economic Advisor's (CEA) office. Even though it comes just a day before the Budget, the survey's recommendations do not impose any binding constraints on the Budget's formulation or content.
The survey can be accessed and downloaded from 'www.indiabudget.gov.in/economicsurvey '. It will be available in the public domain once it has been presented in the Parliament.
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Rail passenger traffic up by 5.2 percent compared to previous year: Economic Survey
About 673 crore passengers took train journeys in 2023-24, which is about 5.2 per cent more than the previous financial year, according to the Economic Survey tabled in Parliament on Monday.
The revenue-earning freight in FY24, excluding the Konkan Railway Corporation Limited, also witnessed an increase of 5.3 per cent from the previous year, the survey showed.
"Passenger traffic originating in IR (Indian Railways) was 673 crore in FY24 (provisional actuals), increasing by about 5.2 per cent compared to the previous year," the survey said.
It said the railways carried 158.8 crore tonnes of revenue-earning freight in FY24.
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Economic Survey identifies areas for further growth as we move towards building Viksit Bharat: PM
Prime Minister Narendra Modi on Monday said the Economic Survey highlights the prevailing strengths of the economy and identifies areas for further growth and progress as "we move towards building a Viksit Bharat".
Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2023-24, along with the statistical appendix in the Lok Sabha.
The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy. The document also provides an overview of the short-to-medium-term prospects of the economy.
In a post on X, Modi said, "The Economic Survey highlights the prevailing strengths of our economy and also showcases the outcomes of the various reforms our Government has brought."
"It also identifies areas for further growth and progress as we move towards building a Viksit Bharat," the prime minister said.
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Confident India's FY25 GDP growth will surpass Eco Survey forecast: Industry
Industry bodies on Monday expressed confidence that India's GDP growth will surpass the 6.5 to 7 per cent forecast by the Economic Survey, and hoped that the upcoming Budget will roll out measures to help unlock the country's growth potential.
Reacting to the Economic Survey 2023-24, tabled in Parliament, Chandrajit Banerjee, Director General, CII, stated that it is "pragmatic" in its approach and offers a futuristic vision to move India boldly towards achieving the developed economy status by 2047.
"The survey is positive about the India growth story, and I am confident that India's GDP growth for FY25 will surpass the forecast given in the Survey and basis certain conditions, it has the potential to be at 8 per cent," CII President Sanjiv Puri said.
Echoing similar sentiments, President of PHD Chamber of Commerce and Industry Sanjeev Agrawal said the Survey conservatively projects a real GDP growth of 6.5-7 per cent, with risks evenly balanced and market expectations on the higher side.
"However, we believe that the growth will be above such conservative estimates as 8 per cent growth is becoming a new normal for India," said Agrawal.
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Economic Survey highlights need to focus on healthy diet, mental health
If India has to reap the gains of its demographic dividend, the government and the public at large need to accord healthy eating and mental health the attention they deserve, said Economic Survey 2023-2024, which was tabled in Parliament on Monday (July 22). The survey, a consolidated report on the state of the economy in the previous year, further acknowledged that mental health is a less seen and discusses issue yet it is principally impactful driver of individual and national development.
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While domestic parameters are supportive, we have to look at consumption closely: Kotak Bank chief
Speaking on the Economic Survey document, Kotak Bank chief economist Upasna Bhardwaj, said, "Economic Survey has laid out a growth path of 6.5-7 per cent this year. I think it is a fairly realistic range to give. There are a lot of uncertainties which are there right now. We don't know how the global economic situation is going to pan out. At the same time, while domestically all the parameters are supportive, consumption is where we will have to look out closely."
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Real estate regulatory authorities in states/UTs dispose of nearly 1.25 lakh consumer complaints
Real estate regulators in states and Union Territories have so far disposed of nearly 1.25 lakh consumer complaints against developers, according to the Economic Survey 2023-24. The Real Estate (Regulation & Development) Act, 2016, popularly known as RERA, was enacted to bring about much-needed reform in India's real estate sector. The main objective of RERA is to encourage greater transparency, citizen-centricity, accountability, and financial discipline, thus empowering home buyers and boosting the economy.
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Survey has just put the idea on the table on inflation targeting framework, says CEA Nageswaran
Food shocks are predominately supply shocks. It is unfair to burden the central bank to control inflation when it contains a component that is not under its control, CEA Nageswaran said on the inflation targeting framework.
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Eco Survey projects doable 7% growth for FY25, says CEA Nageswaran
The Economic Survey has projected a prudent growth rate of 6.5-7 per cent for the current financial year, and much will depend upon the progress of the monsoon, Chief Economic Advisor V Anantha Nageswaran said on Monday. Addressing reporters here after the tabling of the Economic Survey 2023-24 in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said the economic growth rate of 7 per cent is doable but will depend on how the monsoon rains progress.
"We want to be prudent in projecting growth rate, that is why we have projected the country's economic growth at 6.5 to 7 per cent in FY24," he said.
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Households not in distress, investing more in financial assets: CEA Nageswaran
CEA Nageswaran said today, "households are not in distress" and they are investing in financial assets which have done very well. Also, savings in physical assets have improved and gone up from 10.8 per cent in fiscal 2020-21 to 12.9 per cent in 2022-23. The Economic Survey 2023-24, tabled in Parliament, said that registered investor base at NSE has nearly tripled from March 2020 to March 2024 to 9.2 crore as of March 31, 2024, potentially translating into 20 per cent of the Indian households now channelling their household savings into financial markets.
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Net zero emission is going to be a major issue in resource availability: CEA
"With several countries attempting net zero emission at the same time and trying to achieve energy transition, it is going to be a major issue in resource availability... Geopolitical fragmentation, climate change, and global trade did not affect East Asia when they were making their transition from lower-income to higher-income countries... We have to chart our path towards Viksit Bharat amidst these headwinds. This is why domestic growth becomes very important... The average growth rate till March'24 has been around 8% and the real GDP is 20% above the pre-pandemic levels," CEA Anantha Nageswaran said today.
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Early days to say if AI will lead to loss of jobs, says CEA
CEA Ananth Nageswaran stated that AI could turn out to be a job booster in high-skilled jobs. "Early days to ascertain if AI will lead to loss of lot of jobs. But we need to be mindful of its impact on employment," he added.
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Participation of retail investors in capital markets is a healthy development, says CEA
The participation of retail investors in capital markets is a healthy development. It has worked as a buffer for Indian markets in general, given additional avenue of savings to households, CEA Nageswaran said today.
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Focusing on FDI from China seems more promising for boosting India's exports to the US : Economic Survey
The Economic Survey stated that India can either integrate into China's supply chain or promote foreign direct investment (FDI) from the neighbour to boost global exports, Reuters reported. "Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the U.S., similar to how East Asian economies did in the past." Accordin to the survey, relying on the FDI strategy "appears more advantageous than relying on trade" as it can arrest the growing trade deficit New Delhi has with Beijing, the top exporter for India.
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Economic Survey LIVE: Need to focus on deregulation and loosen laws in manufacturing, says CEA Nageswaran
In order to raise share of manufacturing in GDP, India's lopsided distribution of enterprises -- too many micros, some large, but huge gap in middle, needs to be plugged, CEA Nageswaran said today.
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Remove food from inflation-targeting framework, says Economic Survey
The RBI should stop looking at food inflation in deciding interest rates and the government should explore giving coupons or direct cash transfer to poor to deal with higher food prices, the pre-Budget economic survey said on Monday. "India's inflation targeting framework should consider targeting inflation, excluding food. Higher food prices are, more often, not demand-induced but supply-induced," the Economic Survey 2023-24 said. The benchmark policy rates are decided bi-monthly by the RBI on the basis of movement in consumer price index, which includes food, fuel, manufactured goods and select services.
Topics : Economic Survey Nirmala Sitharaman Narendra Modi pre-Budget Economic Survey Finance Ministry Finance minister Budget and Economy India economy Union Budget India inflation India's job market
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First Published: Jul 22 2024 | 9:05 AM IST
