Jul 21, 2024 07:44 PM IST
Finance minister to table Economic Survey on July 22 to provide key insights on economy ahead of Budget. Here are ten things to know
Finance minister Nirmala Sitharaman will table the Economic Survey on Monday (July 22) in the Parliament, a day before presenting Union Budget for record seventh time. Union Minister of Parliamentary Affairs of India Kiren Rijiju said, “The Economic Survey of India will be laid on the table of the Houses of Parliament on Monday, the 22nd of July, 2024. The Budget for the Union Territory of Jammu and Kashmir for 2024 will also be presented on the 23rd of July, 2024. Tentatively 6 items of legislative business and 3 items of financial business have been identified for being taken up during this session.” Here are ten things to know about the Economic Survey and Budget 2024:
- The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance.
- The document is formulated under the supervision of the chief economic adviser. Read more: Railway Budget 2024: When is it? What to expect? All your questions answered
- The Economic Survey offers insights into the state of the economy and various indicators of 2023-24 (April-March). It also offers some outlook for the current year.
- The first economic survey came into existence in 1950-51 when it used to be a part of the budget documents.
- In the 1960s, it was separated from the Budget documents and presented a day before the Budget.
- For 2022, the central theme of the Economic Survey was ‘Agile Approach’ that focused India’s economic response to the Covid-19 pandemic. Read more: Confused where to invest? Stock market may like Budget 2024 if Nirmala Sitharaman focuses on these themes
- In 2023, the theme was ‘Recovery Complete’ as the economy was recovering amid Russia-Ukraine war and attempting to go back to pre-Covid times.
- The Budget will be Prime Minister Narendra Modi-led government’s first major policy announcement after securing a third term in Lok Sabha elections this year.
- In its latest monetary policy meeting, the Reserve Bank of India (RBI) raised the GDP forecast for the current year 2024-25 to 7.2 per cent from 7 per cent earlier.
- The International Monetary Fund (IMF) also raised India’s growth projections for 2024 from 6.8 per cent earlier to 7 per cent.
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