Economic Survey 2024 Highlights: Survey shows prevailing strengths of our economy, says PM Modi

Finance Minister Nirmala Sitharaman will on Tuesday present her 7th straight Budget that would lay a roadmap for Viksit Bharat (developed India) by 2047, while giving a glimpse of 10 years' performance.

All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy. Besides, the market also expects staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.

Sitharaman, who would be presenting her seventh straight budget, had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth. This year's Budget would be in paperless form, as done in the last three years.

Here are the key numbers to watch out for the first full Budget of Modi 3.0: * Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal is 5.1 per cent as projected in the Interim Budget in February, against 5.8 per cent in the last fiscal year. The full Budget is expected to provide better-than-earlier projections as there has been tax buoyancy.

The government has projected fiscal deficit at 4.5 per cent of the GDP in FY26.

* Capital Expenditure: The government's planned capital expenditure for this fiscal year is budgeted at Rs 11.1 lakh crore, higher than Rs 9.5 lakh crore in the last fiscal year. The government has been pushing infrastructure creation and also incentivising states to step up capex.

* Tax Revenue: The Interim Budget had pegged gross tax revenue at Rs 38.31 lakh crore for 2024-25, an 11.46 per cent growth over the last fiscal. This includes Rs 21.99 lakh crore estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty + GST).

* GST: Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of 11.6 per cent. The tax revenue figures will have to be watched out for in the final Budget for the 2024-25 fiscal year.

* Borrowing: The government's gross borrowing Budget was Rs 14.13 lakh crore in the current financial year as per the Interim Budget. The government borrows from the market to fund its fiscal deficit. The borrowing number will be watched by the market, especially on the back of more-than-expected dividend from the RBI and financial institutions.

* Nominal GDP: India's nominal GDP growth (real GDP plus inflation) in the current fiscal year is estimated to be 10.5 per cent to Rs 327.7 trillion as per the Interim Budget. In view of expected normal monsoon, improvement in revenue collections and pick up in rural consumption, is expected that there could be upward revision in growth estimate. Real GDP growth in current fiscal is projected at 7.2 per cent, as per the RBI.

* Dividend: The interim Budget had projected Rs 1.02 lakh crore from RBI and financial institutions. This will be revised upwards as the RBI has already made surplus transfer of Rs 2.11 lakh crore earlier in May.

At the same time, Rs 43,000 crore expected to be garnered from CPSEs.

* Spotlight would also be on spending on key schemes, like NREGA, as well as key sectors like health and education.

Lok Sabha and Rajya Sabha are each likely to have a 20-hour discussion on the Union budget, which Finance Minister Nirmala Sitharaman will present on Tuesday, with the Lower House expected to have separate debates covering ministries of railways, education, health, MSME and food processing, sources said.

The business advisory committees (BAC), which have representatives from different parties, of the two Houses met on Monday to finalise the agenda for the session. The government, however, is entitled to introduce any new item, depending upon exigencies, with the permission of the Chair.

In Rajya Sabha, sources said, a discussion for eight hours is likely to be scheduled on the appropriation and finance bills, and a four-hour debate each on four ministries, which are yet to be identified.

The full budget for 2024-25, to be presented in Parliament on Tuesday, could possibly increase capital expenditure and may usher in a more standardised approach to taxation, Moody's Analytics said.

After losing its absolute majority in the lower house, or Lok Sabha, in June, Prime Minister Narendra Modi's Bharatiya Janata Party will be looking to nurture confidence and public trust in the new coalition government that it now leads, said Aditi Raman, Associate Economist, Moody's Analytics.

Raising concerns over growing obesity and increase of consumption of highly processed foods laden with sugars and fat, the Economic Survey 2023-24 blamed unhealthy diets for 54 per cent of the total disease burden in India.

Obesity presents a "concerning situation" and preventive measures must be taken to enable citizens to have a healthier lifestyle, it said, adding it "is emerging as a serious concern among India's adult population".

If India needs to "reap the gains of its demographic dividend, it is critical that its population's health parameters transition towards a balanced and diverse diet", said the Survey, which was tabled on Monday by Finance Minister Nirmala Sitharaman in Parliament.

Economic survey is targeting GDP growth of 6.5 to 7 percent in this year and going alongwith RBI Projection of CPI Inflation of 4.5 and 4.1 for the current year and next year. They are targeting GDP growth rate of 6 percent on a long term basis which converts into nominal GDP growth rate of 9.5 to 10.5 pecent. Public debt to GDP ratio is expected to come down in the coming years due to higher nominal growth rate.

In RBI June bulletin, RBI staff member estimates real rate of interest at 1.4 to 1.9 percent due to higher potential growth rate of the economy. The working paper expects potential real GDP growth of around 8 percent on a sustained basis. There is a gap in RBI expectation and Economic Survey in terms of potential growth rates of the economy. Consumption expenditure forms 55 percent of the economy which is growing at 4 percent while the economy grew by 8 percent last year as per the economic survey. Additional trust is expected from the monetary authorities to achieve GDP growth over 6 percent in the coming years. As CPI inflation moves towards 4 to 4.5 percent, we can expect 50 to 75 basis points of rate cuts by RBI to support economic growth, said Murthy Nagarajan, Head-Fixed Income, Tata Asset Management.

Union Finance Minister, Nirmala Sitharaman will address a Post Budget Press Conference along with Minister of State for Finance, Finance Secretary, Secretaries of Ministry of Finance and Chief Economic Adviser to the Government of India.

Time: 3.00 pm onwards. Venue Conference Hall, National Media Centre, 7-E, Raisina Road, New Delhi.

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 highlights prevailing strengths of our economy, showcases outcomes of various reforms our govt brought says  PM Modi.

I am happy that the economic survey acknowledges the presence of regulatory cholesterol ailing the MSME ecosystem. MSMEs bear a disproportionately high burden of regulatory compliance in the country. While they are instrumental in fostering entrepreneurship and employment, most of them remain economic dwarfs. They find it easier to fly under the regulatory radar rather than become formal and gain access to capital, technology, talent and global markets.

A typical pharma MSME deals with at least 998 unique compliances in a year, of which almost 50% prescribe imprisonment for non-compliance. Other sectors in manufacturing including automotive and chemicals deal with hundreds of compliances including licenses, registrations, returns, registers and payments a year. While the cost of compliance continues to remain high, the cost of non-compliance is higher. An MSME entrepreneur ends up spending a large amount of their scarce time and resources in dealing with third party consultants, paper based processes, frequently changing regulations and many interfaces with inspectors.

India must reimagine its regulatory ecosystem for MSMEs. A simplified, cashless, paperless and presence less employer compliance is the need of the hour. The country should aim at converting 1 million informal MSMEs into formal employers that create 20 million new formal jobs in the economy, says  Rishi Agrawal, CEO & Co-Founder, TeamLease RegTech

India needs to recognise and address challenges posed by its dependence on China for critical minerals and examine the implications of phasing down coal on bank balance sheets as it accelerates its green transition, the government's Economic Survey 2023-24 tabled in Parliament on Monday said.

As part of its national plan to contribute to meeting the global goal of limiting the average temperature rise to 1.5 degrees Celsius, India has committed to reducing emissions by 45 per cent below 2005 levels by 2030, achieving 50 per cent cumulative electric installed capacity from non-fossil fuel-based energy resources, and creating a carbon sink of 2.5 to 3 gigatons of CO2 equivalent through additional forest and tree cover.

“The government has set ambitious targets for deploying advanced energy solutions, including clean hydrogen, energy storage, and carbon capture, with a planned investment of $35 billion annually until 2030. The industry requires swift government actions on project approvals and supportive policies for sustainable energy transmission and dissemination, such as production-linked incentives, tax credits, and subsidies. GAIL's proposal for a 1500 KTPA ethane cracker unit in Madhya Pradesh could be a game-changer, fostering numerous public-private partnerships and generating thousands of jobs. Significant government intervention is needed in the oil & gas, energy, and transmission & distribution (T&D) sectors in the form of financial aid and support for technology development, and keep up the infrastructure momentum which are crucial for domestic business growth,” says Amit Uplenchwar of Kalpataru Projects International Limited

"The Government has utilised the PM Gati Shakti National Master Plan portal for network planning and congestion projections, leveraging big data from e-waybills and FASTag to estimate future transportation demand and enhance logistics efficiency," the Survey said.

The Lok Sabha's business advisory committee on Monday decided to discuss issues related to the ministries of railways, education, health, MSME, and food processing besides the Union budget, which will be presented on Tuesday.

A total of 20 hours has been allocated for the debate on the budget.

Sources said the BAC, which includes representatives from different parties, took the decision on the session's agenda, with some opposition members seeking a discussion on a host of different issues.

They, though, added that the discussion on demands for grants to the five ministries will allow members to speak on a host of matters related to them.

The Union Budget will likely focus on expanding capital investment in several sectors, including infrastructure, construction, manufacturing and green energy, a professor of a top business school said.

Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on Tuesday.

Over a period of time, the central government has increased capital expenditure by around 30 per cent every year, and this year, a massive shift is expected in this regard, said Dr Trilochan Tripathy, Professor of Finance at XLRI.

For Restaurants, rentals form a large part of their fixed expenses and high GST of 18% on this, combined with no Input Tax Credit being made available, is increasing the rental or revenue share expenses by a massive 18%. This causes major stress on the operating bottom line. The industry therefore requests either restoration of Input Tax Credit on GST or a significant reduction to GST on rentals and revenue share deals to 5%. NRAI prefers the former to the latter.

Real estate developers in Noida and Greater Noida in western Uttar Pradesh expect the first Budget of the Modi 3.0 government to accord 'industry status' to their sector for easier access to funds, and address woes related to GST, including the 28 per cent taxation on cement.

Hoping for "nuanced approach" to real estate woes, the developers seek the government's support beyond fiscal incentives, with the upcoming Budget focussing on enhancing transparency and efficiency through a robust regulatory framework, streamlined approvals process.

Economic think tank GTRI on Monday urged the government to cut import duty on smartphone components in the Budget as it could lead to an increase in superficial assembly plants that rely heavily on imported parts.

The Global Trade Research Initiative (GTRI) said the current schemes and tariff structure resulted in great success, and the current framework is also ensuring duty-free imports of components for exports.

"Do not cut import duty on smartphone components in this Budget. Removing tariffs could lead to an increase in superficial assembly plants that rely heavily on imported parts, contributing little to the local economy.

"Imported components and subassemblies account for up to 90 per cent of the bill of material value for an India-made phones," GTRI Founder Ajay Srivastava said.

According to Economic Survey 2023-24, Indian Railways, with over 68,584 route km (as of 31st March 2024) and 12.54 lakh employees (as of 1st April 2024), is the fourth largest network in the world under single management. Survey states that the capital expenditure on Railways has increased by 77 per cent over the past 5 years (₹2.62 lakh crore in FY24) with significant investments in the construction of new lines, gauge conversion, and doubling.

The Survey notes that the Railways has  achieved its highest-ever production for both locomotives and wagons in FY24. Survey states that 51 pairs of Vande Bharat have been introduced until March 2024. The fast pace of infrastructure augmentation has been the result of a substantial increase in financial allocation along with close project monitoring and regular follow-up with stakeholders for expeditious land acquisition and clearances, the Survey observes.

The Survey has also mentioned about the initiatives undertaken by Railways for providing clean environment in and around railway stations and trains, such as replacement of conventional toilets with bio-toilets on coaches leading to clean tracks, segregation of bio-degradable/non bio-degradable waste, solid waste management and discouraging use of single use plastic.

"The Economic Survey points out that significant public investment has taken place in the past five years resulting in significant expansion of physical and digital connectivity, as well as focused efforts to enhance quality of life by especially improving water and sanitation infrastructure. However, the Survey recognizes the fiscal compulsions facing the Government and impending consolidation targets for prudent fiscal management.

Therefore, the Survey reemphasizes the need for enhanced public private partnership projects and also recommends a strong data capture and reporting mechanism for infrastructure projects and a regular monitoring and periodic evaluation of utilisation of assets.

The Survey summarises the progress that each infrastructure sector has made over the past few years , but rightly recognizes aspects such as land, skill, climate and environment, availability of finance, non-availability of a high-level picture of the physical progress as areas that need redressal for continued economic growth.

A large trade imbalance with China, so need to balance between the import of investment via the capital market route and the import of goods

Food shocks are predominately supply shocks, so it is a tool that is not designed. Unfair to burden the central bank to control inflation when it contains a component that is not under its control: CEA on inflation targeting framework

Low greenium on sovereign green bonds is not an issue peculiar to India. It is not that India is missing something, it is about private capital across the world and in India willing to walk the talk on investing in green projects.

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

AI may 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, says CEA

We rather be pleasantly surprised than be forced to face disappointment which is why we are projecting a GDP growth rate of 6.5-7%

Was happy to be proven wrong when I said downside risks will dominate upside in FY25 growth. Almost all GDP projections eventually turns out to be wrong whether it is international agencies or the economics division of government of India

We are not pessimistic, we are optimistic about growth. But we are mindful of challenges -- about way monsoon has progressed.

We were more confident of a 7% GDP growth when we wrote the interim economic survey in January. Since then global environment has become even more polarised. Given that we feel 7 percent is doable, but yet we want to be not necessarily cautious but prudent.

Need to find right balance among land to provide for industrialisation, manufacturing, feed animals, and agriculture.

Policy is no longer about whether we do energy transition, or whether we grow manufacturing, or whether we do skilling or employ more women in the workforce, all that has to be done. But how is the key question. That needs a compact between governments (union, states, local) and the industry.

Some of the food products that the Indian private sector markets to our youth have a detrimental impact on the long-term productivity of our youth

India needs to strike the right balance between the import of goods and the import of capital when it comes to China to limit the widening trade deficit with them.

There isn't enough storage in the world for renewable energy.

Idle capacity in China, low-skill manufactured goods can pose risks to India's capital formation. Need balance between import of goods and FDI.

Necessary for India's IT and non-IT sectors to find the right balance between the deployment of technology and labour

India's corporate sector needs to ensure that the deployment of technology does not hurt the labour and capital share of income

The clue to sustaining growth lies in the nuts and bolts of deregulation in manufacturing sector.

Need Formalisation of workforce. Estimate need to create 8 million jobs per annum.

139 activities are restricted for women based on a sample of 10 states.

India's lopsided distribution of enterprises -- too many micros, some large, but huge gap in middle, needs to be plugged to raise share of manufacturing in GDP, says CEA Nageswaran

Manufacturing in SMEs needs to focus by deregulation, loosening compliances.

Financial access is considered a roadblock for MSMEs.

The number of patents filed per year has gone up 17 times from 2015.

Crop Yield needs to be increased to global average. We need spatially distributed rainfall else the agri yield will be impacted, says  CEA Nageswaran

Agri still carries huge potential to drive growth, allied sectors need to be encouraged and land consolidation is needed, says CEA Nageswaran

We need well-distributed rainfall otherwise there will be question marks on agri yield, says  CEA Nageswaran

Improve the health of youth, bridge the skilling gap, deepen the corporate bond market, navigate China conundrum, says CEA on short and medium term policy focus

A large trade imbalance with China, so need to balance between the import of investment via the capital market route and the import of goods

We are facing a very challenging global environment, along with climate change, so we need to make sure we pursue all possible approaches without any doctrinal orientation or ideological orientation, says CEA Nageswaran

Soaring market cap to GDP ratio is not necessarily something to celebrate. Monetary policy transmission is evident in easing core inflation. Proactive fiscal and monetary policy measures helped limit deviation from inflation target, says CEA Nageswaran

A weak currency does not hurt given India has a very low external debt ratio.In India Exchange rate volatility is lowest among emerging market economies, says CEA Nageswaran

PLI scheme has so far garnered Rs 1.28 lakh crore of investments. PLI scheme is beginning to deliver very handsomely in key areas, says CEA Nageswaran

Agri sector expected to perform better in the coming year. Monsoon not performing as predicted by IMD earlier, says CEA Nageswaran

In the last four years we have seen foray of retail investors into stock markets through systematic investment plans

No economic approach will be excluded, we need manufacturing, exports, all combined. The way the global factors are unfolding we do not have the luxury to choose one approach.

Unfavorable weather conditions in FY24 constrained food production.

Tomato prices rose due to region-specific crop disease, early monsoon rains, and logistical disruptions.

Onion prices spiked because of rainfall during the last harvest season affecting rabi onion quality, delayed sowing of Kharif onion, prolonged dry spells impacting Kharif production, and trade-related measures by other countries.

The decrease in retail inflation in FY24 was driven by a fall in core inflation - both goods and services.

Core services inflation eased to a nine-year low in FY24; at the same time, core goods inflation also declined to a four-year low.

In FY24, core consumer durables inflation declined due to an improved supply of key input materials to industries.

This was a welcome change after the progressive increase in consumer durables inflation between FY20 and FY23.

Globally, India’s services exports constituted 4.4 percent of the world's commercial services exports in 2022.

Post-pandemic, services exports have maintained a steady momentum and accounted for 44 per cent of India’s total exports in FY24.

India's electronics manufacturing sector has experienced significant growth since 2014, accounting for an estimated 3.7 per cent of the global market share in FY22.

Domestic production of electronic items increased significantly to ₹8.22 lakh Crore, while exports rose to ₹1.9 lakh Crore in FY23.

Economic Survey Updates: Economic growth of 8.2% in FY24 was supported by an industrial growth rate of 9.5%

Within the four industrial sub-sectors, manufacturing and construction nearly reached double-digit growth, while mining & quarrying and electricity & water supply also experienced significant positive growth in FY24.

The agriculture sector has registered an average annual growth rate of 4.18 per cent at constant prices over the last five years.

As per provisional estimates for 2023-24, the growth rate of the agriculture sector stood at 1.4 per cent at constant prices.

Going forward, the RBI projects inflation to fall to 4.5 per cent in FY25 and 4.1 per cent in FY26, assuming normal monsoon and no external or policy shocks.

Similarly, the IMF forecasts inflation of 4.6 per cent in 2024 and 4.2 per cent in 2025 for India.

Food inflation has been a global concern over the past two years.

Within India, the agriculture sector faced challenges due to extreme weather events, depleted reservoirs, and crop damage, which impacted farm output and food prices. Consequently, food inflation stood at 6.6 per cent in FY23 and increased to 7.5 per cent in FY24.

The decrease in retail inflation in FY24 was driven by a fall in core inflation - both goods and services.

Core services inflation eased to a nine-year low in FY24; at the same time, core goods inflation also declined to a four-year low.

The global energy price index experienced a sharp decline in FY24.

On the other hand, the Central Government announced price cuts for LPG, petrol, and diesel. As a result, retail fuel inflation stayed low in FY24.

The Government’s thrust on capex and sustained momentum in private investment has boosted capital formation growth. Gross Fixed Capital Formation increased by 9 per cent in real terms in 2023-24.

The government has unveiled its growth strategy for the Amrit Kaal, focusing on six critical areas to drive economic progress and sustainability.

Boosting Private Investment: The strategy emphasizes a deliberate focus on increasing private sector investment to stimulate economic growth.

Expanding MSMEs: Prioritizing the growth and expansion of India’s Mittelstand (Micro, Small, and Medium Enterprises) is highlighted as a strategic priority, recognizing their significant role in the economy.

Agriculture as a Growth Engine: The government aims to unlock the potential of agriculture as a major growth driver by removing existing policy impediments.

Green Transition Financing: Securing financing for India's green transition is identified as essential for sustainable development and environmental protection.

Bridging the Education-Employment Gap: Addressing the disconnect between education and employment is crucial to ensure that the workforce is equipped with relevant skills.

Building State Capacity and Capability: A focused effort is required to enhance the capacity and capability of state institutions to effectively implement policies and drive growth.

Fiscal deficit expected to drop to 4.5% of GDP or lower by FY26

Boosting Private Investment: Deliberate focus on increasing private sector investment.

Expanding MSMEs: Prioritizing the growth and expansion of India’s Mittelstand (MSMEs).

Agriculture as a Growth Engine: Recognizing the potential of agriculture and removing policy impediments.

Green Transition Financing: Securing financing for India's green transition.

Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce.

Indian labour market indicators have improved in the last six years, with the unemployment rate declining to 3.2 per cent in 2022-23.

RBI expects headline inflation to be 4.5 percent in FY25 and 4.1 percent in FY26.

Inflation is under control, economy on a strong wicket

Finance Minister Nirmala Sitharaman tables pre-budget document in the Parliament.

The keenly awaited number in the Economic Survey is the GDP growth forecast for the ongoing financial year.

In the last full survey presented on January 31, 2023, GDP growth was seen in the range of 6-6.8 percent for FY24. This was much lower than the statistics ministry’s latest estimate that sees GDP growth at 8.2 percent in FY24.

The Economic Survey is crucial for guiding policy decisions and shaping economic strategies.

It serves as a benchmark for evaluating current economic performance and setting goals for future growth.

The Economic Survey is expected to highlight the twenty-first-century challenge of climate change and energy transition. In general, climate across the world has become increasingly erratic, further fortifying upside risks to food prices.

On January 29, two days before the interim Budget for 2024-25 was presented by Finance Minister Nirmala Sitharaman on February 1, the finance ministry came out with a report which estimated a GDP growth rate of close to 7 percent for the ongoing fiscal year.

Prime Minister Narendra Modi said that it is a matter of great pride for every citizen that India is the fastest growing country among the countries with large economies.

He further said that in the last 3 years, we are moving ahead with a continuous growth of 8 percent.

Prime Minister Narendra Modi said that it is a matter of great pride for every citizen that India is the fastest growing country among the countries with large economies.

He further said that in the last 3 years, we are moving ahead with a continuous growth of 8 percent.

Prime Minister Narendra Modi said "...It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time...I have been giving guarantees to the people of the country and our mission is to bring this to the ground. This Budget is important budget for Amrit Kaal. Today's budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of 'Viksit Bharat'..."

"An important session is starting on this auspicious day. I extend my greetings to the countrymen on the first Monday of Sawan. The monsoon session of Parliament is starting today. Today the whole country is looking at it. This should be a positive session," says PM Modi

The survey usually comments on inflation especially its trajectory so far and ahead in the context of the central bank's forecast for the same in a given financial year. The Reserve Bank of India (RBI) expects retail inflation at 4.5 percent in FY25, above the targeted 4 percent.

The Economic Survey is crucial for guiding policy decisions and shaping economic strategies.

It serves as a benchmark for evaluating current economic performance and setting goals for future growth.

It includes extensive statistical information on economic indicators such as GDP growth, inflation, employment rates, fiscal deficit, and other relevant metrics.

The Economic Survey is expected to give details on agricultural productivity, which will hold importance for FY25 as the sector's gross value added (GVA) growth in FY24 was at a multi-year low of 1.4 percent, a decrease from 4.7 percent in FY23.

Along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus.

All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy.

The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.

The Economy Survey document may also give some idea about the tone and texture of the Budget for 2024-25, to be presented on Tuesday.

The Economic Survey 2023-24 will be presented in Lok Sabha today at 1 pm and in Rajya Sabha at 2 pm.

The press conference will take place 02.30 pm at NMC.

The keenly awaited number in the Economic Survey is the GDP growth forecast for the ongoing financial year.

In the last full survey presented on January 31, 2023, GDP growth was seen in the range of 6-6.8 percent for FY24. This was much lower than the statistics ministry’s latest estimate that sees GDP growth at 8.2 percent in FY24.

The Economic Survey is expected to highlight the twenty-first-century challenge of climate change and energy transition. In general, climate across the world has become increasingly erratic, further fortifying upside risks to food prices.

The Economic Survey is expected to give details on agricultural productivity, which will hold importance for this financial year as the sector's gross value added (GVA) growth in FY24 was at a multi-year low of 1.4 percent, a decrease from 4.7 percent in FY23.

Along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus.

All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy.

The Economic Survey is crucial for guiding policy decisions and shaping economic strategies.

It enhances transparency by offering an impartial assessment of the economy, ensuring accountability in governmental economic policies.

On January 29, two days before the interim Budget for 2024-25 was presented by Finance Minister Nirmala Sitharaman on February 1, the finance ministry came out with a report which estimated a GDP growth rate of close to 7 percent for the ongoing fiscal year.

It includes extensive statistical information on economic indicators such as GDP growth, inflation, employment rates, fiscal deficit, and other relevant metrics.

The Survey will give the growth outlook for the current financial year at a time when India has seen a spate of forecast revisions from international agencies.

The survey gives a detailed account of the state of the economy, prospects and the policy challenges.

Read more here.

The Economic Survey is expected to highlight the twenty-first-century challenge of climate change and energy transition. In general, climate across the world has become increasingly erratic, further fortifying upside risks to food prices.

The Economic Survey is expected to give details on agricultural productivity, which will hold importance for FY25 as the sector's gross value added (GVA) growth in FY24 was at a multi-year low of 1.4 percent, a decrease from 4.7 percent in FY23.

The survey usually comments on inflation especially its trajectory so far and ahead in the context of the central bank's forecast for the same in a given financial year. The Reserve Bank of India (RBI) expects retail inflation at 4.5 percent in FY25, above the targeted 4 percent.

On January 29, two days before the interim Budget for 2024-25 was presented by Finance Minister Nirmala Sitharaman on February 1, the finance ministry came out with a report which estimated a GDP growth rate of close to 7 percent for the ongoing fiscal year.

On January 29, two days before the interim Budget for 2024-25 was presented by Finance Minister Nirmala Sitharaman on February 1, the finance ministry came out with a report which estimated a GDP growth rate of close to 7 percent for the ongoing fiscal year.

The Economic Survey's take on ratings agencies will be crucial given that past surveys have been critical of them claiming that their methodology failed to capture India's strong economic fundamentals.

The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.

The keenly awaited number in the Economic Survey is the GDP growth forecast for the ongoing financial year.

In the last full survey presented on January 31, 2023, GDP growth was seen in the range of 6-6.8 percent for FY24. This was much lower than the statistics ministry’s latest estimate that sees GDP growth at 8.2 percent in FY24.

The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.

The Economy Survey document may also give some idea about the tone and texture of the Budget for 2024-25, to be presented on Tuesday.

The Economic Survey 2023-24 will be presented in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm. The press conference will take place 02.30 pm at NMC.

Union Finance Minister Nirmala Sitharaman will table the pre-budget document in Parliament today on July 22, a day ahead of the Budget presentation on July 23.