Union Budget 2024 kicks off with Economic Survey. What is it, when will it be out, all the details
Expect the Survey to cover sectoral chapters and introduce new sections addressing current economic needs and trends. It often hints at the direction and tone of the upcoming Budget, scheduled for presentation the following day.
- Jul 21, 2024,
- Updated Jul 22, 2024 12:40 PM IST
Union Budget 2024 kicks off with the Economic Survey 2023-24, which will be out at 1 pm tomorrow. Chief Economic Adviser Dr V. Anantha Nageswaran will address a press conference at 2:30 pm where he will detail the state of the Indian economy.You can catch the live updates on the Ministry of Finance's social media channels: X and Facebook or track the fine points on Businesstoday.in.
What is the Economic Survey?
The Economic Survey, an annual pre-budget document, will be tabled in Parliament by Finance Minister Nirmala Sitharaman. It will be presented in the Lok Sabha at 1 PM and in the Rajya Sabha at 2 PM, just ahead of the full Budget for 2024-25. This document, meticulously prepared by the Economic Division of the Department of Economic Affairs under the supervision of the Chief Economic Adviser, offers comprehensive insights into the state of the economy for the fiscal year 2023-24 and provides an outlook for the coming year.
India has retained its tag as the fastest-growing economy, with the International Monetary Fund (IMF) recently revising its economic growth forecast for the country for FY25 to 7 percent from the 6.8 percent projected in April. "The forecast for growth in India has also been revised upward, to 7 percent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF noted.
In June, the Reserve Bank of India (RBI) also adjusted its growth forecast, increasing it to 7.2 percent from 7 percent. RBI Governor Shaktikanta Das highlighted the positive trajectory, stating, "If you look at the average growth India recorded over the three years, the average comes to 8.3 percent and the current year we have given a projection of 7.2 percent growth." He added that the Indian economy in the last financial year contributed to 18.5 percent of global growth, a significant increase from previous years.
Expect the Survey to cover sectoral chapters and introduce new sections addressing current economic needs and trends. It often hints at the direction and tone of the upcoming Budget, scheduled for presentation the following day.
Finance Minister Nirmala Sitharaman's upcoming Budget speech will mark her seventh, surpassing the record set by former Prime Minister Morarji Desai. Her leadership has seen more budget presentations than those by notable predecessors such as Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha.
Union Budget 2024 kicks off with the Economic Survey 2023-24, which will be out at 1 pm tomorrow. Chief Economic Adviser Dr V. Anantha Nageswaran will address a press conference at 2:30 pm where he will detail the state of the Indian economy.You can catch the live updates on the Ministry of Finance's social media channels: X and Facebook or track the fine points on Businesstoday.in.
What is the Economic Survey?
The Economic Survey, an annual pre-budget document, will be tabled in Parliament by Finance Minister Nirmala Sitharaman. It will be presented in the Lok Sabha at 1 PM and in the Rajya Sabha at 2 PM, just ahead of the full Budget for 2024-25. This document, meticulously prepared by the Economic Division of the Department of Economic Affairs under the supervision of the Chief Economic Adviser, offers comprehensive insights into the state of the economy for the fiscal year 2023-24 and provides an outlook for the coming year.
India has retained its tag as the fastest-growing economy, with the International Monetary Fund (IMF) recently revising its economic growth forecast for the country for FY25 to 7 percent from the 6.8 percent projected in April. "The forecast for growth in India has also been revised upward, to 7 percent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF noted.
In June, the Reserve Bank of India (RBI) also adjusted its growth forecast, increasing it to 7.2 percent from 7 percent. RBI Governor Shaktikanta Das highlighted the positive trajectory, stating, "If you look at the average growth India recorded over the three years, the average comes to 8.3 percent and the current year we have given a projection of 7.2 percent growth." He added that the Indian economy in the last financial year contributed to 18.5 percent of global growth, a significant increase from previous years.
Expect the Survey to cover sectoral chapters and introduce new sections addressing current economic needs and trends. It often hints at the direction and tone of the upcoming Budget, scheduled for presentation the following day.
Finance Minister Nirmala Sitharaman's upcoming Budget speech will mark her seventh, surpassing the record set by former Prime Minister Morarji Desai. Her leadership has seen more budget presentations than those by notable predecessors such as Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha.