LIVE updates: Indian economy expected to grow at 6.5-7% in FY25, says Economic Survey

Budget 2024 LIVE updates: 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.