Union Finance Minister Nirmala Sitharaman is set to release the Economic Survey 2023-24 today, marking the beginning of the Monsoon Session of Parliament. Prepared by the Department of Economic Affairs, the survey provides a comprehensive overview of the economy, including growth prospects, challenges, and statistical data on various sectors.
Usually released on January 31, the survey’s timing has been adjusted this year due to the election schedule. Despite global economic struggles, India has maintained its position as the fastest-growing economy, with the International Monetary Fund (IMF) projecting a 7% growth rate for FY25, up from 6.8% in April. The Reserve Bank of India (RBI) has also revised its growth forecast to 7.2% from 7%.
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The survey’s release comes ahead of the Union Budget, which is expected to focus on supporting consumption, rural economy, welfare schemes, and agriculture. Rating agencies predict a continued emphasis on manufacturing and capital expenditure, with increased allocations for schemes like PMAY and MNREGA.
Chief Economic Adviser Dr. V. Anantha Nageswaran will address the media later today, providing further insights into the survey’s findings and implications for India’s economic growth.
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