No economic survey on January 31?
Situation will not be normal in India in 2024 economic survey traditionally presented before Union Budget. instead, Finance Minister Nirmala Sitharaman An interim budget will be presented on February 1, known as a vote-on-account. The reason for not presenting the Economic Survey this year is the election context. 2024 is an election year in India and the presentation of the Economic Survey could lead to politicization due to a possible change in government after the elections. This may disrupt the regular budget process.
Although Ministry of Finance has issued an alternative report titled “Indian Economy – A Review,” prepared by the office of Chief Economic Adviser (CEA) V Ananth Nageswaran. This report does not replace the official Economic Survey, but provides valuable insights on the pace and prospects of the Indian economy over the past decade and its future outlook. It is important to note that the official economic survey is expected to be presented after the general elections and formation of the new government. The Review consists of two chapters and takes stock of the state of the Indian economy and its journey Offers an overview of the outlook for the economy over the past 10 years and the years to come.
Main points of “Indian Economy – A Review” include
- India is projected to become a $5 trillion economy in the next 3 years and is likely to reach $7 trillion by 2030.
- The review focuses on the structural reforms undertaken in the last decade and their positive impact.
- It provides a cautious outlook on future growth and inflation while acknowledging global uncertainties and challenges.
- India is expected to surpass the GDP growth rate of 7.2% in FY 2024, outpacing the global economy.
- The Indian economy is set to achieve a growth rate of more than 7% for the third consecutive year.
- The past decade has seen increased public sector investment, a strong financial sector and substantial non-food credit growth.
- India is now the third largest fintech economy globally, after the United States and Britain.
- India has become the fourth largest stock exchange worldwide, overtaking Hong Kong.
- The percentage of women having bank accounts has increased significantly under PM Jan Dhan Yojana.
- Female labor force participation rate has increased and initiatives like Skill India Mission, Start-up India and Stand-up India are contributing to this increase.
- Significant increase in the Gross Enrollment Ratio (GER) for women in higher education.
- The report highlights the dynamism in the MSME sector due to government support.
- The implementation of GST and integration of domestic markets has improved economic efficiency and reduced logistics costs.