Finance Minister Nirmala Sitharaman presented the economic survey in Parliament today. She is going to present the budget tomorrow. This is going to be his seventh budget speech. Before that, the Economic Survey 2023–24 was tabled in Parliament to discuss the current economic challenges of the country and to analyse the Indian economy in the last financial year. This report is actually a report card of the country’s economy.The Economic Survey is being prepared by a team of economists headed by V. Ananth Nageswaran, Chief Economic Adviser, Union Finance Ministry.
An economic survey presents and analyses statistical data on issues like employment, GDP growth, and inflation. It has been claimed that India’s economy is currently in a stable state. Meanwhile, the report said that to meet the demand for jobs in India, 78.5 lakh jobs will have to be created annually in the non-agricultural sector until 2030. In addition, the report also claimed that India’s economic growth rate may be 6.5 to 7 percent in the current financial year.
The Economic Survey tabled in Parliament said, ‘India’s economy is currently strong and stable. The Indian economy is showing stability despite geopolitical challenges. Post-Covid, the Indian economy has managed to bounce back for policymakers. In this situation, the country’s financial stability has been ensured. Nevertheless, change is the only thing for a country with high growth aspirations.
Economic surveys suggest that the service sector is a major employment-generating sector. However, the construction sector has recently gained more prominence in terms of employment. The employment rate in the manufacturing sector has fallen over the past decade due to loan defaults. However, the economic survey also said that the employment rate in the re-manufacturing sector has started to rise slightly from the financial year 2021–22. Meanwhile, the report said that to meet the demand for jobs in India, 78.5 lakh jobs will have to be created annually in the non-agricultural sector until 2030.
Meanwhile, according to the Economic Survey, the average rate of inflation in India was 6.7 percent in the last financial year (2022–23). That average rate of inflation has come down to 5.4 percent in the 2023–24 financial year. Meanwhile, in the financial year 2024–25, India’s economic growth rate may be 6.5–7 percent, according to the economic survey report.
