The Economic Survey 2023-24 is set to be presented in Parliament today, a day before the Union Budget. This survey is an annual document prepared by the Ministry of Finance and provides a comprehensive review of the economic developments over the past year. It offers detailed analysis and insights into various sectors of the economy, identifies key challenges, and proposes policy recommendations to address them.Union Minister Nirmala Sitharaman will table the pre-budget document in the Parliament, ahead of the Budget session for 2024-25, which is all set to begin on July 23.What is the Economic Survey all aboutThe Economic Survey is a document, which provides an overview of the current state of the economy and various indicators for the April-March period of 2023–24. The survey is formulated under the guidance of the chief economic adviser, the Economic Division of the Department of Economic Affairs in the Ministry of Finance.The paper titled Economy Survey might possibly provide some insight into the style and substance of the real budget for 2024–25, which will be unveiled on Tuesday.What is the purpose of Economy SurveyThe presentation of the Economic Survey sets the stage for the Union Budget 2024, providing a context for the governments fiscal and economic policies. It is anticipated with keen interest as it reflects the governments assessment of the economys performance and its future outlook. Key highlights typically include GDP growth projections, fiscal deficit trends, inflation rates, and sector-specific performance.Expected key highlights of the budgetUnion Finance Minister Nirmala Sitharaman is all set to make history as she presents her seventh consecutive budget for the fiscal year 2024-25 on Tuesday. On the budget day, the finance minister will present the budget in the Parliament at 11 am. The budget will not only give the outline for the fiscal policies of government but will also give an overview of the revenue and expenditure proposals, taxation reforms and other significant decisions on developments. Like previous budgets, the budget 2024 for this year also will be presented in the paperless form. Meanwhile, it should be highlighted that according to projections, India is expected to become the third-largest economy in the world with a GDP of USD 5 trillion in the next three years. Simultaneously, India is hoping to become a USD 7 trillion economy in the next six to seven years that is by 2030.
