Nirmala Sitharaman Tables Economic Survey 2023-24 in Lok Sabha

A day before presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-24 in the Lok Sabha. This survey is a vital document providing a comprehensive review of India’s economy for the past financial year and a forecast for the upcoming year. Prepared by the Economics Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor, the survey offers an impartial assessment of the economy, aiding in policy decisions and enhancing transparency.

Overview of the Economic Survey

Importance of the Economic Survey

The Economic Survey is crucial for understanding the government’s economic performance and major development programmes. It reviews the past year’s economic developments, challenges, and policy initiatives. The survey is divided into two parts:

Part A: Reviews economic developments and challenges.
Part B: Focuses on specific topics like social security, poverty, education, healthcare, human development, and climate issues.

Economic Survey’s Role in Policy Making

The survey highlights key sectors needing more funding, policy support, and government programmes. It serves as a guide for shaping economic strategies, ensuring accountability in government policies.

Detailed Analysis of Part A

Economic Developments and Challenges

GDP Growth: Analysis of GDP growth trends, contributing factors, and projections.
Inflation Rates: Examination of inflation trends and their impact on the economy.
Trade and Exports: Overview of trade balances, export growth, and challenges.
Sectoral Performance: Performance analysis of major sectors like agriculture, industry, and services.

Key Insights from Part A

Economic Recovery: Post-pandemic recovery and growth prospects.
Fiscal Policies: Evaluation of fiscal policies and their effectiveness.
Monetary Policies: Role of monetary policies in stabilizing the economy.
Employment Trends: Analysis of employment rates and job creation.

In-depth Look at Part B

Social Security and Poverty

Welfare Programmes: Review of major welfare programmes and their impact.
Poverty Alleviation: Strategies and achievements in reducing poverty.

Education and Healthcare

Education Reforms: Progress in educational initiatives and reforms.
Healthcare Improvements: Advancements in healthcare infrastructure and services.

Human Development and Climate Issues

Human Development Index: Analysis of human development indicators.
Climate Change Policies: Evaluation of climate change policies and their effectiveness.

Statistical Analysis of Sectors

Agriculture: Growth trends, challenges, and policy support.
Industry: Industrial performance and future outlook.
Employment: Employment statistics and trends.
Prices and Inflation: Price trends and inflation control measures.
Exports: Export performance and global market impact.

The Economic Survey 2023-24, tabled by Finance Minister Nirmala Sitharaman, plays a pivotal role in shaping India’s economic policies. It provides a transparent and comprehensive review of the past year’s economic performance and forecasts for the upcoming year. By highlighting key sectors and offering detailed statistical analysis, the survey guides policy decisions, ensuring accountability and transparency in government economic policies.