No Economic Survey To Be Presented On January 31, Here’s Why – News18

The Economic Survey is a complete annual report analysing the efficiency of the Indian financial system over the previous yr and providing insights into its prospects. It is often introduced by the Chief Economic Advisor (CEA) within the lead-as much as the Union Budget, offering a essential backdrop for the federal government’s monetary plans.

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However, India won’t have a full-fledged finances on February 1, 2024. Instead, Finance Minister Nirmala Sitharaman will current an interim finances, often known as a vote-on-account.

Why There Will Be No Economic Survey On January 31?

On February 1, 2024, Finance Minister Sitharaman will current an interim finances, not a full finances. Therefore, there will probably be no Economic Survey introduced this yr (2024) in India on January 31, however there may be an alternate report out there.

Reason for no Economic Survey:

Election yr: 2024 is an election yr in India. Presenting the same old Economic Survey, a doc analysing the previous yr’s efficiency and future outlook, might get politicised because of the potential change in authorities after the elections. This might disrupt the sleek functioning of the common Budget course of, which generally follows the survey presentation.

While there could also be no official Economic Survey this yr because of the election context, the “Indian Economy – A Review” gives precious insights into the nation’s financial trajectory and prospects. Prepared by the workplace of CEA V Anantha Nageswaran, the report gives insights into the financial outlook for the upcoming years.

Indian Economy – A Review

Instead of the Economic Survey, the federal government has launched a report titled “Indian Economy – A Review.” This doc analyses the previous 10 years of the Indian financial system and gives insights into its prospects. However, it’s explicitly talked about that this report doesn’t change the official Economic Survey, which is anticipated to be introduced after the overall elections and the formation of the brand new authorities.

Key Points of Indian Economy – A Review

• It says India will change into a $5 trillion financial system within the subsequent 3 years and will attain $7 trillion by 2030.
• Focuses on structural reforms undertaken prior to now decade and emphasises their optimistic impression.
• Offers a cautious outlook on future progress and inflation, acknowledging international uncertainties and challenges.

Check a few of the high takeaways from the evaluation;

• India is poised to surpass a GDP progress fee of seven.2% in FY24, outpacing the worldwide financial system’s battle to attain a progress fee exceeding 3%.
• For the third consecutive yr, the Indian financial system is about to attain a progress fee exceeding 7%.
• Over the previous decade, an increase in public sector funding, a strong monetary sector, and substantial non-meals credit score progress have facilitated the reasonable progress of the Indian financial system.
• After the USA and the UK, India holds the place of the third-largest fintech financial system globally.
• Surpassing Hong Kong, India has ascended to the rank of the fourth-largest inventory market worldwide. This achievement is attributed to the curiosity proven by each home and international buyers, together with constant IPO exercise.
• The PM Jan Dhan Yojana has contributed to an increase within the proportion of ladies holding financial institution accounts, growing from 53% in 2015-16 to 78.6% in 2019-21.
• The feminine labour drive participation fee (LFPR) has surged from 23.3% in 2017-18 to 37% in 2022–23. Additionally, initiatives just like the Skill India Mission, Start-Up India, and Stand-Up India are contributing to the growing involvement of ladies in human capital formation.
• The Gross Enrolment Ratio (GER) for females in increased schooling has seen a fourfold improve, rising from 6.7% in FY01 to 27.9% in FY21. Moreover, the general GER has greater than doubled, transferring from 24.5% to 58.2% between FY05 and FY22.
• The report signifies that MSMEs are experiencing heightened dynamism, because of the federal government’s supportive measures.
• The implementation of the Goods and Services Tax (GST), coupled with the combination of home markets and heightened incentives for manufacturing, has improved financial effectivity and consequently lowered logistics prices.