The Union Government is set to present the Annual Economic Survey 2024-25, the official report card on the state of economy, on Friday.
As per the protocol, Chief Economic Adviser (CEA) V Anantha Nageswaran will present the Economic Survey a day before the presentation of the Union Budget by the Finance Minister Nirmala Sitharaman.
The Economic Survey of 2024-25 is coming in a short span of 6 months as the last one was presented in July 2024 due to the Lok Sabha Elections and formation of the new government.
What is an Economic Survey?
Economic Survey is a document prepared by the Economic Division of the Department of Economic Affairs, headed by India’s Chief Economic Advisor.
It is a comprehensive report that offers an in-depth analysis of India’s economy, focusing on various key sectors.
The Economic Survey is generally divided into two sections: Part A and Part B.
Both parts focus on key economic indicators. These include agricultural and industrial production, employment, imports and exports, infrastructure, money supply and foreign exchange reserves.
Part A of the Economic Survey reviews the overall economic performance, presenting data on fiscal trends and macroeconomic indicators.
Part B delves into socio-economic issues such as education, poverty, and climate change, and also offers projections for GDP growth, inflation, and trade.
Notably, these indicators offer valuable insights into the factors shaping the economy and help assess their impact on the government’s fiscal strategy.
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What to expect from the Economic Survey 2024-25?
A few weeks ago, Chief Economic Advisor V Anantha Nageswaran had highlighed that the deregulation will be the big theme for the Survey with an aim to push job creation and increase female workforce participation.
“We touched upon it quite a bit in the economic survey in July and that is going to be the big theme. Deregulation or letting go is the big theme for the coming economic survey as well,” Nageswaran had said.
CEA had highlighted the restrictions on woman occupations in different states, and said, “If you want to increase female workforce participation then the focus has to be on the plumbing of deregulation has to happen in state and local governance.”
Further, apart from the detailed analysis of the state of economy, the Eoconomic Survey is also expected to share suggestions to make India Viksit Bharat by 2047.
Also Read: Inclusive capex, geopolitical risks, skill development: BFSI leaders on Budget 2025 priorities
Economic Survey 2024-25 and the current standing:
The Economic Survey of 2023-24, presented in July 2024 had highlighted that the inflationary pressures, driven by global issues, supply chain disruptions, and unpredictable monsoons, have been effectively managed through strategic administrative and monetary policies.
Retail inflation which averaged at 6.7% in FY23 has been decreased to 5.4% in FY24.
It had said that government’s timely policy interventions, combined with the Reserve Bank of India’s measures to ensure price stability, successfully kept retail inflation at 5.4% in FY24, marking the lowest level since the pandemic.
Recently, the International Monetary Fund (IMF) has maintained India’s real GDP growth forecast at 6.5% for FY2024-25.
United Nations (UN) has retained its projection at 6.6% for the calendar year 2025 while the World Bank and Moody’s have revised their growth estimates downward to 6.5% and 7% respectively for FY2024-25.
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