Economic Survey LIVE: Inflation pressures under control, core inflation below 4%, says CEA | Budget News 2024

LIVE updates of Budget 2024: Economic Survey 2023-24, tabled by Finance Minister Nirmala Sitharaman on Monday (July 22), notes that the Indian economy is on a strong path despite global headwinds. However, the survey also touches on the pain points of the country’s economy, including agriculture, employment, productivity, skills, external uncertainties and others. The survey advocates a transition to green energy and asks the government to loosen its grip in areas where it does not have the capacity to free up capacity and grow its assets. The comprehensive economic document also talks about the role of businesses in promoting the traditional Indian lifestyle instead of glorifying sedentary unhealthy habits. Finance Minister Nirmala Sitharaman tabled the Economic Survey in Parliament today. The Economic Survey of India is a comprehensive annual report presented to Parliament ahead of the Union Budget. All macroeconomic indicators are likely to remain robust, according to the Economic Survey 2023-24. However, it added that there is no room for complacency, especially as external factors can have an impact. Separately, the economic paper said that the Indian financial sector is at a “turnpike moment”, while adding that the dominance of bank support for credit is being reduced. On inflation, the study pointed out that India had one of the lowest deviations from its inflation target compared to advanced economies such as the US, Germany and France,

The Economic Survey is prepared by the Chief Economic Advisor (CEA) under the Ministry of Finance (MoF), who is appointed by the Prime Minister. Currently, Dr V Anantha Nageswaran is the Chief Economic Advisor of India. The Economic Survey of India underwent a format change in 2022-23, reverting to a single-volume presentation. This change coincided with a leadership transition in the office of the Chief Economic Advisor (CEA). Although it comes just a day before the Budget, the Survey’s recommendations do not impose binding constraints on the formulation or content of the Budget.