Budget 2024: Economic survey will not come this time, new beginning before the budget

The central government has taken a big decision before the budget this year. This year the Central Government will not present the Economic Survey. The central government has taken this big step even before the general elections. Usually the government presents the Economic Survey in Parliament a day before the presentation of the budget.

However, this year the Finance Ministry has introduced “The Indian Economy A Review 2024”. Let us tell you that Economic Survey is a document, which is prepared by the Chief Economic Advisor. According to this report, GDP may increase by seven percent during the year 2024-25. Information has been given in this report itself that the Economic Survey will be presented in the full budget only after the general elections.

Let us tell you that the first Economic Survey of India was presented during the year 1950-51. Since 1964, the Economic Survey and the General Budget have been presented together. However, due to general elections this year, the Central Government has brought the economic report, in which details of the last 10 years have been given. In this report itself, light has been thrown on the future of the Indian economy. It has been said in this report that India will become a 5 trillion dollar economy in the next three years. The country will become a seven trillion dollar economy by the year 2030. India will also become a seven trillion economy by the year 2030. Ten years ago, India was the 10th largest economy in the world with a GDP of $1.9 trillion.

Finance Ministry expressed its estimate
The Finance Ministry has said that despite the impact of the pandemic and the legacy of an economy with macro-economic imbalances and a fragmented financial sector, India is the fifth largest economy with an estimated GDP of $ 3.7 trillion in the financial year 2023-24. “This 10-year journey has gone through many reforms, both substantive and gradual,” the ministry said. He has made significant contribution to the economic progress of the country. These reforms have also given the economic strength that the country will need to deal with future unexpected global shocks.” Along with this, the ministry said that in the next three years, India will become the world’s third largest economy with a GDP of five trillion dollars. Expected to be made.

According to the review report, “The government has set a big target of becoming a ‘developed country’ by the year 2047. This target can be achieved if the reform journey continues.” The review report says, ”The strength of domestic demand has given the economy a growth rate of more than seven percent in the last three years. Real GDP growth is likely to be around seven percent in the financial year 2024-25. There is a lot of scope for the growth rate to be more than seven percent by the year 2030.

However, the ministry’s review observed that the increased risk of geopolitical conflicts could be a cause of concern for the growth rate of the Indian economy on the strength of recent and future structural reforms. According to this, “With reasonable assumptions regarding inflation gap and exchange rate, India can aspire to become a seven trillion dollar economy in the next six-seven years (by 2030).” Chief Economic Advisor V Ananth Nageswaran said. The global economy is struggling to sustain its post-Covid revival and some shocks such as supply chain disruptions are likely to return in 2024 as well, the review said in the introduction to the report. If these shocks persist, they will affect trade flows, transportation costs, economic output and inflation around the world.