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- Economic Survey 2024 Will Be Presented In Parliament Today. Economic Survey 2024 Today, Nirmala Sitharaman
New Delhi49 minutes ago
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Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23. Earlier today i.e. on Monday, July 22, the Economic Survey will be presented in Parliament. The monsoon session of Parliament is starting from today and will continue till August 12.
The Department of Economic Affairs of the Finance Ministry presents the Economic Survey in Parliament every year just before the Union Budget. It is presented in both the houses of the Parliament. The survey reviews the developments in the Indian economy in the last 12 months.
Economic surveys generally consist of two volumes:
- Economic Survey, Volume I: Is concerned with conceptual and analytical issues.
- Economic Survey, Volume II: Is related to the condition of India’s economy.
5 big things related to economic survey
- The Economic Survey contains information about budget priorities for the coming year.
- Along with the development review, it also highlights the sectors that need emphasis.
- The survey analyzes many issues happening around and also explains their reasons.
- The Economic Survey is compiled under the guidance of the Chief Economic Advisor (CEA).
- It was presented along with the budget from 1950-51 to 1964. Now presented before the budget.
GDP growth in fiscal year 2024 was 8.2%
On May 31, the government had released the provisional estimate of GDP for the entire year i.e. financial year 2024 also. GDP growth in FY24 was 8.2%. In the last financial year i.e., FY23, GDP growth was 7%. At the same time, the Reserve Bank of India i.e. RBI had increased the GDP growth estimate for FY25 to 7.2% a month ago. Apart from this, RBI had maintained the inflation estimate for the financial year 2024-25 at 4.5%.
Retail inflation reached 4-month high in June
Retail inflation has increased to 5.08% in June. This is the highest level of inflation in 4 months. Inflation in April was 4.85%. Whereas a month ago in May, inflation was 4.75%. Whereas in the last month of the financial year 2023-2024 i.e. March, retail inflation was 4.85%.
Wholesale inflation rose to its highest level in 16 months in June
Wholesale inflation has increased to the highest level in 16 months in June. According to the data released on July 15, wholesale inflation has increased to 3.36% in June. The wholesale inflation rate in February 2023 was 3.85%. At the same time, wholesale inflation in May increased to a 15-month high of 2.61%. Earlier in April 2024, inflation was 1.26%, which was the highest level in 13 months. Whereas in March the wholesale inflation rate was 4.85%.
