-Nirmala Sitharaman, the Finance Minister, will present the Economic Survey 2023-24 on the first day of the budget session in Parliament on 22nd July 2024.
-The budget session will be significant as it is the first budget of the newly elected NDA government led by Prime Minister Narendra Modi.
-The expectations from the budget include relief in income tax for the common man, middle class, and salaried individuals.
-The industrial growth rate is projected to be 9.5% in the economic survey, with real GDP growth estimated between 6.5-7%.
-The agriculture sector has shown a growth rate of 4.18% in the past five years as per the economic survey.
-The service sector is expected to grow by 7.6% in the coming financial year, and India’s service exports were 4.4% of the global trade in 2022.
-The budget is expected to focus on new export destinations, increased investment in R&D in the agriculture sector, and increasing the allocation for the PM Kisan Yojana.
-The external sector of India has remained strong despite ongoing geopolitical tensions and stable exchange rates.
-The logistics performance index of India has improved from 44th to 38th position globally, showing positive growth in the country’s infrastructure.
-The economic survey provides insights into the current economic situation and offers projections for the upcoming financial year.
-Prime Minister Modi emphasized the importance of the budget in shaping the direction of the next five years and assured the nation of a transformative budget for prosperity.
-Experts expect changes in the income tax system to make it more attractive for individual taxpayers.
-The economic survey highlights the progress and challenges faced by the Indian economy and emphasizes the need for a balanced and inclusive economic growth strategy.