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Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023-2024 on Monday, just before the highly anticipated Union Budget 2024-25 is unveiled the following day. The Union Budget for the fiscal year 2024-25 will be presented in Parliament this Tuesday by Sitharaman, marking the first budget of Prime Minister Narendra Modi’s third term.
Monsoon session begins today and will have 19 sittings till August 12 when the government is expected to present six bills, including the one to replace the 90-year-old Aircraft Act, and also get Parliament’s nod for the budget of Jammu and Kashmir, which is under central rule.
Meanwhile, Chief Economic Advisor V. Anantha Nageswaran expressed the government’s confidence in meeting the 7 percent growth target outlined in the Economic Survey 2023-24, which was presented on July 22. Speaking on Monday, Nageswaran acknowledged that while achieving this target is feasible, there are several potential risk factors to consider.
“While 7 per cent is eminently doable, there are some risk factors given the way the monsoon has shaped up and financial markets risks are rising in the developed world with spillover effects on India and the geopolitical environment,” Nageswaran said.
The government remains optimistic about reaching the growth target but is aware of these challenges, including variable weather patterns, increasing financial market uncertainties in developed economies, and geopolitical complexities.
