Economic Survey 2024 Updates: Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 on Monday, ahead of the highly anticipated Union Budget 2024-25 set to be unveiled the following day. The Union Budget for the fiscal year 2024-25 will be introduced in Parliament this Tuesday by Sitharaman, marking the first budget of Prime Minister Narendra Modi’s third term.
The Monsoon session, which begins today, will feature 19 sittings until August 12. During this session, the government plans to present six bills, including one to replace the 90-year-old Aircraft Act, and seek Parliament’s approval for the budget of Jammu and Kashmir, which is currently under central rule.
Chief Economic Advisor V. Anantha Nageswaran has expressed confidence in achieving the 7 percent growth target set in the Economic Survey 2023-24, presented on July 22. Nageswaran noted that while meeting this target is attainable, there are several risk factors to consider, such as unpredictable weather patterns, growing financial market uncertainties in developed economies, and geopolitical complexities. The government remains hopeful about achieving the growth target despite these challenges.
Economic Survey 2024 Live: Rahul Sharma, Co-founder, ZETWERK, said
Economic Survey 2024 Live: “The Economic Survey 2024 underscores the success of the government’s Production Linked Incentive (PLI) scheme in boosting India’s electronics exports. Leveraging tax breaks and subsidies, the scheme has transformed India’s electronics trade with the US, shifting from a deficit of $0.6 billion in FY17 to a surplus of $8.7 billion in FY24. The mobile phone segment has witnessed phenomenal growth, with exports to the US jumping from $2.2 billion to $5.7 billion in just one year. The consumer electronics boom has also fueled job creation. This sector employs around 2% of the total workforce and has seen a staggering 66% increase in jobs between FY18 and FY22. While celebrating this progress, we also need to emphasize the importance of value addition across all categories – mobile phones, accessories, white goods, and IT hardware. Manufacturers like ZETWERK are actively building factories pan-India to support this objective. The Electronic System Design and Manufacturing (ESDM) sector also seeks a level playing field that fosters fair competition. This includes policies that ensure equal opportunities for participants of all sizes and origins, enabling value addition and backward integration throughout the industry.”
Economic Survey 2024 Live: Vaibhav Chaturvedi, Senior Fellow, Council on Energy, Environment and Water (CEEW), said on Economic Survey
Economic Survey 2024 Live: “Given the economic survey’s emphasis on growth and development aligned climate actions, we can expect incentives that boost domestic manufacturing to be a key pillar of the Budget’s climate related announcements. This should include incentives for solar panel manufacturing and green hydrogen production. While the economic survey emphasises energy efficiency practices under LiFE, it must also emphasise the criticality of technology efficiency and super-efficient appliances that the budget could support through appropriate incentives and measures.”