FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha

Union Finance Minister Nirmala Sitharaman on Tuesday tabled the Economic Survey 2023-2024 in the Lok Sabha.

Earlier, Prime Minister Narendra Modi appealed to all parties to participate in the discussion in Parliament and to end bitterness for the betterment of the country.

“I would like to request all parliamentarians to participate in all discussions in the House, no matter how ideologically opposed they are. Opposite ideologies are not bad, but negative ideologies are. That is when the limit of thoughts comes to an end. The country does not need negativity,” PM Modi said.

Urging all MPs to have progressive ideologies, the Prime Minister said, “The country needs a progressive ideology that fuels development and takes the country to great heights.”

Asking people to rise above party lines and represent the voices of the countrymen in the Parliament, PM Modi said, “I would like to tell everyone that people have sent us here for the country and not for our respective parties. This Parliament is not for our parties but for the country. This Parliament is not just restricted to Parliamentarians but it is for 140 crore people.”

“I hope that we utilize the temple of democracy positively to fulfil the aspirations of ordinary citizens in India,” he added.

“I would like to ask all the parties to rise above party lines and dedicate themselves to the country and use this dignified platform of Parliament for the next 4.5 years. In the election year of January 2029, you can play any game, but till then we should participate for the empowerment of the farmers, youth and the country”, the Prime Minister said.

Prime Minister Modi said that it is a moment of pride for the government to present the inaugural budget for the third time after government formation after 60 years.

“It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time…I have been giving guarantees to the people of the country and our mission is to bring this to the ground. This Budget is important budget for Amrit Kaal. Today’s budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of ‘Viksit Bharat’,” he said.

The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.

The Economy Survey document may also give some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented the day before the Union Budget.

The most important feature that many will look out for is its central theme. In 2022, the central theme was ‘Agile Approach’, which emphasized on India’s economic response to the COVID-19 pandemic shock. In 2023, it was ‘recovery complete’, when the economy staged a broad-based recovery from pandemic-induced contraction, Russian-Ukraine conflict, and inflation, and ascended to the pre-pandemic growth path.

Typically, along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus. All eyes will be on the major announcements made by the finance minister and the government’s forward-looking guidance about the overall economy.

With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. Sitharaman’s upcoming budget speech will be her seventh.