In her recent presentation of the Economic Survey on July 22, 2024, Finance Minister Nirmala Sitharaman frequently emphasized the terms ‘service’ and ‘growth.’ She mentioned ‘service’ a remarkable 433 times and ‘growth’ 402 times. Other frequently used words included ‘State’ (366 times), ‘global’ (343 times), and ‘development’ (301 times).
Understanding the Economic Survey
The Economic Survey is an annual report that provides a comprehensive overview of the economy’s performance over the past year. Compiled by the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Adviser, and approved by the Finance Minister, it is traditionally presented a day before the Union Budget.
Key Findings of the 2024 Economic Survey
The Economic Survey 2024 forecasts India’s GDP growth to be between 6.5% and 7% for the financial year 2024-25, aligning closely with the International Monetary Fund’s (IMF) projection of 7%. Additionally, the survey revealed a decline in retail inflation to 5.4% for 2023-24, down from 6.7% in the previous year.
Focus on Growth and Service Sectors
Minister Sitharaman’s repeated emphasis on ‘service’ and ‘growth’ underscores the government’s commitment to enhancing these sectors. The frequent use of these terms reflects a strategic focus on driving economic progress and improving service delivery across various industries.
By highlighting these key areas, the Economic Survey sets the stage for the upcoming budget, outlining the government’s priorities and providing a roadmap for sustained economic development.
