Finance Minister Nirmala Sitharaman will give to the nation a detailed account of the country’s economy when she tables the Economic Survey in Parliament on July 22, a day before she presents the General Budget. This will be the first budget of the Narendra Modi government during its third term.

The economic survey will be a report card on the economy and the challenges ahead. The survey has been prepared by a team, led by Chief Economic Adviser V Anantha Nageswaran.

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The survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit.

The government is gearing up to meet any challenge posed by a strong Opposition during the Monsoon Session of Parliament.

Parliamentary Affairs Minister Kiren Rijiju has convened a meeting of floor leaders of all political parties on Sunday. The Budget Session of Parliament will commence on July 22 and subject to exigencies of Government Business, it will conclude on August 12.

Mrs Sitharaman had presented an Interim Union Budget for 2024-25 on February 1, as elections for the 18th Lok Sabha were due in April-May.

India has retained its tag as the fastest-growing economy, and the economic survey will be presented at a time when the IMF has just raised its economic growth forecast for the country for FY25 to 7 per cent from 6.8 per cent projected in April.

“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said.

In June, the Reserve Bank of India revised the growth forecast to 7.2 from 7 per cent. The RBI sees India moving ahead towards an 8 per cent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as GST.