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

Nirmala Sitharaman/ PTI

Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 to the Lok Sabha on Tuesday. Prior to the presentation, Prime Minister Narendra Modi asked all parties to work constructively in Parliament, putting aside ideological differences for the country's good. He stressed the importance of good, progressive ideology for national development and urged MPs to promote the nation's interests over party lines, reported ANI.

"This Parliament is not just for our parties, but for the entire country," Modi declared, urging cooperation for the next 5 years to empower farmers, youth, and the nation. He noted that the incoming budget would be crucial in determining the course of the next five years and laying the groundwork for the ambition of a 'Viksit Bharat' (Developed India) by 2047.

The Economic Survey, prepared by the Department of Economic Affairs and reviewed by the top economic adviser, gives an overview of the economy for fiscal year 2023-24, as well as insights into current economic data and projections. It also hints at the aim and tone of the Union Budget for 2024-25, which will be unveiled the next day.

The Economic Survey has long been an important document in India's budget process, changing since its separation from budget documents in the 1960s. The topic in 2022 was 'Agile Approach', while in 2023 it was 'full recovery' from the pandemic and other worldwide disturbances.

Finance Minister Sitharaman's forthcoming budget address will be her seventh, breaking former Prime Minister Morarji Desai's record of five yearly budgets and one interim budget from 1959 to 1964.

The Economic Survey, according to another ANI report, stated that female labour force participation has been on the rise in the last six years and that the unemployment rate is on a decline. Highlighting the growth in Indian labour market data over the last six years, with unemployment falling to 3.2 per cent in 2022-23.

The Indian workforce is approximately 56.5 crore, with more than 45 per cent working in agriculture, 11.4 per cent in manufacturing, 28.9 per cent in services, and 13.0 per cent in construction, according to the finance ministry's Economic Survey 2023-24, released on Monday.