Parliament Budget session from today, Finance Minister to table Economic Survey
The Parliament’s Budget Session for 2025 commenced today, January 31, with significant legislative activities planned. Here are the key highlights:
Opening Address: The session began with President Droupadi Murmu addressing a joint sitting of both Houses of Parliament, setting the stage for the government’s agenda.
Economic Survey Presentation: Finance Minister Nirmala Sitharaman is set to table the Economic Survey for 2024-25 at noon in the Lok Sabha and at 2 PM in the Rajya Sabha. This document provides a comprehensive review of India’s economic performance over the past fiscal year and outlines challenges and policy recommendations.
Legislative Agenda: The government has identified 16 bills to be discussed during this session. Key among them are the Waqf (Amendment) Bill and the Finance Bill, which will address various economic and regulatory reforms. Other notable bills include amendments to banking laws, disaster management regulations, and laws concerning the Indian Railways.
Session Timeline: The first part of the Budget Session will run until February 13, after which there will be a recess until March 10. The entire session is expected to conclude on April 4, with a total of 27 sittings planned.
This Budget Session is particularly crucial as it precedes the Union Budget presentation scheduled for February 1, where expectations for tax reforms and economic initiatives are high amid ongoing discussions about inflation and unemployment challenges facing the country.
The Economic Survey for 2024-25 is set to be tabled today, January 31, 2025, by Finance Minister Nirmala Sitharaman. While the full details will be available after its presentation, here are some anticipated key highlights based on previous surveys and economic indicators:
Projected GDP Growth: The survey is expected to project real GDP growth for FY25 in the range of 6.5% to 7%, supported by strong domestic investment and improved agricultural output.
Inflation Management: It is likely to address inflation trends, with expectations that retail inflation will remain under control due to effective monetary policies and government interventions. Previous surveys indicated a decline in retail inflation from 6.7% in FY23 to 5.4% in FY24.
Current Account Deficit: The survey may highlight improvements in the current account deficit (CAD), which was reported at 0.7% of GDP for FY24, down from 2.0% in FY23, indicating better external stability.
Sectoral Performance: Key sectors such as agriculture and services are expected to be emphasized, with projections of increased agricultural productivity due to favorable monsoon forecasts and structural reforms like the Goods and Services Tax (GST) potentially enhancing economic performance.
Banking Sector Health: The survey will likely note improvements in the banking sector, including a reduction in non-performing assets (NPAs) and robust credit growth, which reached approximately 20.2% at the end of March 2024.
Employment Trends: There may be a focus on employment rates, with reports suggesting a decline in unemployment since the pandemic, reflecting positive labor market conditions.
The Economic Survey aims to provide a comprehensive analysis of India’s economic performance and outline policy recommendations for sustaining growth amidst global uncertainties and domestic challenges.
