Nirmala Sitharaman, the Union Finance Minister, will submit her seventh consecutive budget on Tuesday. Sitharaman will also exceed Morarji Desai's record of six consecutive budget presentations. This is also the third NDA government's first full budget, led by Prime Minister Narendra Modi.

What the Economic Survey says

Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24 to Parliament on Monday, the opening day of the Monsoon session, ahead of the budget. V. Anantha Nageswaran, the Chief Economic Advisor (CEA), headed the team that created the survey.

The economy is in a solid position.

According to the Economic Survey 2023-24, the Indian economy is on solid ground and resilient to geopolitical concerns. The Indian economy has solidified its post-Covid recovery, with fiscal and monetary authorities preserving economic and financial stability, according to the Economic Survey paper, which also asserts that the economy is expanding.

Major challenges

However, citing global instability, the Survey paper stated that change is the only constant for a country with high development ambitions. While facing the challenges ahead, one should not be discouraged because democratic India's social and economic change has been a spectacular success story, according to the text.

"We've gone a long way. "The economy has grown from approximately USD 288 billion in FY93 (1992-93) to USD 3.6 trillion in FY23," it stated. India has created higher growth per dollar of debt than other comparable countries, and extreme poverty has been virtually eliminated. Human development indices have increased, and more Indians, particularly women, are receiving an education, according to the 476-page paper.

"However, it would be a missed opportunity -- as there have been many in the past -- not to strengthen a system to steer the country through a future that has become immeasurably uncertain," the authors stated.