Economic Survey calls for private sector investment boost

Economic Survey 2023-24: The pre-budget Economic Survey highlights the necessity for measures to enhance talent and productivity through private sector investment, experts noted on Monday.

Finance Minister Nirmala Sitharaman presented the Economic Survey for 2023-24 in Parliament, stressing on the importance of private sector involvement in various key areas.

Rumki Majumdar, Economist at Deloitte India, highlighted that the Survey calls for increased private sector investment in skills development, physical and digital connectivity, and the enhancement of state capacity and capabilities. She identified MSMEs, agriculture, education, employment, and upskilling as crucial pillars for uplifting the masses through job creation, income growth, and skill enhancement.

Aditi Nayar, Chief Economist and Head of Research & Outreach at ICRA, pointed out that the Survey call for medium-term growth to be supported by both the private corporate sector and state governments.

Regarding inflation, Nayar noted that "managing inflation is not solely the responsibility of the RBI and its MPC. It requires active intervention by the Centre, particularly in food price management. Achieving an optimal growth-inflation mix over the medium term hinges on addressing both these aspects effectively."

(With PTI inputs)