Economic Survey: FM Sitharaman Says, AI Creates Uncertainty For Workers of All Skill Levels

FM Nirmala Sitharaman said AI has ‘casted huge pall of uncertainty regarding impact on workers across all skill levels.’

Economic Survey: The Union Finance Minister, Nirmala Sitharaman, on Monday tabled the fiscal year 2023-24 economic survey in Parliament. She presented the survey a day before the budget presentation. While presenting the economic survey, FM Sitharaman said that real GDP growth will hover between 6.5 percent and 7 percent in the current financial year. While talking about the Artificial Intelligence (AI) and its impact on the employees of all skills. She said the AI has ‘casted huge pall of uncertainty regarding impact on workers across all skill levels.’

Speaking about ease of doing business, the Union Finance Minister stated that the central government has taken several steps on it. “A lot of steps have been taken on Ease of Doing Business. Nearly 11 steps have been mentioned in the reply, but most importantly Decriminalisation of 63 offences and as a result of which companies today are able to carry on their functions without the worry of compliance. A central processing system has also been set up,” she said.

Expected Headline Inflation

The Reserve Bank of India expected headline inflation of around 4.5 percent during this year, stating that it is under control and the Indian economy is strong and on a stable footing.

Fiscal Deficit

According to the Financial Forecast, there’s an expected dip in the fiscal deficit by the time we hit 2026. The survey’s results guess that we’ll be looking at a decrease down to 4.5 percent.

Unemployment Rate Dropped

Survey results indicate a promising shift in India’s employment sector over recent years. The Economic Survey affirms this progress, highlighting the dip in unemployment rates to 3.2% in the fiscal period of 2022-23.

Earlier, Prime Minister Narendra Modi appealed to all parties to participate in the discussion in Parliament and to end bitterness for the betterment of the country.

“I would like to request all parliamentarians to participate in all discussions in the House, no matter how ideologically opposed they are. Opposite ideologies are not bad, but negative ideologies are. That is when the limit of thoughts comes to an end. The country does not need negativity,” PM Modi said.
Urging all MPs to have progressive ideologies, the Prime Minister said, “The country needs a progressive ideology that fuels development and takes the country to great heights.”
Asking people to rise above party lines and represent the voices of the countrymen in the Parliament, PM Modi said, “I would like to tell everyone that people have sent us here for the country and not for our respective parties. This Parliament is not for our parties but for the country. This Parliament is not just restricted to Parliamentarians but it is for 140 crore people.”
“I hope that we utilize the temple of democracy positively to fulfil the aspirations of ordinary citizens in India,” he added.
“I would like to ask all the parties to rise above party lines and dedicate themselves to the country and use this dignified platform of Parliament for the next 4.5 years. In the election year of January 2029, you can play any game, but till then we should participate for the empowerment of the farmers, youth and the country”, the Prime Minister said.
Prime Minister Modi said that it is a moment of pride for the government to present the inaugural budget for the third time after government formation after 60 years.
“It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time…I have been giving guarantees to the people of the country and our mission is to bring this to the ground. This Budget is important budget for Amrit Kaal. Today’s budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of ‘Viksit Bharat’,” he said.
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.
The Economy Survey document may also give some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday.