India, Jan. 31 -- The Economic Survey, a voluminous document released a day before the Union Budget, is expected to play an important role. The budget responds to immediate political and economic considerations. These may or may not be in sync with structural economic challenges. It is on this front that the survey is expected to sound a note of wisdom and, if needed, caution.

The 2024-25 Economic Survey does justice to this larger role. Its key message is simple. India has done well to preserve its macroeconomic stability in a globally turbulent environment. This has ensured that the larger economic picture is not mired in crisis despite what looks like a cyclical slowdown. The survey has projected a growth rate of 6.3%-6.8% for the nex...