The wait for the entire Budget for 2024-25 is almost over, as the Union government prepares to present the Economic Survey on Monday. Union Finance Minister Nirmala Sitharaman will give the pre-budget document to Parliament a day before the Budget presentation.
What is an economic survey?
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and overseen by the chief economic adviser, will provide insights into the state of the economy and various indicators for 2023-24 (April-March), as well as an outlook for the current year.
The Economy Survey document may also provide insight into the tone and texture of the actual budget for 2024-25, which will be presented on Tuesday. According to reports, the first economic survey was conducted in 1950-51 as part of the budget documents. In the 1960s, it was removed from the Budget materials and presented the day before the Union Budget.
The most crucial characteristic that many people will search for is the fundamental theme. The key subject for 2022 was ‘Agile Approach’, which focused on India’s economic reaction to the COVID-19 pandemic shock. It was’recovery complete’ in 2023, when the economy recovered broadly from pandemic-induced contraction, Russian-Ukraine conflict, and inflation and returned to pre-pandemic growth rates.
Along with the sectoral parts, the Survey document usually includes new need-based chapters that require concentration. All eyes will be on the finance minister’s key announcements and the government’s forward-looking economic forecasts.
Finance Minister Nirmala Sitharaman will break the record set by previous Prime Minister Morarji Desai, who presented five annual budgets and one interim budget from 1959 to 1964 as finance minister. Sitharaman’s next budget address will be her seventh. Sitharaman has outperformed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, each of whom presented five budgets.
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