Economic Survey --Its Importance And History; Will Economic Survey Be Presented Before The Interim Budget 2024?

New Delhi: Finance Minister Nirmala Sitharaman is all set to present the Interim Budget 2024-25 in Lok Sabha on February 1, 2024.

What Is Economic Survey And What Is Its Significance?

The survey, also regarded as the official report card of the union government, gives a roadmap for the country's economy and spells the way forward. The Economic Survey provides a summary of the annual economic development across the country during the financial year.

The annual survey analyses the trends in infrastructure, agricultural and industrial production, employment, prices, exports, imports, money supply, foreign exchange reserves and other factors having an impact on the Indian economy and the Budget.

The survey also puts out economic growth forecasts, provides justification and detailed reasons why it believes the economy will expand faster or decelerate. Sometimes, it also argues for some specific reform measures.

The Survey, which is tabled in Parliament by the Finance Minister ahead of the Union Budget, is being prepared by Principal Economic Advisor and other officials in absence of the Chief Economic Advisor (CEA), who traditionally is the main architect of the document.

History Of Economic Survey

The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented day prior to the Union Budget.The most important feature which many will look out for is its central theme. Last year`s central theme was `Agile Approach`, which put emphasis on India`s economic response to the Covid-19 Pandemic shock. The preface of the Economic Survey 2022 stated that the "Agile approach" was based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers and so on.Along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus.

Will Economic Survey Be Presented Ahead Of The Interim Budget 2024?

As per parliamentary conventions, the Economic Survey, is presented in the Lok Sabha a day ahead of the Budget. Economic Survey is tabled after the President’s Address to both Houses of Parliament. However, since the upcoming Budget is going to be an interim Budget (with the general elections scheduled for 2024), adhering to the conventions will mean that the Economic Survey will not be presented. It will be presented by the government that comes to power after winning the Lok Sabha Elections.