The Union government will present the Economic Survey 2023-24 in both houses of Parliament today. Union Finance Minister Nirmala Sitharaman will table this pre-budget document, a day before the full Budget presentation for 2024-25. The Economic Survey will be presented in the Lok Sabha at 1 pm and in the Rajya Sabha at 2 pm, followed by a press conference by Chief Economic Adviser Anantha Nageswaran.
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This year’s Budget is highly anticipated as many major global economies are struggling, while India remains the fastest-growing economy.
What is an Economic Survey
The Economic Survey, prepared by the Economic Division of the Department of Economic Affairs under the supervision of the chief economic adviser, provides insights into the state of the economy, prospects, and policy challenges. It includes data on employment, GDP growth, inflation, and the budget deficit.
History of the Economic Survey
The Economic Survey has a history dating back to 1950-51 when it was part of the budget documents. It was separated from the Budget documents in the 1960s and has since been presented the day before the Union Budget. Each year, the Survey has a central theme; for instance, the 2022 theme was ‘Agile Approach,’ and the 2023 theme was ‘recovery complete.’
All eyes are on the major announcements by the finance minister and the government’s guidance on the overall economy. With this budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, presenting her seventh budget, more than Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.
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