Ahead of the union budget 2024-25, the union government will present the economic survey on Monday. Prior to the budget presentation, union finance minister Nirmala Sitharaman will present the pre-budget document on parliament.
What Is Economic Survey & Why Is It Significant?
The economic survey usually refers to a document, which is made by the economic division of economic affairs department. This department comes under the ministry of finance.
The Chief economic adviser oversees the formulation of the survey document. The economic survey document usually provides insights into current condition of the economy and coming outlook for ongoing year.
This document may also provide hints about the tone and texture of full budget for 2024-25, which going to shown on coming Tuesday.
Brief History of This Document
For those unversed, the first economic survey came into the being in the year 1950-51. In that time, it constituted a part of budget documents. Subsequently in 1960s, it was amputated from budget documents and displayed prior to the union budget.
The most notable feature of the document is its central theme or main theme. Earlier in 2022, the main theme was ‘Agile Approach.’ Which focused on India’s economic response in the backdrop of Covid-19 pandemic.
After one year in 2023, the central theme was ‘complete recovery.’ This was the period, when country’s economy made a complete comeback from pandemic-provided contraction, Russia-Ukraine crisis and inflation.
What’s interesting is, that document also constitutes new chapters, that particularly need attention.
Meanwhile, finance minister Nirmala Sitharaman will break the record of veteran ex-finance minister Morarji Desai. The latter consecutively presented five yearly budgets and interim budget between the year 1959 and 1964.
This time, it remains to be seen, what important announcements the finance minister makes in the financial year of 2024-25.
