Economic Survey 2023-24 To Be Tabled Today: Know Its Importance And History

New Delhi: Finance Minister Nirmala Sitharaman will table the Economic Survey for 2023-24 in the Lok Sabha on Tuesday soon after President Droupadi Murmu`s Address to both Houses of Parliament.

The Survey, which is tabled in Parliament by the Finance Minister ahead of the Union Budget, is being prepared by Chief Economic Adviser Anantha Nageswaran, the main architect of the document.
 

Economic Survey Presentation Timings And Other Details

The Economic Survey 2023-24 will be presented in Lok Sabha at 1 pm and will be tabled in Rajya Sabha at 2 pm. This will be followed by a press conference by CEA Nageswaran.

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.

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.

Union Budget for 2024 to be presented on July 23

The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Union Finance Minister in Parliament on 23rd July, 2024.