Interim Budget 2024: Why Will Economic Survey Not Be Presented Today?

New Delhi: All eyes are set on the announcement from Finance Minister Nirmala Sitharaman, who will be presenting the Interim Budget 2024-25 in Parliament tomorrow (February 1, 2024). As per the customary practice, Economic Survey is presented a day ahead of the Budget. However, the Economic Survey will not be tabled in Parliament today.

Why Will Economic Survey Not Be Presented Today?

As per parliamentary conventions, the Economic Survey is presented in the Lok Sabha a day ahead of the Union Budget. Economic Survey is tabled after the President’s Address to both Houses of Parliament. However, since the Ppcoming Budget is going to be an Interim Budget (since general elections are scheduled for 2024), the financial document will not be presented this time around --ahead of the Interim Budget. It will be presented by the government that comes to power after winning the Lok Sabha Elections.

The Economic Survey, 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.

Meanwhile, two days ago, the The Ministry of Finance released a report named "The Indian Economy - A Review" that gives an outlie of the economic chart of the country in the last decade.

Finance Ministry has said that the Review consists of two chapters and takes stock of the state of the Indian economy and its journey in the last 10 years and offers a brief sketch of the outlook for the economy in the coming years.

 

The Ministry of Finance @FinMinIndia releases The Indian Economy - A Review.

The Review consists of two chapters and takes stock of the state of the Indian economy and its journey in the last 10 years and offers a brief sketch of the outlook for the economy in the coming years.… pic.twitter.com/0RDPiW3f5h — Ministry of Finance (@FinMinIndia) January 29, 2024

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.