Science & Environment
Economic Survey 2023-24: What is Economic Survey & when…
Earlier this year, no Economic Survey was tabled in the Parliament’s Budget session in February, since it was an Interim Budget.However, ahead of the first full Budget of the Modi 3.0 government, the Economic Survey will be tabled this time.
What is Economic Survey?
The Economic Survey is a document prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the guidance of the chief economic adviser.
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The Economic Survey every year aims to provide insights into the state of the economy and various indicators of the financial year as well as some outlook for the current year. The document may also offer a glimpse and guidance into what the Union Budget for 2024-25 will offer.
According to an ANI report, the first economic survey came into existence in 1950-51 as part of the budget documents. It was later separated from the Budget documents in the 1960s and presented the day before the Union Budget. The central theme of the survey is one of the most anticipated features.
In addition to the sectoral chapters, the Survey document usually includes new need-based chapters that require attention. The finance minister’s major announcements and the government’s forward-looking guidance about the overall economy will be the focus of attention.
Economic Survey 2023-24: Date, time
Union Finance Minister Nirmala Sitharaman will introduce the pre-budget document in Parliament, just one day before the Budget presentation, that is on Monday, July 22, 2024. The document is expected to be tabled around 1:00 PM, according to reports. The Chief Economic Advisor V. Anantha Nageswaran will hold a press conference on it at 2:30 PM.
In 2022, the central theme was ‘Agile Approach’, focusing on India’s economic response to the COVID-19 pandemic. By 2023, the theme shifted to ‘Recovery Complete’, highlighting the economy’s broad-based recovery from the pandemic-induced contraction, the Russian-Ukraine conflict, and inflation, returning to the pre-pandemic growth trajectory.
