Economic Survey 2024: A Key Indicator Before the Union Budget

22 Jul 2024 , 12:26 PM

The Economic Survey for the fiscal year 2024-25 will be unveiled on July 22, a day before Finance Minister Nirmala Sitharaman presents the Union Budget. This annual document, crafted by the Chief Economic Adviser (CEA) and the Department of Economic Affairs (DEA) under the Union Ministry of Finance, offers crucial insights into the economic landscape of India.

What is the Economic Survey?

The Economic Survey is a comprehensive report that outlines the central government’s policy actions over the past year and evaluates the performance of various economic sectors. It provides a detailed analysis of India’s economic trajectory, including fiscal policies, sectoral performance, trade balance, and macroeconomic trends.

The survey not only reviews the progress and challenges in India’s manufacturing and services sectors but also examines the balance of trade, fiscal policy trajectory, and the evolution of money, banking, and capital markets. In recent years, the document has expanded its focus to include issues such as climate change and environmental sustainability.

Key Focus Areas of the Economic Survey

• Economic Performance: The survey provides a snapshot of how different sectors of the economy have performed, including manufacturing, services, and trade.
• Fiscal Policy: It assesses the central government’s fiscal policy and how it has influenced economic stability and growth.
• Prices and Markets: The document tracks wholesale and retail price trends and their impact on the economy.
• Global Trends: The survey also considers significant international political and economic developments that could affect India.

Presentation of the Economic Survey 2024

Typically, the Economic Survey is tabled in Parliament by the Finance Minister. Nirmala Sitharaman, who has been serving as India’s Finance Minister since 2019, is expected to present the document on July 22. This will precede her presentation of the Union Budget scheduled for July 23.

Following the tabling of the Economic Survey, CEA V Anantha Nageswaran will highlight the key findings in a press conference later on July 22. Nageswaran, who prepared the last Economic Survey presented on January 31, 2023, will provide an overview of the economic landscape and insights for the upcoming fiscal year. Notably, the survey for FY24 was not presented ahead of the Interim Budget released in February.