The central government is set to unveil the Economic Survey 2023-24 in both houses of Parliament on Monday, July 22. Union Finance Minister Nirmala Sitharaman will present this pre-budget document a day before the full Budget for 2024-25 is introduced. The Economic Survey will be tabled in the Lok Sabha at 1 pm and in the Rajya Sabha at 2 pm, followed by a press conference led by Chief Economic Adviser Anantha Nageswaran. This year’s Budget garners significant interest due to global economic challenges, although India remains the fastest-growing major economy.
The Economic Survey, prepared by the Economic Division of the Department of Economic Affairs under the Ministry of Finance and supervised by the Chief Economic Adviser, provides an overview of the economy’s state. It offers insights into the economic indicators for the fiscal year 2023-24 and forecasts for the current year. Serving as a comprehensive economic report card, it details growth prospects, policy challenges, and sectoral performance, including data and analysis on employment, GDP growth, inflation, and budget deficits. Historically, the Economic Survey has been presented since 1950-51 and was separated from the Budget documents in the 1960s to be presented a day earlier.
Finance Minister Nirmala Sitharaman is poised to set a new record with this budget presentation, surpassing former Prime Minister Morarji Desai’s record of presenting five annual budgets and one interim budget between 1959 and 1964. This upcoming budget speech will be Sitharaman’s seventh, outpacing her predecessors such as Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets. The Economic Survey themes have varied yearly, with 2022 focusing on the ‘Agile Approach’ in response to the COVID-19 pandemic and 2023 emphasizing ‘Recovery Complete’ from pandemic-induced economic contractions and external shocks like the Russian-Ukraine conflict.
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