The Union government will introduce the pre-budget document, the Economic Survey 2023–24, before both houses of Parliament. Finance Minister Nirmala Sitharaman will do so. Anantha Nageswaran, the Chief Economic Advisor, will hold a press conference after the survey is given to the Lok Sabha and Rajya Sabha.
Despite challenges in the global economy, India’s economy continues to grow at the quickest rate, therefore the budget is likely to be widely monitored.
What is an Economic Survey?
The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.
It is a report card on the economy and presents the growth outlook. The survey gives a detailed account of the state of the economy, prospects and policy challenges.
The Economic Survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit.
History of Economic Survey
The first economic survey in India was introduced in 1950-51 and was separated from budget documents in the 1960s.
The central theme in 2022 was ‘Agile Approach’, emphasizing India’s response to the COVID-19 pandemic.
In 2023, it was’recovery complete’, highlighting a broad-based recovery from pandemic-induced contraction, Russian-Ukraine conflict, and inflation. The survey document includes sectoral chapters and new need-based chapters.
The upcoming budget presentation by Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964.
Sitharaman’s seventh budget speech will surpass Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.
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Source: NDTV
