Key Highlights:
- What is the Economic Survey? A government report analyzing India’s economic performance, covering key indicators like GDP, inflation, and employment trends.
- Prepared By: The Economic Division of the Department of Economic Affairs, led by the Chief Economic Advisor.
- Purpose: To provide a data-driven assessment of the economy, guiding budgetary decisions and economic policies.
- Historical Background: Introduced in 1950-51 and separated from the Union Budget in 1964.
- Presentation & Accessibility: Released a day before the Union Budget; available on government platforms like the India Budget website.
The Economic Survey is a crucial document that provides an in-depth review of India’s economic performance over the past year. Released a day before the Union Budget, this report analyzes various economic indicators, identifies challenges, and offers policy recommendations to guide the government’s fiscal decisions.
What is the Economic Survey?
The Economic Survey is an annual publication prepared by the Department of Economic Affairs, a division of the Ministry of Finance. It evaluates the country’s financial health and provides statistical insights on major economic sectors, including:
- GDP Growth: A key measure of economic progress and overall production levels.
- Inflation Rates: Analyzing price trends and their impact on purchasing power.
- Employment Trends: Assessing job creation and labor market conditions.
- Fiscal Deficit: Reviewing government revenue and expenditure imbalances.
The report is divided into two sections:
- Part A: Covers macroeconomic trends, fiscal policies, and sectoral performance.
- Part B: Examines socio-economic challenges, trade balances, and foreign exchange reserves.
When and Where to Watch the Economic Survey?
The Economic Survey 2025 is scheduled for release on January 31, 2025, a day before the Union Budget. It will be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha at 12 PM, followed by the Rajya Sabha at 2 PM. Viewers can watch the live presentation on Sansad TV, PIB India channels, and official government social media platforms.
History of the Economic Survey
The first Economic Survey was introduced in 1950-51 as part of the Union Budget documents. In 1964, it was separated from the Budget and has since been presented independently. The survey serves as an official economic record, shaping budgetary discussions in Parliament.
Why is the Economic Survey Released Before the Union Budget?
The Economic Survey is released prior to the Budget for several key reasons:
- Providing Context: It outlines the nation’s economic condition, enabling data-driven budgetary decisions.
- Highlighting Key Issues: The report identifies economic challenges such as inflation, unemployment, and fiscal deficits.
- Guiding Policy Formulation: It offers insights that help policymakers devise strategies for economic growth and stability.
Who Prepares the Economic Survey?
The survey is compiled by the Economic Division of the Department of Economic Affairs, under the leadership of the Chief Economic Advisor (CEA). The CEA and a team of economists analyze data from various sources, including government departments and international institutions, to compile a comprehensive economic assessment.
The Economic Survey plays an important role in shaping India’s fiscal and economic policies. By presenting a detailed analysis of past trends and current economic conditions, it serves as a foundation for informed policymaking. While it does not dictate budgetary decisions, its insights influence strategies aimed at fostering economic growth and financial stability. Stakeholders, from policymakers to businesses and citizens, rely on this document to gauge the direction of India’s economic future.
