Why Economic Survey was not released on January 31 this year
New Delhi: Finance Minister Nirmala Sitharaman is set to present the interim Union Budget for 2024 on Thursday, February 1. Traditionally, a key component of Parliament's Budget session is the presentation of the Economic Survey on January 31.
However, this year marks a departure from the usual practice, as the Economic Survey will not precede the announcement of the interim Budget. This deviation is attributed to the nature of this presentation, which is not a full budget but an interim one.
What is the Economic Survey?
The Economic Survey is an extensive annual report presented by the Central government on the eve of the Union Budget. It serves as a comprehensive overview of the Indian economy's performance in the preceding fiscal year, offering insights into both achievements and challenges for informed perspectives on the future.
Typically delivered by the Chief Economic Advisor (CEA), the Economic Survey provides a summary of the effectiveness of the previous budget and offers valuable insights into potential directions for the Indian economy in the coming year.
Why no Economic Survey on January 31?
As this is not a complete Budget session, the Economic Survey will not be presented this year. Notably, there will be no significant policy announcements or changes on February 1, as Finance Minister Sitharaman is scheduled to present only the interim Budget for 2024.
The Lok Sabha elections in 2024 are slated for April-May, which explains the decision to present only an interim budget. A comprehensive budget, along with the Economic Survey, is expected in July, coinciding with the announcement of election results and the formation of a new cabinet.
Given that the survey document won't be released tomorrow, the Ministry of Finance has issued a report titled "Indian Economy – A Review" on January 29. This report provides key highlights of the Indian economy over the past decade.
According to "Indian Economy – A Review," India is projected to become a $5 trillion economy in the next three years, with the potential to reach $7 trillion by 2030. The report also anticipates India outpacing the global economy by achieving a GDP growth rate exceeding 7.2% in FY24, while the global economy struggles to surpass a 3% growth rate.
Projections indicate a consistent 7% growth for the Indian economy in 2024, marking the third consecutive year. Additionally, India currently holds the third position in global fintech economies, trailing only the UK and the USA.
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