New Delhi, 31-01-2025: Finance Minister Nirmala Sitharaman presented the Economic Survey for the year 2024-25 in the Lok Sabha on Friday, providing a detailed analysis of India’s economic landscape. The Economic Survey is a significant annual document prepared by the government, typically tabled ahead of the Union Budget. Its primary purpose is to review the performance of the Indian economy over the previous year and assess its current state while offering projections for the future. This report is crucial as it helps policymakers, economists, and citizens understand the economic health of the country and the key challenges and opportunities that lie ahead.
The document, prepared by the Economic Division of the Department of Economic Affairs under the Ministry of Finance, is meticulously crafted under the supervision of the Chief Economic Adviser. It covers various facets of the economy, including growth, inflation, fiscal policy, and sectoral performance, along with short-to-medium-term economic forecasts. This year’s Economic Survey emphasizes critical areas such as economic growth, employment, inflation trends, and the government’s fiscal policies, offering valuable insights into the nation’s economic trajectory.
The tradition of the Economic Survey dates back to 1950-51, when it was initially part of the Union Budget documents. However, in the 1960s, the practice was modified, and the Survey was separated from the Budget, being presented a day before the Budget itself. This shift allowed for a more detailed and thorough discussion of the country’s economic conditions before the presentation of the Union Budget, which outlines government spending and revenue proposals for the coming fiscal year.
This year, the Economic Survey for 2024-25 comes just days before the presentation of the Union Budget for 2025-26, which Finance Minister Sitharaman will table on Saturday. The Survey serves as an essential precursor to the Budget, offering a clear overview of the economic policies and conditions that will likely influence the government’s budgetary decisions.
As the country prepares for the upcoming Union Budget, the Economic Survey plays a pivotal role in shaping public discourse on India’s economic strategies and the challenges and opportunities facing the nation in the coming year.