Economic Survey: Know why key document is being skipped ahead of Interim Budget 2024

PTC Web Desk: As Finance Minister Nirmala Sitharaman gears up to present the Interim Budget 2024 on February 1, an atypical absence in the parliamentary proceedings this year is the Economic Survey. Traditionally presented a day before the Union Budget, the Economic Survey offers a comprehensive annual report on the performance of the Indian economy in the preceding fiscal year. However, due to the interim nature of this year's budget, the Economic Survey has been excluded from the pre-budget ritual.

The Significance of the Economic Survey

The Economic Survey, typically presented by the Chief Economic Advisor (CEA), serves as a crucial precursor to the budget presentation. It provides an exhaustive review of the highs and lows of the Indian economy, offering insights derived from the previous year's budget implementation. This document plays a pivotal role in shaping expectations and strategies for the upcoming fiscal year.

No Economic Survey on January 31

The decision to omit the Economic Survey on January 31 stems from the interim status of the budget. With no full-fledged Budget session in progress, Finance Minister Sitharaman will confine her announcements to the Interim Budget 2024, refraining from major policy changes. The strategic choice aligns with the impending Lok Sabha Elections scheduled for April-May 2024, postponing the comprehensive budget presentation until July when election results are declared, and a new cabinet is appointed.

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Insights from 'Indian Economy – A Review' Report

In lieu of the Economic Survey, the Ministry of Finance released a report titled 'Indian Economy – A Review' on January 29. This report highlights key aspects of the Indian economy over the past decade. Noteworthy projections from the report include India's anticipated transition into a $5 trillion economy within the next three years, with the potential to reach $7 trillion by 2030. The report foresees India surpassing a GDP growth rate of 7.2% in FY24, outpacing the global struggle to achieve a growth rate exceeding 3%. Additionally, the Indian economy is expected to sustain a 7% growth in 2024 for the third consecutive year, solidifying its position as the third-largest fintech economy globally, following the UK and USA.

While the absence of the Economic Survey this year marks a departure from the usual budgetary proceedings, the 'Indian Economy – A Review' report serves as a substitute, offering valuable insights into the economic trajectory. As the Interim Budget unfolds on February 1, stakeholders await key announcements that will shape India's economic landscape in the coming fiscal year.

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