No Economic survey before Interim Budget 2024? Here’s why

Team Udayavani, Jan 31, 2024, 5:57 PM IST

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Finance Minister Nirmala Sitharaman is set to unveil the Interim Budget 2024 on February 1. Traditionally, a day before the budget presentation, the government releases an Economic Survey. However, this year, the Economic Survey won’t be presented on January 31.

This is due to the upcoming Lok Sabha elections.

The interim budget is being introduced to handle essential financial matters during the election period. Once the Lok Sabha elections conclude and a new government is formed, the complete Union budget will be presented by the new government.

What is the Economic Survey?

The Economic Survey is a comprehensive document presented annually before the annual financial statement. It outlines crucial developmental programs of the central government and highlights policy initiatives.

The document sheds light on the country’s economic condition using various indicators. It also gives a glimpse of the government’s economic predictions for the upcoming year and acts as a preview of the Union Budget by outlining its general structure.

Introduced in the fiscal year 1950-51, the tradition of presenting the Economic Survey separately from the budget documents started in the 1960s. Since then, it has been an annual practice, released a day before the Union Budget.

A crucial part of the document is its central theme, reflecting the Central Government’s economic strategy for the coming year.

Why is the Economic Survey delayed?

Due to the disruption in schedule caused by the elections, the Economic Survey won’t be presented on January 31. Instead, the government has released a report titled ‘Indian Economy–A Review,’ covering the last decade.

This report, not to be confused with the official Economic Survey of India, provides insights into the economy’s past and offers a brief outlook for the upcoming years.

Prepared by the office of the Chief Economic Advisor (CEA) V Anantha Nageswaran, the official Economic Survey will be presented after the general elections, preceding the complete Budget.