Economic Survey 2024: The Economic Survey 2024 will be released on July 22, 2024, a day before the Union Budget 2024 presentation. Finance Minister Nirmala Sitharaman will table the survey in the Parliament on the first day of the Monsoon session.
Economic Survey 2024 Release Time
Economic Survey 2024 will be tabled in the Lok Sabha at around 1 PM on July 22.
The annual document will be presented in the Rajya Sabha at 2 PM.
The press conference will be held at around 2.30 PM.
What Is the Economic Survey 2024?
The Economic Survey of India is an annual document presented by the government mainly to review the state of the economy in the previous year while throwing light on its short-to-medium-term prospects.
Think of it as a detailed report card on the Indian economy, presented for Parliament’s consideration before they delve into the specifics of the national budget.
Here’s an overview of what is Economic Survey;
- Comprehensive Analysis: It provides a detailed overview of the economic performance of the country over the past financial year, including analysis of various sectors such as agriculture, industry, and services.
- Statistical Data: Contains a wealth of statistical data related to economic parameters like GDP growth, inflation, employment, fiscal deficit, and more.
- Policy Recommendations: Suggests policy measures to address economic challenges and promote growth. These recommendations are often considered in the formulation of the Union Budget.
- Review of Government Programs: Evaluate the effectiveness of government programs and initiatives.
Why Is It Important?
- Policy Guidance: Provides policymakers with insights and recommendations that inform budgetary decisions and economic policy formulation.
- Transparency and Accountability: Promotes transparency by presenting an objective analysis of the economy, thereby holding the government accountable for its economic policies.
- Stakeholder Awareness: Informs various stakeholders, including investors, businesses, and the general public, about the economic conditions and outlook.
- Benchmarking: Acts as a benchmark for comparing the current economic situation with previous years and setting targets for the future.
Who Prepares Economic Survey?
The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs (DEA) within the Union finance ministry, under the overall guidance of the CEA. The final version of the document is reviewed by the Finance Secretary and ultimately approved by the Finance Minister.
What Information Does It Provide?
The Economic Survey is divided into three parts. The first and most important part provides an overview and the CEA perspective on key economic issues, offering insights into the government’s stance on the financial state of the country.
The second part includes data and figures on various sectors of the economy, supplied by their respective departments and ministries.
The third part addresses national income, production, employment, inflation, balance of trade, and export-import trade, among other macroeconomic statistics covering all aspects of the economy.
In the past, the Economic Survey has extended beyond numbers and data to emphasise significant issues, such as the impact of climate change and the gender gap on the overall economy. For instance, the Economic Survey for 2018-2019 was pink in colour to highlight the need for gender-neutral policies.
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