Union Budget 2024: Why Economic Survey won’t be presented on January 31
Finance Minister Nirmala Sitharaman will be presenting the interim Union Budget 2024 on February 1, Thursday. One of the most significant part of Parliament’s Budget session is the presentation of the Economic Survey on January 31.
However, this year the Economic Survey will not be presented a day before the interim Budget is announced by the FM. The reason behind this is that this is not a full budget, but an interim budget being presented by the government.
What is the Economic Survey?
The Economic Survey is a document presented by the Centre a day before the Union Budget, and it is a comprehensive annual report which displays the performance of the Indian economy in the past fiscal year, highlighting the highs and lows for better insights for the future.
The Economic Survey is presented by the Chief Economic Advisor (CEA) on the eve of the Budget presentation, giving a highlight on how the previous budget worked and providing insights on what could come next for the Indian economy.
Why no Economic Survey on January 31?
Since this is not a full fledged Budget session, the Economic Survey will not be presented this year. In fact, no major announcements or changes in policy will be announced on February 1, since FM Sitharaman will only be presenting the interim Budget 2024.
The Lok Sabha elections 2024 are set to take place this year in April-May, which is why a full budget is not being presented by FM Sitharaman. A complete budget and the Economic Survey will be presented in July, when the results are declared and a new cabinet is appointed.
Since the survey document will not be out tomorrow, the Ministry of Finance released a report titled “Indian Economy – A Review” on Monday, January 29, giving the top highlights in the Indian economy from the part 10 years.
Indian Economy-A Review states that India will become a $5 trillion economy the next 3 years and could reach $7 trillion by 2030. India is poised to surpass a GDP growth rate of 7.2% in FY24, outpacing the global economy’s struggle to achieve a growth rate exceeding 3%, the report states.
It is expected that Indian economy will see a growth of 7 percent in 2024 for the third consecutive year. India also holds the position of the third-largest fintech economy globally, after UK and USA.
