The anticipation surrounding India’s annual Budget session is palpable as Finance Minister Nirmala Sitharaman gears up to present the interim Union Budget for 2024 on February 1. However, a notable departure from tradition is the absence of the Economic Survey, which typically precedes the Budget presentation by a day.
In a departure from the norm, the Economic Survey will not be presented on January 31, the day before the interim Budget announcement. This deviation is attributed to the nature of this year’s Budget, which is categorized as an interim budget rather than a full-fledged fiscal plan.
So, what exactly is the Economic Survey, and why is its absence notable?
The Economic Survey stands as a comprehensive annual report meticulously prepared by the Centre. It serves as a detailed assessment of the Indian economy’s performance over the preceding fiscal year. In essence, it encapsulates the highs and lows, successes and challenges encountered by the economy, offering invaluable insights for future policy formulation.
Traditionally presented by the Chief Economic Advisor (CEA) on the eve of the Budget presentation, the Economic Survey serves multiple crucial purposes. Firstly, it provides a retrospective analysis of the previous year’s budgetary measures, shedding light on their efficacy and impact. Secondly, it offers strategic insights and forecasts, guiding policymakers in charting the course for future economic policies and initiatives.
Given the unique circumstances of an interim budget, the absence of the Economic Survey on January 31 raises questions about the timing and content of the forthcoming fiscal plan. While the interim Budget will undoubtedly address pressing economic concerns and priorities, the absence of the Economic Survey deprives stakeholders of crucial insights and analysis typically provided by this pre-Budget document.
As stakeholders await the unveiling of the interim Union Budget, the decision to forgo the Economic Survey underscores the exceptional nature of this year’s budgetary proceedings. Despite this departure from convention, expectations remain high for proactive measures aimed at bolstering economic resilience and charting a path towards sustained growth and prosperity.
Dhairya Saraswat 
Aastha Kumari