What is an Economic Survey, Know its Significance; Here's What to Expect

New Delhi: Union Finance Minister Nirmala Sitharaman is all set to table the Economic Survey 2023-24 in both houses of Parliament today.

Sitharaman will present this pre-budget document a day before the full Budget for 2024-25 is revealed. The Economic Survey will be presented in the Lok Sabha at 1 pm and in the Rajya Sabha at 2 pm. Chief Economic Advisor Anantha Nageswaran will hold a press conference after the presentation of the Survey.

What is an Economic Survey?

The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs under the Ministry of Finance and it is supervised by the Chief Economic Adviser. 

The survey offers insights into the economy’s performance for the fiscal year 2023-24 (April-March), along with forecasts for the current year.

The Economy Survey document also gives an idea about the tone and texture of the Budget for 2024-25, set to be presented on 23 July.

What Importance Does it Hold?

The Economic Survey plays an important role in shaping policy decisions and economic strategies. It works as a benchmark for analysing current economic performance and setting goals for future growth.

What To Expect from Economic Survey 2024?

GDP Growth Rate: The Economic Survey will project India’s GDP growth rate, likely between 6.5% and 7%, with potential for higher figures. For FY24, GDP growth was 8.2%, surpassing the previous forecast of 6-6.8%.

Fiscal Deficit: The Survey will provide updates on the fiscal deficit, expected to decrease to 5% from 5.1% as projected in the Interim Budget, due to strong tax revenue and RBI's surplus transfers.

Inflation and Other Insights: The Survey will give information about inflation trends, and insights into employment, agriculture, industry, trade, investment, sustainability, social schemes, and government reforms.

When Was First Economic Survey Presented?

The first Economic Survey was presented in 1950-51 as part of the budget documents. It was separated in the 1960s and has since been presented a day before the Union Budget.

One of the most significant features of the Survey is its central theme. For instance, the 2022 theme was 'Agile Approach,' focusing on India's response to the COVID-19 pandemic. The theme of the Economic Survey was, 'Recovery Complete,' which highlighted the economy’s recovery from challenges faced by the country due to the pandemic and its return to pre-pandemic growth levels.

The survey provides a comprehensive assessment of the economy's performance and a growth outlook for the future. It includes detailed statistical information and analysis on various sectors, covering employment, GDP growth, inflation, and the budget deficit.