Finance Minister Nirmala Sitharaman is set to present the Economic Survey 2024-25 in Parliament today, ahead of the Union Budget 2025. The Budget session commences on January 31, 2025, with the Budget presentation scheduled for February 1, 2025.
Chief Economic Adviser V. Anantha Nageswaran will address the media at 2:30 PM following the presentation of the pre-budget document in Parliament between 12:00 PM and 1:00 PM on January 31, 2025.
Prepared by the Economic Division of the Department of Economic Affairs under the Ministry of Finance, the survey is supervised by the Chief Economic Adviser. It evaluates key economic indicators including growth deceleration, rupee depreciation against the US dollar, and changes in consumer spending patterns.
The document often suggests innovative solutions to address critical issues such as poverty reduction, climate change, educational advancement, infrastructure enhancement, and financial sector development.
In short, the Economic Survey is a crucial document that provides an analysis of the Indian economy's performance over the past year and offers projections for future economic prospects across various sectors.
The Economic Survey originated in 1950-51 as part of budget documentation and became a separate presentation in the 1960s. It garners significant interest due to its comprehensive analysis of economic trends and sectoral progress, alongside projections for the upcoming fiscal year.
Stakeholders pay close attention to the finance minister's announcements and the government's economic outlook. Last year, the Economic Survey 2023-2024 highlighted a resilient Indian economy with a decline in the unemployment rate and an 8.2 per cent growth in real GDP for FY24.
The survey also pointed out improvements in the current account deficit and forex reserves, while emphasizing priorities such as job creation, unlocking the agriculture sector's potential, and managing India's green transition.
However, it noted a slowdown in foreign direct investment inflows and highlighted the persistent challenge of food inflation. The survey also praised the banking and financial sectors' performance, with significant growth in bank credit and reduced non-performing assets. This year's Economic Survey is expected to address the domestic context's increased complexity, as noted by the Chief Economic Adviser in a recent column.