Economic Survey and Union Budget 2024
Finance Minister Nirmala Sitharaman is gearing up to announce the government’s Union Budget 2024 next week on July 23. This highly anticipated budget comes after the NDA coalition secured a majority in the 2024 Lok Sabha Elections held in June.
The final stages of preparation for the Budget announcement have already begun, with the traditional Halwa ceremony taking place at the Finance Ministry’s North Block on July 16. This ceremony marks the ‘lock-in’ process of officials involved in the budget preparation, ensuring the secrecy of the budget document.
But before the Budget announcement, another crucial document will be released a day ahead on July 22 – the Economic Survey. This comprehensive review of the Indian economy during the previous financial year is prepared by the Economics Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor.
The Economic Survey, to be released by CEA V Anantha Nageswaran, serves as a summary of the government’s economic performance, major developmental programs, and policy initiatives. It also provides an outlook for the upcoming financial year.
The significance of the Economic Survey lies in its detailed statistical analysis of various sectors, industries, agriculture, employment, prices, and exports, among others. It helps in setting priorities for the next financial year and guides sectors that require more allocation and policy support.
While the Economic Survey is not binding on the Union Budget, it offers citizens a comprehensive understanding of the state of the economy and key economic decisions of the government. The document serves as a go-to resource for journalists, educators, researchers, and students.
The Economic Survey and the Union Budget are distinct in their objectives and content. While the Survey provides an economic overview and recommendations for the upcoming year, the Budget outlines the government’s achievements and goals for the financial year ahead.
As the nation awaits the Economic Survey on July 22 and the Union Budget on July 23, all eyes are on the Finance Minister as she unveils the government’s financial roadmap for the year ahead. Stay tuned for more updates on India’s economic outlook.
