Representative illustration showing a stack of coins and the word 'survey'.
Credit: iStock Photo
Finance Minister Nirmala Sitharaman will present the Union Budget on July 23. News has emerged that Prime Minister Narendra Modi might have a more troubled Budget this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu. However, it is more likely that the Budget will be a feel-good one, coming on the back of the Rs 2.11 lakh crore record dividend to the union government from the RBI.
Prior to the Budget, however, Sitharaman is set to present the Economic Survey on Monday, July 22.
Let’s have a bird’s eye view of what an Economic Survey means.
An Economic Survey, in simple terms, is a survey that is conducted to review the financial developments of the country in the last fiscal year.
It also plays a great role in analysing different trends in various sectors of the economy like agriculture, industrial production, export, import infrastructure, among other things.
The survey can also have a look at other economic reforms that can have a great influence on the Budget.
Contents
It generally has two parts:
a. Part that talks about the economic challenges that India faces
b. Part that deals with the analysis of the previous year
Presentation
The Economic Survey is presented a day before the presentation of the actual Budget. It is prepared under the supervision of the Chief Economic Advisor (CEA).
History
The first Economic Survey was presented in the lower House of the Parliament in 1950-51. It continued to be a part of the Union Budget, but since 1964, it has been de-linked and is being presented much earlier.
Themes
It is interesting to note that Economic Surveys have themes on which they are based.
For example, in the year 2016-17, the theme was ‘Saving Lives and Livelihoods’.
For the year 2017-18, it was ‘Women Empowerment’.
Similarly, the theme for 2021-22 was ‘Agile approach’ signifying the measures taken to counter the Covid-19 pandemic.
The Economic Survey is an important tool to design a Budget as it provides a full-fledged feedback and also acts as a guide by pointing out the priorities the Finance Ministry has to take in the next financial year.
However, the Economic Survey is non-binding. That means the government may reject all the recommendations made in the survey.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.