The Ministry of Finance plaque.
Credit: PTI File 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.
What is the Economic Survey?
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.
Who drafts the Economic Survey?
While the Economic Survey is presented by the Union Finance Minister in the Parliament, it is not the minister who drafts the financial document.
Drafting of the document, rather, is left to the Chief Economic Advisor (CEA) of India and their team.
Under the guidance and direction of the CEA, the Economic Division of the Department of Economic Affairs (DEA)—which falls under the Ministry of Finance—prepares the Economic Survey.
Once the document is ready, it is presented to the Finance Minister for their signature, following which the Finance Secretary reviews the final draft of the document for final approval.
This time, the Economic Survey will be prepared under the supervision of CEA V Anantha Nageswaran.
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.