Every year, India’s CEA (Chief Economic Advisor) releases an Economic Survey a day ahead of the Union Budget. The Union Budget of India is released by the finance minister of India every year on one February, which also lays the inauguration of the Budget session in the Indian Parliament. General elections are scheduled for this year, so the budget will be interim and not final. However, the union government will not present the Economic Survey in 2024.
Instead, ‘Indian Economy–A Review’, a report covering India’s progress over the last ten years, has been released by the Center. The CEA V Anantha Nageswaran office prepared the report, providing a preview of the economy’s prospects in the upcoming years. The report shows that it is not the Economic Survey of India, which it states will be unveiled following the general elections along with the total budget.
On 1 February 2024, Nirmala Sitaraman, honourable finance minister of India, presented the budget for the sixth time and equalled the record of former Indian prime minister Morarji Desai for giving the budget the most number of times. After presenting the budget, she will surpass the records of Arun Jaitley, P Chidambaram, Yashwant Sinha, and Manmohan Singh.
What is an Economic Survey?
Economic Survey is a yearly report drafted by the Economics Division of the Department of Economic Affairs under the Ministry of Finance that provides an overview of the Indian economy in the financial year that is coming to a close.
What is an interim budget?
The interim budget is presented when general elections are due in the country. The new government, which is likely to be formed around June, will come up with a final budget for 2024-25 after its formation.
What is the Halwa Ceremony during the budget?
The ‘halwa’ ceremony is a traditional event that marks the beginning of the printing process of Budget documents.