India will not get a comprehensive budget on February 1, 2024. Instead, Finance Minister Nirmala Sitharaman will present an interim budget, also called vote-on-account.
The Economic Survey is a holistic annual report analysing the growth of the Indian economy over the past year and giving observations into its prospects. It is typically presented by the Chief Economic Advisor (CEA) in the build-up to the Union Budget, offering a critical analysis of the government’s financial plans.
However, India will not get a comprehensive budget on February 1, 2024. Instead, Finance Minister Nirmala Sitharaman will present an interim budget, also called vote-on-account.
Why no economic survey on January 31?
On February 1, 2024, Finance Minister Sitharaman will present an interim budget, not a full budget. Therefore, there will be no Economic Survey presented this year (2024) in India on January 31, but there is a substitute report available.
The year 2024 is an election year in India. Presenting the Economic Survey, a document analysing the past year’s performance and future outlook, could get politicised due to the shift in government after the elections. This could intervene with the functioning of the regular Budget process, which follows the survey presentation.
While there will be no official Economic Survey this year due to the elections, the “Indian Economy – A Review” provides valuable observations into the country’s economic growth and prospects. Compiled by the office of CEA V Anantha Nageswaran, the report provides peek into the economic outlook for the upcoming years.
Instead of the Economic Survey, the government has released a report titled “Indian Economy – A Review”. This analyses the past 10 years of the Indian economy and offers insights into its prospects. However, it is specifically mentioned that this report does not replace the official Economic Survey, which is expected to be presented after the general elections and the making of the new government.
Key features of Indian Economy – A Review
It says India will become a $5 trillion economy in the next 3 years and could reach $7 trillion by 2030. It talks about structural reforms undertaken in the past decade and emphasises their positive impact.It provides a cautious perception on future growth and inflation, underlining global uncertainties and challenges.
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