The Economic Survey of India for 2024-2025, presented on January 31, 2025, offers a comprehensive analysis of the nation’s economic performance over the past year and provides projections for the upcoming fiscal period. This annual document serves as a crucial tool for policymakers, economists, and stakeholders to understand the current economic landscape and to formulate strategies for sustainable growth.
What is the Economic Survey?
The Economic Survey is an annual document prepared by the Ministry of Finance, Government of India, and presented in Parliament before the Union Budget. It provides a detailed review of the country’s economic performance over the past year and offers insights into key trends, challenges, and policy recommendations for the future.
The survey is prepared under the supervision of the Chief Economic Adviser (CEA) and serves as a crucial tool for policymakers, investors, and analysts.
Objectives of the Economic Survey
- Assess Economic Performance: Analyzes GDP growth, inflation, trade, employment, fiscal health, and sectoral trends.
- Identify Economic Challenges: Highlights issues like inflation, unemployment, and fiscal deficits while suggesting solutions.
- Provide Policy Recommendations: Suggests reforms and strategies to promote economic growth and stability.
- Guide Budget Planning: Helps in shaping government policies and budgetary allocations.
Economic Survey
- Divided into two volume
- 1: Focuses on policy insights and economic strategies.
- 2: Provides data-driven analysis of economic indicators.
- Forecasts GDP growth rate and macroeconomic trends.
- Analyzes global economic impact on India.
- Serves as a pre-budget document, influencing economic policymaking.
The Economic Survey is a vital report that shapes India’s economic policies and long-term development strategies.
When and Where to Watch the Economic Survey?
The Economic Survey of India is typically presented one day before the Union Budget in Parliament by the finance minister. For 2025, the Economic Survey will be released on January 31, 2025.
Where to Watch?
- Live Broadcast:
- Lok Sabha TV & Rajya Sabha TV: Official parliamentary channels.
- Doordarshan News (DD News): Government-owned national TV channel.
- Private News Channels: Major channels like CNBC-TV18, NDTV Profit, and Zee Business provide live coverage.
- Online Streaming:
- YouTube: Live-streamed on PIB India, Lok Sabha TV, and Doordarshan official channels.
- Government Websites: Available on the Ministry of Finance and Press Information Bureau (PIB) websites.
- Social Media: Updates and key highlights on Twitter, Facebook, and LinkedIn (@FinMinIndia, @PIB_India).
The Economic Survey provides crucial insights into India’s economic health, making it essential viewing for policymakers, economists, and the public.
History of the Economic Survey
The Economic Survey of India was first introduced in 1950-51 and was initially presented along with the Union Budget. However, since 1964, it has been released a day before the Budget to provide an independent and detailed review of the country’s economic performance and policy directions.
The survey is prepared by the Economic Division of the Ministry of Finance, under the guidance of the Chief Economic Adviser (CEA). Over the decades, it has evolved into a crucial policy document, analyzing macroeconomic trends, sectoral performance, and fiscal policies.
Evolution of the Economic Survey
- 1950s-70s: Focused mainly on agriculture, industry, and five-year plans.
- 1980s-90s: Addressed economic liberalization, trade policies, and fiscal reforms.
- 2000s-Present: Includes global economic trends, technology, innovation, behavioral economics, and sustainable development.
In recent years, the survey has introduced data-driven insights, interactive digital formats, and innovative themes like the “Thali omics” (cost of food affordability) and the “Gig Economy”.
The Economic Survey 2025, like its predecessors, will play a key role in shaping economic policies and guiding India’s future growth strategy.
Why is the economic Survey offered before the Union finances?
The Economic Survey is presented one day before the Union Budget to provide a comprehensive review of India’s economic performance and set the stage for informed decision-making during the budgetary process. It serves as a critical precursor, offering an analysis of key macroeconomic trends, sectoral performances, and policy challenges. By releasing the Economic Survey first, the government gives policymakers, economists, and the public a clear understanding of the country’s economic health and underlying issues. This allows for better-informed discussions and expectations when the Finance Minister presents the Union Budget the following day. The Economic Survey offers vital insights into GDP growth projections, inflation trends, trade balances, employment statistics, and the fiscal situation, all of which are essential in determining the direction of fiscal policies, taxation, and government spending. It also helps the government set realistic budgetary targets for the upcoming fiscal year.
Furthermore, the survey highlights the economic challenges and opportunities that need to be addressed, making it an invaluable document for designing policies that align with the government’s development goals. Overall, presenting the Economic Survey before the Budget allows the government to effectively communicate its economic vision to the nation.
Who Prepares the Economic Survey?
The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs (DEA), which operates under the Ministry of Finance, Government of India. The document is created under the guidance of the Chief Economic Adviser (CEA), a senior government official responsible for overseeing the country’s economic research, analysis, and policy formulation.
The Chief Economic Adviser (CEA) plays a crucial role in drafting the survey, providing expertise, and coordinating the preparation process with inputs from various government departments, agencies, and external economic experts. The CEA is supported by a team of economists and researchers within the Economic Division who collect data, conduct economic analysis, and formulate policy recommendations.
The Economic Survey also benefits from contributions made by different ministries, institutions, and economists who provide sectoral analyses and recommendations. The survey’s content is reviewed and finalized by the Finance Minister before its presentation in Parliament.
Since its inception in 1950, the preparation of the Economic Survey has evolved, incorporating innovative data analysis, global economic perspectives, and forward-looking policy proposals, making it a valuable tool for the government in shaping India’s economic policies.