The Economic Survey is released by the Ministry of Finance of the Government of India prior to the presentation of the Union Budget. As the country gears up for the 2025-26 Union Budget touted to be presented by Union Finance Minister Nirmala Sitharaman on 1 February, 2025, the allied Economic Survey 2024-25 is expected to be released the day before – on 31 January, 2025.
The concept of an economic survey has its roots in colonial India, where British administrators used similar reports to assess revenue collection and trade. Post-independence, the practice was formalized to align with democratic governance and planned economic development. As time passed, the economic survey has evolved to become more data-driven, as a direct reflection of India’s socio-economic transformation.
The practice of presenting the Economic Survey in Independent India began in 1950-51 when it was included as part of the Budget documents, which later became a standalone report in 1964. The first Finance Minister of Independent India, R.K. Shanmukham Chetty, introduced the inaugural Economic Survey alongside the first Union Budget in 1947-48.
The Economic Survey 2024-25 is a comprehensive report that provides an analysis of the current economic trajectory of the nation while also serving as a prelude to the forthcoming budget, laying the reasoning and groundwork for economic decisions that are set to impact millions of Indians.
The Economic Survey takes into account key reference indicators such as Gross Domestic Product (GDP) growth, inflation, fiscal deficit, employment and national and international trade in order to prepare a roadmap for future prospects, challenges, and areas that affect the nation in the foreseeable future.
Offering critical insights into the health of the economy, the 2024-25 Economic Survey is particularly important as India has moved steadfastly to secure its position in global economic markets while facing looming hurdles of inflation, political shift and volatile energy markets while inching towards a digital future.
The 2024-25 Economic Survey, conceptualized on a number of macroeconomic and industry-specific issues, is expected to focus on key areas of the Indian economy including growth projections, GDP trends and the role of the manufacturing, agriculture, and services industry in building and maintaining the economy.
Presently, the Indian rupee is valued at ₹86.21 to the American Dollar and hence tackling inflation remains a major priority, with strategies to balance price stability and economic growth being key matters to be addressed at the Budget.
Employment generation will be another major theme, with a special focus on labor reforms and upskilling initiatives. Climate resilience is set to feature prominently, underlining legislative policies for sustainable growth and investment in tapping renewable energy.
Infrastructure development will highlight advancements in transport, logistics, and urban planning.
The transformation of the digital landscape and influx of tech and internet has revolutionized India’s digital economy landscape which will be another key area of in-depth exploration with increased reliance on innovation and start-up businesses.
Lastly, the transformative impact of the digital economy shall be studied, in India’s possible path towards a cashless economy.
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The Economic Survey is prepared by the Department of Economic Affairs (DEA) under the Ministry of Finance, with inputs from various ministries and departments. The current Chief Economic Adviser (CEA) V Anantha Nageswaran plays a pivotal role in the drafting of the economic survey, offering expert analysis and recommendations.
For the 2024-25 survey, the CEA is poised to spearhead discussions on pressing issues like fiscal consolidation and global economic integration.
The survey is a collaborative effort, resulting in a cohesion between data-based insights coupled with practical solutions towards relevant issues.
The Economic Survey plays an integral role in shaping the Union Budget – identifying the strengths, weaknesses and points for improvement while suggesting actionable reforms.
The forthcoming Economic Survey is expected to center on the theme of deregulation, emphasizing the relaxation of regulatory frameworks in select areas, as highlighted by Chief Economic Advisor V. Anantha Nageswaran on December 6.
The survey is systematically structured into two sections: Part A and Part B. Part A provides a macroeconomic overview, encompassing key economic developments and an analytical review of the economy’s performance over the year. Contrastingly, Part B delves into focused areas, including social security, poverty alleviation, education, healthcare, human capital development, and climate change.
The separation of the contents of the Survey provides for a much more detailed approach towards specific policy areas.
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The Economic Surveys have historically shaped transformative policies, offering data-driven insights that address immediate challenges and long-term goals. For instance, the 1964-65 survey advocated for the Green Revolution, paving the way for agricultural self-sufficiency.
During the 1991-92 balance of payments crisis, the economic survery recommended economic liberalization, triggering structural reforms.
The 2019-20 survey introduced the vision of a $5 trillion economy with a focus on investment-driven growth, while the 2021-22 survey emphasized resilience during the pandemic by balancing lives and livelihoods.
The Economic Survey is traditionally presented in Parliament a day before the Union Budget by the Finance Minister or the Chief Economic Advisor. For 2024-25, Finance Minister Nirmala Sitharaman is expected to table the survey on January 31, 2025.
A number of practices and traditions surrounding the presentation of the Union Budget have come into being through the years. The traditional Halwa Ceremony, marking the beginning of the ‘lock-in’ period took place last Friday (24 January 2025), subsequently the presentation of the Economic Survey shall serve as another precursor to the Annual Budget.
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The Union Budget 2025-26, shaped by the insights of the Economic Survey 2024-25, is expected to address pressing issues such as job creation, fiscal consolidation, and enhancement of private investment. The survey shall emphasise on deregulation and targeted interventions will likely influence policies in areas like digital infrastructure, energy transition, and rural development.
As India stands at the cusp of becoming a global economic powerhouse, the interplay between the Economic Survey and the Union Budget will remain critical for future policies within the national and international level.
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