Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2024-25 in both the Lok Sabha and Rajya Sabha on Thursday, marking an important prelude to the Union Budget for 2025-26. Following the presentation, both houses of Parliament were adjourned for the day. As per tradition, the Economic Survey was released a day before the Budget to provide a comprehensive overview of the state of the economy.
What Is the Economic Survey?
The Economic Survey, crafted by the Economic Division of the Ministry of Finance’s Department of Economic Affairs, offers a detailed analysis of India’s economic performance. Prepared under the supervision of the Chief Economic Adviser, the document provides valuable insights into key economic indicators for the 2024-25 fiscal year (April-March). It also includes projections for the upcoming fiscal year.
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Typically, the Survey hints at the government’s approach for the forthcoming Union Budget, set to be presented on February 1. This year’s Economic Survey is expected to provide a glimpse into the priorities shaping the 2025-26 Budget.
The concept of the Economic Survey dates back to 1950-51, when it was originally part of the budget documents. In the 1960s, it became a standalone report, presented annually a day before the Union Budget.
State Of The Economy In 2024-25
According to the Economic Survey, India’s economy grew by 5.4% in real terms during the July-September quarter of 2024-25. This growth was lower than the Reserve Bank of India’s (RBI) forecast of 7%. In the April-June quarter, GDP growth also lagged behind expectations. Reflecting these trends, the RBI revised its growth forecast for the full year, lowering it to 6.6% from the previously projected 7.2%.
However, the government remains slightly more optimistic, projecting a growth rate of 6.4% for the year. Despite the recent slowdown, India’s economy continued to be one of the fastest-growing major economies in the world, with an 8.2% growth recorded in the previous financial year (2023-24). Growth rates of 7.2% and 8.7% were registered in the two preceding years (2022-23 and 2021-22, respectively).
Budget Session 2025: Key Dates And Expectations
The Budget session of Parliament commenced on January 31 and is scheduled to conclude on April 4. Finance Minister Sitharaman will present the Union Budget for 2025-26 on February 1 at 11 am in the Lok Sabha. Her speech will outline the government’s fiscal policies, proposals for revenue and expenditure, taxation reforms, and other key announcements for the upcoming year.
This will mark Sitharaman’s eighth presentation of the Union Budget, a milestone that underscores her extensive experience in shaping India’s economic agenda. As always, the Budget will be closely watched for its impact on various sectors, including taxation, infrastructure, and social welfare.
Conclusion
With the Economic Survey now tabled, all eyes will be on the upcoming Union Budget, where Finance Minister Nirmala Sitharaman will provide further details on the government’s strategy for the year ahead. The Survey sets the stage for what is expected to be a crucial Budget, especially as India navigates slower economic growth while maintaining its position as one of the world’s fastest-growing economies.
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