As the Budget Session commenced on Wednesday, there was a notable absence in the usual proceedings, the Economic Survey, a customary prelude to the Budget presentation, was not tabled in the Lok Sabha.
Typically prepared by the Chief Economic Advisor (CEA) and presented by the Finance Minister on January 31 each year, this essential document offers a comprehensive overview of the nation’s economic performance over the preceding fiscal year.
Finance Minister Nirmala Sitharaman, preparing for her interim Budget speech on the session's first day, found the Economic Survey conspicuously missing from the agenda. Instead, the Centre released a report titled ‘Indian Economy–A Review’, outlining India’s economic trajectory over the past decade. The report highlights ambitious projections, forecasting India to achieve a $5 trillion economy in the next three years, with aspirations to reach $7 trillion by 2030.
The delay in presenting the Economic Survey is attributed to the impending Lok Sabha elections, after which a new government will be formed.
This departure from tradition raised eyebrows, as the Economic Survey typically sets the stage for the Budget presentation, offering insights into economic trends and projections.
President Droupadi Murmu, in her address to Parliament on the session’s inaugural day, lauded the accomplishments of the Modi government over the past decade.
She emphasized milestones such as the fulfillment of the longstanding desire to construct a Ram temple in Ayodhya and praised the armed forces for their resolute response to threats posed by terrorism and expansionism.
Meanwhile, the ‘Indian Economy–A Review’ released by the Ministry of Finance serves as a substitute for the absent Economic Survey. Comprising two chapters, the report evaluates India’s economic progress and outlines future prospects, offering stakeholders a glimpse into the nation’s economic landscape.
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