Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2024-25 in both Lok Sabha and Rajya Sabha on Friday while the Parliament session was subsequently adjourned for the day.
Presented a day before the Union Budget, the Economic Survey serves as a comprehensive pre-budget document that provides insights into the current state of the economy and outlines a preliminary economic outlook for the upcoming fiscal year.
It is prepared by the Economic Division of the Department of Economic Affairs under the supervision of the Chief Economic Adviser.
The Survey, which offers a detailed assessment of the country's financial and economic health, has been a regular feature since its introduction in 1950-51, when it was part of the Budget documents.
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In the 1960s, it was separated and has since been tabled independently a day prior to the Budget presentation.
According to the latest Survey, the Indian economy grew by 5.4 per cent in real terms during the July-September quarter of 2024-25, a figure considerably lower than the Reserve Bank of India’s (RBI) projection of 7 per cent.
Growth in the April-June quarter was also subdued compared to the RBI’s forecast.
In its most recent monetary policy review, the central bank revised India’s annual growth forecast for 2024-25 down to 6.6 per cent from 7.2 per cent. The government remains optimistic, projecting a growth rate of 6.4 per cent.
Despite the slowdown in the current financial year, India recorded a robust GDP growth of 8.2 per cent in 2023-24, maintaining its status as the fastest-growing major economy.
In preceding years, the country registered growth rates of 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22.
The Budget session commenced today and is scheduled to continue until 4 April. Finance Minister Sitharaman is set to present the Union Budget for 2025-26 at 11 a.m. on 1 February.
The Budget speech is expected to outline key fiscal policies, revenue and expenditure proposals, taxation reforms, and other major announcements.
This will mark Sitharaman’s eighth Budget presentation.
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