Recently, the Ministry of Finance released a report titled “Indian Economy – A Review” as Economic Survey was not be released at this time.
The report ‘Indian Economy – A Review’ gives the top highlights in the Indian economy from the past 10 years.
- ES – A comprehensive annual report which displays the performance of the Indian economy in the past fiscal year.
- Prepared by – Department of Economic Affairs, ministry of Finance.
- Presented in – Parliament, normally on 31st January, a day before the presentation of the Budget.
The 1st Economic Survey of India was presented in 1950-51 as a part of the Union Budget. However, since 1964, it has been decoupled from the Budget presentation.
- ES in 2024 – Since the Lok Sabha elections are due in April, only interim budget will be presented before it.
- Thus, a complete budget and the Economic Survey will be presented only in July 2024, after the results are declared.
- Presented by – The Chief Economic Advisor (CEA).
- Features – It summarises the performance of government’s initiatives and provides an outlook of the prospects of the Indian economy in the short to medium term.
- Part A – Major economic developments in the year as well as a broad review of the economy.
- Part B – It covers specific topics such as social security, poverty, education, healthcare and human development.
- Importance – It helps the government in analysing the performance of various sectors, identifying the major impediments to economic growth and in formulating economic strategies for the coming year.
| Economic Survey | Union Budget | |
| Content | It deals with economic policies and demonstrates forthcoming economic plans. | It deals with yearly expenditures and income. |
| Presented on | 31st January on non-election years. | 1st February on non-election years. |
| Presented by | Chief Economic Advisor | Union Finance Minister |