|
Union Finance Minister Nirmala Sitharaman on Thursday tabled the Economic Survey of India in Parliament for the financial year 2025-26, setting the stage for the Union Budget, which will be presented on Sunday, February 1. This year, the Budget presentation falls on a weekend.
Finance Minister Nirmala Sitharaman is set to present a record ninth consecutive Union Budget on February 1, marking a significant milestone in India's parliamentary and economic history. The tabling of the Economic Survey ahead of the Budget follows the long-standing tradition of outlining the state of the economy before detailing future fiscal plans. The Economic Survey of India is regarded as the nation's official annual "report card" on the economy. It provides a comprehensive, data-backed review of the economy's performance over the previous year and offers a broad roadmap for future policy direction. As the government's flagship annual report, it reviews key developments in the economy over the past 12 months. The Survey plays a crucial role in the lead-up to the Union Budget. While the Budget focuses on future government spending, taxation, and policy measures, the Economic Survey explains why those decisions are necessary by analysing past economic performance and trends. The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs under the leadership of the Chief Economic Adviser (CEA). It is presented in two parts, each focusing on different aspects of the economy. Part 1, also known as Volume 1, provides a macroeconomic overview and future outlook. This section offers a broad, thematic, and analytical review of the Indian economy. It is forward-looking in nature and helps set the policy direction for the coming year. It includes a detailed analysis of major economic trends such as GDP growth, inflation measured through CPI and WPI, fiscal deficit, and trade balance. It also examines key conceptual and structural issues facing the economy and offers policy recommendations. Additionally, it provides projections for the next financial year and suggests reforms aimed at driving economic growth. Part 2 of the Economic Survey is more detailed and data-driven, focusing on the performance of specific sectors during the previous financial year. This section covers sectoral analysis of agriculture, industry, services, and infrastructure. It also addresses socio-economic issues, including health, education, poverty, and climate change. The report includes extensive data and statistics, with detailed tables, charts, and appendices highlighting the economy's performance. The tabling of the Economic Survey marks a key step in the Budget process, offering lawmakers, policymakers, and the public a clearer understanding of India's economic condition ahead of the Union Budget presentation. (ANI)
|
