The Indian League budget is an important event of the entire country, which lists the government’s financial roadmap in the next fiscal year, including predictions on revenue and expenditure, policy priority and economic policy. Before the budget, the equally important forefront was proposed, called economic survey.
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Economic survey is like a detailed report card, which conducted a detailed analysis of the performance of the country last year. This survey considers various key indicators, such as GDP, growth, inflation, employment and other trends. It also attracted people’s attention to the possibility of new economic possibilities and attention, and provided data -driven views that affect policy choices.
You are watching: Budget 2025: What is Economic Survey, Why is it Presented Before the Union Budget?
Understanding economic surveys is important because it provides important data on the entire economic situation and lays the foundation for the budget. It can help related stakeholders including legislators, companies, investors and citizens expect the government’s fiscal strategy and goals in the next year, and provide policy suggestions with a reliable foundation.
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What is the economic survey?
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Economic survey is prepared by the Ministry of Economic Affairs, and the department belongs to the Ministry of Finance. The survey was proposed to complete the previous fiscal year’s economic performance of India. It provides data on important industries, services and agriculture, while evaluating important economic indicators, such as:
- GDP growth: This is the measure of the country’s overall financial health and economic production.
- Inflation rate: purchasing power is affected by changes in the cost of goods and service cost measured by inflation rates.
- Employment trend: This survey also monitor unemployment rates, labor market conditions and employment opportunities.
- Financial deficit: The differences between government income and expenditure were evaluated in this survey.
In addition to these basic indicators, the public opinion test also focuses on the progress of social and infrastructure departments and external economic impacts.
Economic survey is usually divided into two parts:
- Part A focuses on macroeconomic trends, fiscal development and departmental performance.
- Part B has solved socio -economic challenges, such as poverty, medical care, education, environmental issues and financial forecasts, including trade balance and foreign exchange reserves.
This survey is not only retrospective assessment, but also as guiding documents to provide policy suggestions to deal with economic challenges and support sustainable growth. Its insights play a vital role in the sales of union budgets.
What is the history of economic survey?
In 1950-51, an economic survey of India was initially conducted by India, which was initially part of the budget document of the union. It is separated from the budget in 1964, and it is usually presented at the budget meeting of the day before the budget of Congress.
Why did a economic survey before the union budget?
For several reasons, economic surveys were proposed before the union budget:
- Detailed economic background: This survey has conducted a thorough evaluation of the country’s economic pattern so that budget decisions can be made in the current financial situation.
- Determining key issues: Economic surveys help to analyze economic trends and various challenges, such as unemployment and inflation.
- Strengthen policy discussions-legislators, economists, and industry interests related to the investigation in advance, so that good debates and discussions can be conducted before the budget distribution is completed.
Who is preparing for an economic survey?
The Department of Economics Department of the Department of Economic Affairs compiled an economic investigation under the leadership of the Chief Economic Consultant (CEA). It is usually proposed by Nirmala Sitharaman before the union budget. CEA collected data from various government departments with economists and analysts, research institutions and international organizations to create detailed reports. After the completion, the investigation will be carried out in the parliament the day before the budget announcement. After the demonstration, CEA usually holds a press conference to discuss key discovery and answer any questions.
When to watch the economic survey?
Traditionally, the economic survey was proposed one day before the budget of the union, and will be unveiled on January 31 (Friday) 2025. The presentation will be broadcast live on the Sansad TV and PIB Indian channel. In addition, the update will be shared through the Facebook page of the Ministry of Finance and its official X’s handle (@finminindia). After the release, you can download the economic survey from the Indian budget website. Nirmala Sitharaman proposed an economic survey of 2023-24 on July 22, 2024.
In short, economic survey is the cornerstone of Indian fiscal buildings, which has completely evaluated the economy and guided the formulation of union budgets. The introduction before the budget ensures that the fiscal policy is informed, targeted and responds to the economic needs of the country.
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Source: https://dinhtienhoang.edu.vn
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