Question 361
In which month was the Economic Survey 2024–25 presented?
- AOption (a)
January 2025
- BOption (b)
March 2025
- COption (c)
April 2025
- DOption (d)
February 2025
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Correct answer
January 2025
Why this answer is correct
The correct answer is January 2025.
Key Points
- The Economic Survey 2024-25 is a flagship annual document of the Ministry of Finance, Government of India. It is traditionally presented in Parliament during the Budget Session, usually on January 31st, which falls in the month of January 2025.
- It is presented by the Union Finance Minister (currently Nirmala Sitharaman) in both the Lok Sabha and the Rajya Sabha. The presentation occurs exactly one day before the Union Budget is introduced.
- The document is prepared by the Economics Division of the Department of Economic Affairs (DEA) under the comprehensive guidance of the Chief Economic Advisor (CEA), currently V. Anantha Nageswaran.
- The Economic Survey serves as an official report card of the Indian Economy for the preceding financial year, detailing the performance of various sectors and the overall macroeconomic health of the nation.
- Since the Union Budget 2025-26 is scheduled for February 1, 2025, the preceding Economic Survey for the fiscal year 2024-25 is presented in January 2025 to provide the necessary context for the upcoming budget's proposals.
Additional Information
- Historical Context of the Survey:
- The first Economic Survey of India was presented in the year 1950-51.
- Up until 1964, the survey was presented along with the Union Budget. However, from 1964 onwards, it was decoupled and presented a day earlier to allow for a better understanding of the budget's background.
- Growth Projections and GDP:
- The survey provides GDP growth projections for the upcoming fiscal year. For 2024-25, it analyzes factors like inflation, fiscal deficit, and current account deficit.
- It helps the Government of India and the Reserve Bank of India (RBI) in formulating monetary and fiscal policies based on the data of the National Statistical Office (NSO).
- Key Sectoral Analysis:
- The document provides detailed chapters on the Agricultural Sector, Industrial Sector, and Services Sector.
- It also focuses on Foreign Exchange Reserves, Export-Import (EXIM) trends, and Sustainable Development Goals (SDGs).
Important Points
- Constitutional Status: While the Union Budget is a constitutional requirement under Article 112 (referred to as the Annual Financial Statement), the Economic Survey is not mandated by the Constitution of India. It is a settled convention that has become an integral part of the budget process.
- Interim Budget Exception: In an Election Year (such as 2024), the government may present an Interim Budget in February and a full budget along with the Economic Survey later in the year after the new government is formed. However, for a regular cycle like 2024-25 leading into 2025-26, the January presentation remains standard.
- Significance for Stakeholders: The survey is highly anticipated by economists, investors, and policymakers as it highlights the reforms needed and the challenges facing the Indian economy in the global context.