New Delhi. Union Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on July 22, a day before the presentation of the Union Budget (Budget 2024). This is an important part of the budget tradition. You can understand the Economic Survey as the report card of the government. It gives an official view on the possibilities of future growth along with a review of the work of the previous financial year.

What is special in the Economic Survey?

The Economic Survey presents a complete picture of the country's economy. It contains a detailed account of the state of the economy, prospects and policy challenges. The Economic Survey contains very important data giving information about employment, GDP, inflation and budget deficit of the last financial year. There is also a comprehensive analysis of them, that too in very simple language. This time the Economic Survey has been prepared by a team led by Chief Economic Advisor V Anant Nageswaran.

Why is economic survey necessary?

The Economic Survey not only gives an account of the previous financial year, but also gives an idea of ​​the challenges ahead. It tells us which are the factors that are hindering the country's progress. What can be done to overcome these. The Economic Survey also tells us what kind of steps need to be taken to speed up the economy. It also mentions the challenges and possibilities of different sectors, such as agriculture or automobile.

Economic survey was part of the first budget

The country's first economic survey was presented during 1950-51. At that time it was a part of the budget. But, from 1964, the tradition of presenting the economic survey a day before the budget was started. This helps people to know the state of the economy before the budget. This year, the economic survey was not presented before the interim budget on February 1. The government had just given a brief information about the economy. The government's intention was to present the economic survey before the full budget, which it is going to do now.

Economic survey is necessary for common people also

• Economic survey helps us to understand the state of the country's economy. We also get to know important figures like inflation and unemployment. This helps us in taking decisions like deciding our investment, savings and expenditure.
• The Economic Survey contains information about the policies of the government. It also tells about their possible impact. Through this, the public can understand which policy the government is implementing and what its impact could be. 
• Economic survey also contains detailed information about social and economic problems. It also contains suggestions to deal with them. This helps the general public to understand how their problems can be solved and what their role can be in this.
• This survey is also very important for investors. It helps them understand which sectors have good investment opportunities. For example, if the government focuses on infrastructure, then this sector can be good for investment.