Economic Survey today: India’s growth report card to set tone for Budget, here’s what to expect – Budget 2025 News

A stormy Budget Session of Indian Parliament is set to begin from today onwards and even as the highlight would be the Economic Survey opposition will utilise the opportunity to corner the government over Maha Kumbh stampede, 

Finance Minister Nirmala Sitharaman will present this pre-budget document, which provides a detailed assessment of the economy’s current state and an outlook for the upcoming fiscal year 2025-26. The document will be tabled in Lok Sabha at 12 noon and at 2 PM in Rajya Sabha.

Ahead of the Union Budget, the Congress came out with its version of ‘Real State of the Economy’ report, claiming that the Modi government is marching India forward into the middle income trap, which will make the country uncompetitive, underproductive and unequal.

The opposition party also said that India’s GDP growth for 2024-25, as per government data, is expected to be 6.4%. Party hints, India needs a sustained GDP growth of 8 per cent if it wants to encash its historic demographic dividend.

State of the economy: What to Expect

India’s economy displayed a downward trend last year with the GDP falling short of the RBI forecast of 7 percent, growing by only 5.4 percent in the July-September quarter of 2024-25. Growth in the April-June quarter was also below expectations. 

The RBI recently further lowered its GDP growth forecast for 2024-25 to 6.6 percent from 7.2 percent, while the government estimates 6.4 percent. The Economic Survey released in July 2024 projected a real GDP growth rate of 6.5-7 percent for 2024-25, acknowledging higher market expectations.

What is the Economic Survey?

The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the supervision of the Chief Economic Adviser. It offers insights into economic performance and key indicators for 2024-25 (April-March). It will set the tone for the Budget 2025-26, which will be presented on Saturday. First introduced in 1950-51 as part of the budget documents, the Economic Survey was separated in the 1960s and has since been presented a day before the Union Budget.

Each year, the Economic Survey features a central theme reflecting the government’s focus. In 2022, the theme was the ‘Agile Approach,’ emphasizing India’s dynamic economic response to the COVID-19 pandemic. In 2023, it was ‘Recovery Complete,’ marking India’s return to pre-pandemic growth levels despite challenges like the Russia-Ukraine war and inflation. The 2024 edition focused on ‘Economic Resilience.’ Alongside sectoral analyses, the document often introduces new chapters addressing emerging economic priorities.

Budget Session 2025

The Budget Session of Parliament will begin on January 31 and is scheduled to conclude on April 4. On the first day of the session, President Droupadi Murmu will address the joint sitting of both Houses of Parliament. The Union Budget will be presented on February 1 at 11 AM in the Lok Sabha, where the Finance Minister will outline fiscal policies, revenue and expenditure estimates, taxation reforms, and other key announcements.

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