Economic Survey:

  • prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance
  • formulated under the supervision of the chief economic adviser of India
  • will give insights into the state of the economy and various indicators of 2023-24 (April-March) and
  • some outlook for the current year.
  • give some idea about the tone and texture of the actual Budget for 2024-25
  • first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents.
  • In the 1960s, it was separated from the Budget documents and presented the day before or few day before the Union Budget.
  • It was initially presented along with the Union Budget until 1964.
  • The most important feature that many will look out for is its central theme

Central theme:

  • 2022 - "Agile Approach" - response to pandemic
  • 2023 - "Recovery complete" - pandemic induced contraction, russian ukraine conflict, inflation
  • ! Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister
  • & Sitharaman has surpassed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.
  • @ Sitharaman's upcoming budget speech will be her seventh.

Halwa ceremony:

  • marking the start of budget document printing.
  • in North block
  • lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound.
  • The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980.

Budget day:

  • On the morning of budget day, the finance minister will go to the North Block, where the Ministry of Finance is housed.
  • She will meet the secretaries of her ministry, and
  • later, along with them, she will reach the President's residence to get permission before presenting the Budget.
  • Half an hour before the budget is presented, a Cabinet meeting headed by the Prime Minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. ANI
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