As the Modi-led government prepares for its final budget of the second tenure, a notable absence marks this year's fiscal proceedings. The Economic Survey, traditionally presented by the Chief Economic Advisor a day before the Union Budget, will not accompany this year's budgetary announcements.
The decision to forgo this customary report is majorly attributed to the upcoming general elections, where a potential change in government could alter the regular budgetary process. The government will present an interim budget to manage essential financial tasks, with a full-fledged budget following the new government formation.
The government has instead published a report titled 'Indian Economy–A Review', covering the nation's progress over the last decade and providing insights into future economic prospects. It is prepared by the office of Chief Economic Advisor (CEA) V Anantha Nageswaran.
"We are pleased to present ‘Indian Economy – A Review’, which consists of two chapters. This is not the Economic Survey of India prepared by the Department of Economic Affairs. That will come before the full budget after the general elections. This review takes stock of the state of the Indian economy and its journey in the last ten years and offers a brief sketch of the outlook for the economy in the coming years," the report read.
The Economic Survey is an elaborate report issued annually preceding the annual financial statement. It encompasses important central government developmental programs and Union government policy initiatives. The Economic Survey reveals the nation's economic trends and consists of details on resource mobilization and allocation within the Union Budget.