New Delhi, India

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Indian Finance Minister Nirmala Sitharaman will on Monday (July 22) table the Economic Survey in Parliament- a day before she presents the full budget for the financial year 2024-25. The survey would give insights into the state of the economy and various indicators of the financial year 2023-24 (April 1 to March 31) and would share some outlook for the current year.

All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser (CEA).

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The timing of the survey presentation

The survey 2023-24 will be presented in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm, followed by a press conference by CEA Nageswaran. The first such survey came into existence in 1950-51, when it used to be a part of the budget documents.

Also read | Union Budget 2024: Date, time, where to watch Nirmala Sitharaman’s full budget speech live | Complete guide

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In the 1960s, it was separated from the Budget documents and presented the day before the Union Budget.

The most important feature that many will look out for is its central theme.

Last year, the theme was "Recovery complete," when the economy staged a broad-based recovery from pandemic-induced contraction, the Russia-Ukraine war, and inflation, and ascended to the pre-pandemic growth path.

Meanwhile. in 2022, the theme was "Agile Approach", which emphasised India's economic response to the COVID-19 pandemic shock.

A look at Budget Day

On Tuesday, Finance Minister Sitharaman will present the budget at 11 am. The budget speech will outline the government's fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements.

Also watch | India Budget 2024: What are India's youth expecting?

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The budget is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. 

On the morning of the budget day, Sitharaman will go to the North Block, where the finance ministry 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.

(With inputs from agencies)