Explainer: Why won't there be any Economic Survey in 2024 before the Interim Budget?

With India gearing up for an election year, the usual pre-budget ritual of presenting the Economic Survey has taken a different turn in 2024. Instead of the comprehensive economic analysis we're accustomed to, this year we're seeing an alternate document titled "Indian Economy – A Review". But why this deviation from tradition? Here are all the details you need to know. 

How Elections Affect the Economic Survey 2024?

The Indian Parliament goes through a dissolution phase before elections, which disrupts the regular parliamentary schedule. In this scenario, presenting a full-fledged Economic Survey ahead of the Interim Budget can become impractical.

The Survey usually lays the groundwork for policy proposals in the Budget, but an Interim Budget serves a limited purpose of maintaining essential services until the full Budget after the elections.

The absence of a formal Economic Survey doesn't imply a lack of information about the economy.

To bridge the gap, the government has released the "Indian Economy – A Review" document.

This report offers a concise overview of the economy's recent performance, highlighting key trends and achievements over the past 10 years.

It also provides glimpses into the future outlook but avoids policy recommendations due to the interim nature of the budget.

How is Interim Budget Helpful?

An Interim Budget doesn't introduce major policy changes, primarily focusing on keeping essential services running smoothly until the formation of a new government after elections.

A comprehensive Economic Survey, with its potential policy implications, might not be relevant in this context. The government aims to avoid creating any confusion or uncertainty during this  transitional period.

The wait for a full Economic Survey isn't long. Once the new government is formed after the elections, the Ministry of Finance will present a complete Economic Survey along with the full Budget, likely sometime in July or August 2024.

This document will provide a detailed analysis of the economy, along with the new government's economic vision and policy propositions. 

In conclusion, the absence of a traditional Economic Survey before the 2024 Interim Budget is a result of the upcoming elections and the temporary nature of an Interim Budget. The "Indian Economy – A Review" document offers a bridge between the past and the future, while the full Economic Survey and Budget with specific policy directions will come after the elections.