<p>Union Finance Minister Niramala Sitharaman is all set to present the Union Budget 2024 on February 1. The minister will present only an interim budget for the financial year 2024-25 as the nation is gearing up for Lok Sabha polls.</p><p>One of the key terms tied to the Union Budget is Economic Survey. Here is a detailed look at what the term means. </p><p>An Economic Survey, in simple terms, is a survey conducted to review the financial developments of the country in the last fiscal year. </p>.What to expect from the Union Budget 2024?.<p>It plays a key role in scrutinising different trends within various sectors of the economy like agriculture, industrial production, export and import infrastructure among other things. The survey can also paint a picture of other economic reforms that can have a significant influence on the Budget. </p><p>The survey generally has two parts -- first is the part that talks about the economic challenges that the country is facing and second one deals with the analysis of the previous year. </p><p>The Economic Survey, which is prepared under the supervision of the Chief Economic Advisor (CEA), is presented a day before the presentation of the actual Budget.</p><p>The first Economic Survey was presented in the lower House of the Parliament in 1950-51. It continued to be a part of the Union Budget, but since 1964, it has been de-linked and is presented much earlier. </p><p>Economic Surveys have specific themes on which they are based.</p><p>The Economic Survey is an important tool for designing a Budget as it provides full-fledged feedback and also acts as a guide by pointing out the priorities the Finance Ministry has to take in the next financial year. However, the Economic Survey is non-binding, which means the government may reject all the recommendations listed in the survey. </p>
<p>Union Finance Minister Niramala Sitharaman is all set to present the Union Budget 2024 on February 1. The minister will present only an interim budget for the financial year 2024-25 as the nation is gearing up for Lok Sabha polls.</p><p>One of the key terms tied to the Union Budget is Economic Survey. Here is a detailed look at what the term means. </p><p>An Economic Survey, in simple terms, is a survey conducted to review the financial developments of the country in the last fiscal year. </p>.What to expect from the Union Budget 2024?.<p>It plays a key role in scrutinising different trends within various sectors of the economy like agriculture, industrial production, export and import infrastructure among other things. The survey can also paint a picture of other economic reforms that can have a significant influence on the Budget. </p><p>The survey generally has two parts -- first is the part that talks about the economic challenges that the country is facing and second one deals with the analysis of the previous year. </p><p>The Economic Survey, which is prepared under the supervision of the Chief Economic Advisor (CEA), is presented a day before the presentation of the actual Budget.</p><p>The first Economic Survey was presented in the lower House of the Parliament in 1950-51. It continued to be a part of the Union Budget, but since 1964, it has been de-linked and is presented much earlier. </p><p>Economic Surveys have specific themes on which they are based.</p><p>The Economic Survey is an important tool for designing a Budget as it provides full-fledged feedback and also acts as a guide by pointing out the priorities the Finance Ministry has to take in the next financial year. However, the Economic Survey is non-binding, which means the government may reject all the recommendations listed in the survey. </p>