Finance Ministry to present concise economic report before Interim Budget
The Indian Finance Ministry is planning to release a concise report outlining the nation's economic status prior to the Interim Budget on February 1, Moneycontrol has reported. Instead of a comprehensive economic survey, this brief document will encompass crucial indicators and predictions such as GDP growth, nominal GDP growth target, and oil prices. The ministry is currently exploring options for presenting this document, which will encapsulate India's economic achievements in 2023-24.
Deciding on document packaging and presentation
An anonymous government official mentioned that the ministry has not yet determined the presentation format for the document. They also noted that since they work throughout the year, they can decide on the presentation style later before unveiling it in January. The economic survey, typically presented a day before the full Union Budget each year, serves as a report card and is utilized by Chief Economic Advisers (CEAs) to convey key reform concepts.
Interim Budget and vote-on-account practices
In accordance with tradition, the Centre will introduce a vote-on-account Budget for the upcoming financial year on February 1. Outgoing governments usually present only an interim Budget or request a vote on account, allowing the succeeding government to deliver the full Budget. The 2023 economic survey estimated real GDP growth for the current fiscal year to be between 6-6.8% "depending on the trajectory of economic and political developments globally."
