Union Finance Minister Nirmala Sitharaman. File photo
| Photo Credit: ANI

Finance Minister Nirmala Sitharaman on Friday (January 31, 2025) presented the Economic Survey 2024-25 in the Lok Sabha.

The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy.

The document also provides an overview of the short-to-medium-term prospects of the economy.

The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the supervision of the chief economic adviser.

The first Economic Survey came into existence in 1950-51 when it used to be a part of the budget documents.

In the 1960s, it was separated from the Union Budget and tabled a day before the presentation of the Budget.

The Union Budget for 2025-26 will be presented by the Finance Minister on Saturday (February 1, 2025).

Budget Session Live Updates:

The budget session of the Parliament will commence today with President Droupadi Murmu addressing the joint sitting of the two Houses. After her address, Union Finance Minister Nirmala Sitharaman will table the Economic Survey in Lok Sabha and Rajya Sabha.

The document, prepared by a team led by Chief Economic Adviser V Anantha Nageswaran, will provide an official assessment of the economy’s performance in the ongoing financial year.

The government has listed 16 Bills, including the Waqf (Amendment) Bill, besides the financial business for the Budget session.

On Saturday, Ms Sitharaman will table the first full Budget of the Modi 3.0 government.

The first part of the Budget session will conclude on February 13 before breaking for recess to examine the Budget proposals. The session will reconvene on March 10 and continue till April 4. The entire Budget Session will have 27 sittings.

Here Are Live Updates On Budget Session:

Jaisalmer, Dec 21 (ANI): Union Finance Minister Nirmala Sitharaman speaks at the 55th meeting of the GST Council, in Jaisalmer on Saturday. (ANI Photo)
| Photo Credit:
ANI

Finance Minister Nirmala Sitharaman will table the Economic Survey 2024-2025 on January 31, 2025, after President Droupadi Murmu initiates the FY 2025-26 Budget session of the Parliament with an address to both houses.

Also read | Parliament Budget Session Day 1 live updates

In the beginning of 2024, the economy was projected to grow at a rate of 7%. India was one of the fastest-growing economies in the world and there was anticipation that India would become a $4 trillion economy in 2024-25 and the world’s third-largest economy by 2027.

Also Read | In charts: Key takeaways from Economic Survey 2023-24

The Indian economy is projected to expand by 6.6% in 2025, primarily supported by robust private consumption and investment, according to a United Nations report that said economic growth in South Asia is expected to remain robust this year mainly driven by the “strong performance” in India.

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New Delhi:

Sixteen Bills, including the Finance Bill 2025, amendments to the Waqf and Banking Regulations Act, and the merging of the Indian Railways and Indian Railways Board Acts, will be tabled in Parliament’s Budget session, which begins on Friday with the Economic Survey 2024-25.

Among the 13 others likely in this session are amendments to the Disaster Management and Oilfields (Regulation and Development) laws. Bills dealing with coastal and merchant shipping and another seeking to rename the Institute of Rural Management Anand as the Tribhuvan Sahkari University and declare it ‘an institution of national importance’ may also be presented.

Bills looking to safeguard financial interests related to the aviation sector and change current regulations relating to immigration and the entry of foreigners are also expected this session.

Finally, another key bill expected is the Readjustment of Representation of Scheduled Tribes (ST) in Assembly Constituencies of the State of Goa. As the name suggests, this seeks to re-allocate Assembly seats in that state to better represent its ST communities.

The big-ticket items in this session, which will see Finance Minister Nirmala Sitharaman present an eighth Union Budget — leaving her just two behind the record of 10 set by Morarji Desai, are the Waqf (Amendment) and Finance Bills.

Waqf (Amendment) Bill

The bill proposing 44 changes to Waqf laws — the way Muslim charitable properties are managed in this country — was presented in Parliament in August last year.

The controversial bill triggered furious protests from the Opposition as soon as it was tabled and referred to a joint committee led by BJP MP Jagadambika Pal. The JPC — which held nearly three dozen sittings, but was rocked by chaos and protests from outnumbered opposition members, who said their concerns were being ignored — presented its report this week.

The House panel made 14 recommendations, all from members of the ruling BJP or its allies while rejecting 44 made by opposition MPs, another source of acrimony between the two sides.

The recommendations, and the Bill, are expected to be taken up in this session.

Finance Bill

The Finance Bill is critical for several reasons, the most important of which is the talk of a new direct tax code that will result in a complete overhaul of existing the Income Tax Act of 1961.

The new code is expected to make income tax laws easy to read, understand, and follow, as well as make it easier for taxpayers to calculate their dues and file returns.

Sans this, the Finance Bill will still contain several important reforms and will be central to the Central government’s implementation of all of Finance Minister Nirmala Sitharaman’s budgetary proposals.

There are also amendments to the banking laws that the Centre has said will strengthen governance of the banking sector and enhance consumers’ and customers’ convenience with respect to nominations and protection of investors.

Other Bills

Maritime laws will see updates, with the Bills of Lading Bill, Carriage of Goods by Sea Bill, Coastal Shipping Bill, and the Merchant Shipping Bill, 2024, set to modernise shipping rules.

The Oilfields Amendment Bill will propose updates to laws governing oil exploration and extraction. The Boilers Bill will introduce new safety rules for boilers in industrial applications.

Another key legislative proposal is the Disaster Management (Amendment) Bill, which will transfer the responsibility of making disaster plans to the Central and state-level forces, and ensure an updated database for both, to ensure a faster and more efficient response.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)