Economic Survey 2025 and Budget Session Kick-Off: A Detailed Overview
The Indian Parliament’s Budget session began on Friday, January 31, 2025, with President Droupadi Murmu delivering her customary address to the joint sitting of the Lok Sabha and Rajya Sabha. This marks the commencement of a highly anticipated session that will culminate in the presentation of the Union Budget 2025-26 by Finance Minister Nirmala Sitharaman on February 1, 2025. The Economic Survey 2024-25, which provides a comprehensive analysis of the nation’s economic performance, will also be tabled by the Finance Minister shortly after the President’s address.
The Economic Survey 2024-25: Key Insights
The Economic Survey, a crucial document prepared under the supervision of the Chief Economic Advisor, details the performance of the economy over the last fiscal year. It includes insights into various economic sectors, challenges, and growth forecasts, and plays a vital role in setting the stage for the upcoming Union Budget. The document is drafted by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and provides policymakers, analysts, and the public with an understanding of India’s economic trajectory.
In this year’s Economic Survey, expectations are high for an analysis of India’s economic growth, particularly in light of the challenges posed by global economic conditions, domestic inflation, and structural reforms. The Survey is also expected to reflect on key sectors such as agriculture, manufacturing, services, and infrastructure, as well as discuss the government’s fiscal stance and policy interventions.
Budget 2025-26: What Lies Ahead?
The Union Budget for the fiscal year 2025-26 will be presented by Finance Minister Nirmala Sitharaman for the eighth consecutive time. The Budget session is a critical event, not just for its direct impact on the economy, but also for its ability to shape the government’s financial agenda for the upcoming year. This year’s Budget is being presented against the backdrop of a GDP growth rate moderation to 6.4% in the current fiscal year, compared to 8.2% in the previous year.
The focus of the Budget is likely to include measures to support consumption and investment, address inflation concerns, and boost economic growth in the face of global uncertainties. Analysts and political observers will be looking for fiscal stimulus, tax reforms, and initiatives that support key sectors such as healthcare, agriculture, and infrastructure.
Prime Minister’s Address: A Positive Note for the Budget
Prime Minister Narendra Modi, in his address ahead of the Budget session, made a noteworthy remark, emphasizing that for the first time in 10 years, there has been no attempt from abroad to stoke trouble during the Parliament session. His comment highlighted the relative political stability India is enjoying as the country prepares for the Budget. The Prime Minister’s statement also underscored the importance of maintaining peace and cooperation, especially during such crucial legislative events.
The Prime Minister’s remarks reflect a sense of optimism and confidence as the government embarks on another year of fiscal planning, with hopes of steering the economy towards sustainable growth.
The Budget Session: Key Legislative Business
The Budget session, which is the longest and most significant parliamentary session of the year, is scheduled to continue until April 4, 2025. The session is divided into two halves: the first half focuses on the President’s speech, the Budget speech, and related debates. The second half will address the passage of the Finance Bill, ministry-wise discussions on demands for grants, and the deliberation of several key bills.
A total of 16 bills have been listed for consideration during the session. Among them are the controversial Waqf (Amendment) Bill, Banking Laws (Amendment) Bill, and Railways (Amendment) Bill. These bills are expected to spark significant debate in the House, with opposition parties already indicating their intent to raise issues surrounding the Maha Kumbh stampede, which tragically claimed the lives of 30 individuals, and other pressing matters.
Opposition’s Strategy: Pressing Issues
Opposition parties have signaled that they will raise several contentious issues during the Budget session. In addition to the Kumbh stampede tragedy, the opposition is likely to focus on the controversial UGC draft regulations and demand an extensive debate on the One Nation, One Election proposal. The issue of economic inequality and the impact of government policies on the common man will also feature prominently in the opposition’s agenda.
The Janata Dal (United), an NDA ally, has suggested that a Joint Parliamentary Committee (JPC) be set up to discuss the One Nation, One Election proposal in greater detail. This highlights the political divide in how various parties perceive the country’s electoral and constitutional reforms.
A Paperless Budget: Embracing Digital Change
In line with the government’s push for digital transparency and modernization, the Union Budget 2025-26 will once again be delivered in a paperless format, continuing the tradition that began in 2021. All budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill, will be made available on the Union Budget Mobile App for easy access by the public and lawmakers alike.
This transition to a paperless budget is part of the broader effort to enhance accessibility and reduce the environmental impact of the traditional paper-based budget printing process. It is also a reflection of India’s digital transformation agenda, which has gained significant momentum in recent years.
As the Economic Survey 2024-25 is tabled and the Union Budget 2025-26 approaches, India stands at a critical juncture in its economic journey. The government’s fiscal decisions in the coming weeks will be pivotal in shaping the country’s economic trajectory for the year ahead. With political stability, a focus on growth, and an eye on fiscal prudence, the 2025 Budget has the potential to chart a course for India’s economic resilience in a rapidly changing global landscape.