The Economic Survey is an annual document, a flagship report of the Government of India, which reviews the state of the national economy and provides an outlook for the coming year. It is not an act or a scheme, but a comprehensive analytical concept prepared by the Economic Division of the Department of Economic Affairs under the Ministry of Finance, guided by the Chief Economic Adviser (CEA).
The first Economic Survey of India was presented in 1950-51 as part of the Union Budget. The practice was changed in 1964, when the Survey was separated from the Budget and began to be presented to Parliament ahead of the Budget announcement to provide an economic context for the financial proposals.
The Survey works by reviewing developments over the past financial year, summarizing the performance of major development programs, and highlighting policy initiatives and prospects. It is presented to both Houses of Parliament during the Budget Session, typically one day before the Union Budget, and is a non-binding document. The document analyzes key indicators like GDP growth, inflation, and fiscal deficit, and for the 2025-26 Survey, it estimated Real GDP growth at 7.4% for FY26 and noted a decline in retail inflation to 1.7% (April-December 2025).
The Survey is intrinsically connected to the Union Budget, as it sets the intellectual and policy backdrop for the Budget's proposals, though it does not detail tax changes or spending plans. While the core mechanism has remained constant since 1964, the Survey for 2016–17 notably excluded the detailed financial statistics of the Government of India, marking a change in its presentation style.