Is it necessary to read the Economic Survey and Union Budget in detail for UPSC?

It is highly recommended to cover the Economic Survey and Union Budget, but reading the original documents in detail is generally an inefficient use of time. For most aspirants, the best strategy is to rely on reputed coaching summaries or PIB (Press Information Bureau) highlights.
For the Prelims, you should focus on macroeconomic trends (such as fiscal deficit or inflation patterns) and new terminology rather than absolute numbers. The Economic Survey is a goldmine for the "logic" the government uses to define its goals. For the Mains, these documents are essential for GS Paper III. They provide the "official" data, keywords, and case studies needed to substantiate your arguments.
The most effective approach is to skip the 700-page original text and focus on Volume I of the Survey, which contains the analytical framework of the economy. Extract high-impact keywords and sector-specific data for your answers.
Following newspaper editorials for a week after the Budget is released is also crucial to understand the critical perspectives that these government documents might skip. This hybrid approach ensures you get all the "fodder" for the exam without wasting weeks on technical jargon.