The budget is to be presented in two days, but before the Ministry of Finance presents the budget, there is another important document called the Economic Survey of India that will be tabled before Parliament tomorrow. Let's understand what this document is and where you can watch it.
What is the Economic Survey?
Just like the Union Budget, the Economic Survey of India is an annual document prepared by the Minister of Finance, Government of India. The document that is to be presented to both Houses of Parliament a day before the budget reviews the performance of the economy in the previous year and also provides insights into the current state of the Indian economy.
The report is presented by the finance minister and prepared under the guidance of the Chief Economic Adviser of India, who is appointed by the Prime Minister. The first Economic Survey was presented in 1950–51, and until 1964 it was presented with the budget.
Another important point is that the Economic Survey is based on themes. The last Economic Survey was based on the 'Agile approach' representing the measures that were taken to combat the COVID-19 pandemic.
Date, time, where to watch the presentation?
The report will be presented by the Finance Minister, Nirmala Sitharaman, on January 31, and it was prepared by Dr.V Anantha Nageswaran, the current Chief Economic Advisor of India. After the FM tables the Survey, Anantha Nageswaran will unveil it to the public in a press conference. This conference will be live streamed on YouTube and other social media handles of PIB and the Finance Ministry.
What does the Economic Survey include?
The Survey covers different aspects of the economy like gross domestic product (GDP), fiscal deficit, inflation, foreign exchange reserves and balance of payments.
The Economic Survey of India is divided into two parts, Part A focusing on economic overview of the country and major economic developments that happened in the previous fiscal, while Part B is focused on issues like poverty and social protection, health and education, human development, rural and urban development, energy and climate change.
Though the Survey showcases the economy in the past year and the aspects in the future it is not binding. This means that everything that is mentioned during the Survey may not all be accepted by the government.
Why is the Economic Survey important?
This Survey is an important source of information for the policy makers, economists and researchers as it offers a comprehensive overview of the Indian economy to better assess the impacts of government policies. Additionally it also helps them formulate the economic strategies for the next year.
The Survey is also important as it analyses the performance of individual sectors like agriculture, industry, services, infrastructure and public finance. It also includes other aspects like the energy security, status of employment, labor markets, trade and financial sector reforms.
With the help of the Survey the government evaluates the progress made towards achieving the Sustainable Development Goals (SDGs) and also note down the points where there is scope for improvement.
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