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What Economic Survey Is And What To Expect In It

What Economic Survey Is And What To Expect In It

An Economic Survey is an annual document prepared by a government reviewing the economic developments over the past year. From policymakers, to economists to analysts, businessmen and researchers, the Economic Survey details the economic situation for a wide variety of audience. Finance Minister Nirmala Sitharaman will table the first Economic Survey of the re-elected Narendra Modi government in Parliament on Thursday. This year’s Economic Survey is prepared by Chief Economic Adviser Krishnamurthy Subramanian.

Here are 10 things to know about Economic Survey:

  1. Typically, an Economic Survey provides a policy perspective for the Union Budget.
  2. The survey highlights policy initiatives of the government and a roadmap to further boost the economy.
  3. An economic survey also summarises the performance on major development programmes and highlights the policy initiatives as well as the economic prospects over the short to medium period.
  4. The Economic Survey is presented a day before the Union Budget to both houses of Parliament during the Budget Session.
  5. As the flagship document of the finance ministry, the Economic Survey provides detailed statistical data covering all aspects of the economy.
  6. It facilitates a better appreciation of the mobilisation of resources and their allocation in the Budget.
  7. The Economic Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors which have a bearing on the Budget.
  8. An Economic Survey helps a government determine which sectors to focus on going forward.
  9. For a better appreciation of the impact of government receipts and expenditure on different sectors of the economy, it is necessary to group them in terms of certain economic magnitudes.
  10. The last Economic Survey (for financial year 2017-18) was prepared by then Chief Economic Adviser Arvind Subramanian on January 31, 2018.
Source:News

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