The Union Budget for 2023–2024 only has a few days left. On February 1, during the Budget session, Union Finance Minister Nirmala Sitharaman will present the proposals in Parliament. However, the FinMin team also works on a significant document that is presented to Parliament one day prior to the Budget's reading. The Economic Survey of India is the title of this document.
On Tuesday, January 31, Sitharaman will present the pre-budget Economic Survey to Parliament. Later that day, the Chief Economic Advisor of India will also present the survey to the general public at a press conference. CEA V Anantha Nageswaran will give the Economic Survey this year.
What is an Economic Survey?
The nation's economic and financial developments over the past year are examined in the Economic Survey. It provides comprehensive information on each and every industry, as well as an examination of the patterns in agricultural and industrial production, infrastructure, employment, the rate of inflation, trade, foreign exchange reserves, and other economic areas.
The survey enables the government to more effectively mobilize and allocate resources in the Union Budget as well as develop year-round economic strategies. Additionally, the Economic Survey aids policymakers in determining the primary obstacles to the growth of the nation's GDP.
When was the first Economic Survey of India presented?
The first Economic Survey of India was presented in 1950-51 when it was included as a part of the Union Budget. Since 1964, it has been de-coupled from the Budget presentation, and it became a norm for it to be released just a day prior to the Union Budget. It is the Union Finance Minister who usually presents it to the Parliament.
This important document is formulated under the supervision of the Chief Economic Advisor (CEA), under the Ministry of Finance, who is appointed by the Prime Minister’s office. The current CEA is V Anantha Nageswaran.
When was the last Economic Survey presented?
Last year, the Economic Survey was presented by Sanjeev Sanyal, who was the Principal Economic Advisor at that time. The survey is presented with a theme each year. The "Agile Approach" was theme of the Economic Survey 2022 reflected the central government's efforts to combat the nation's economic challenges brought on by the Covid-19 pandemic and the steps taken to get the economy back on track.
Sanyal said that the previous two-volume format was far too "unwieldy" for the survey that was released last year, so it was also changed to a single volume.
The Economic Survey from the previous year predicted real economic growth of 9.2% in 2021-2022, and GDP growth of 8-8.5 percent in 2022-23.
All the previous economic surveys presented by the government can be accessed online via
www.indiabudget.gov.in
Economic Survey 2023-24: Date, time, where to watch presentation?
After FM Sitharaman tables the Economic Survey in the Lok Sabha,Anantha Nageswaran, Chief Economic Advisor of India, will unveil the document to the public in a press conference later that day. The press conference will be streamed live on YouTube, with live updates on the social media handles of PIB and the Finance Ministry.
The documents of Economic Survey 2023 can be downloaded from https://www.indiabudget.gov.in
Economic Survey 2023-24: Theme
The theme of the Economic Survey 2022 was ‘An Inclusive, Sustainable, and Resilient Growth Path for India’, which reflects the government's focus on ensuring that the benefits of economic growth reach all sections of society, while also making sure that the environment is protected and the country is resilient to stocks.
Economic Survey 2023-24: Why it is important?
The survey contributes to the evaluation of previous year's government policies and their impact on the economy. It evaluates India's growth trajectory, GDP, inflation rate, foreign exchange reserves, trade deficits, and other factors at the macroeconomic level.
Before delving into specific topics like poverty, healthcare and education, the labor market, social security measures, energy security, industrial growth, climate action, and others, the two-part document first provides an overview of the economy. In the document's final section, individual industries like agriculture, services, and infrastructure are also given space.
The survey provides a comprehensive understanding of the Indian economy and enables policymakers to identify the primary obstacles to economic growth by analyzing the data collected from all sectors.
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