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Union Budget 2023 | What comprises Economic Survey?

The country's annual economic development and short- and medium-term economic prospects are outlined in the Economic Survey.

India TV Business Desk Edited By: India TV Business Desk New Delhi Updated on: January 31, 2023 7:27 IST
The first Economic Survey was presented to the lower House
Image Source : FILE PHOTO/PTI The first Economic Survey was presented to the lower House of Parliament between the years 1950 and 1951. (File Photo for representation only.)

Union Budget 2023: The Economic Survey is released a day before the presentation of the Budget. It provides a summary of the country's annual economic growth and outlines the economy's medium- and short-term prospects. The finance ministry's chief economic adviser is in charge of preparing this document.

It also plays a significant role in analyzing various trends in various economic sectors, including export, import infrastructure, industrial production, agriculture, and others.

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Other economic reforms that may have a significant impact on the Budget may also be examined by the survey.

It typically has two sections:

One section that discusses India's economic difficulties and another  section that addresses the analysis of the previous year.

The Economic Survey is presented one day before the actual Budget is presented. The Chief Economic Advisor (CEA) supervises its preparation..

The first Economic Survey was presented to the lower House of Parliament between the years 1950 and 1951. It continued to be included in the Union Budget, but it has been separated from the rest of the budget since 1964 and is now presented much earlier.

Themes: It is fascinating to note that Economic Surveys are based on themes. For instance, the theme for the years 2016–17 was "Saving Lives and Livelihoods."

"Women Empowerment" was the theme for 2017-2018. In a similar vein, the "Agile approach" theme for 2021–22 represented the measures taken to combat the COVID-19 pandemic.

The Economic Survey is an important tool for creating a budget because it provides complete feedback and also serves as a guide by indicating the Finance Ministry's priorities for the upcoming fiscal year.

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The Economic Survey, on the other hand, is not binding. This indicates that the survey's recommendations may not all be accepted by the government.

FAQs

Q1. Who prepares the Economic Survey?

Under the direction of the Chief Economic Adviser (CEA), the Economics Division of the Finance Ministry's Department of Economic Affairs is working on the Economic Survey.

Q2. What is the most recent Indian economic survey?
India's real GDP is projected to grow at a rate of 9% in 2021-22 and 2022-23 and 7.1% in 2023-2024, making it the world's fastest-growing major economy for all three years, according to the IMF's most recent World Economic Outlook projections.

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