scorecardresearchBudget 2023: What is the Economic Survey of India and when is it presented? All you need to know

Budget 2023: What is the Economic Survey of India and when is it presented? All you need to know

Updated: 16 Jan 2023, 03:44 PM IST
TL;DR.
The Economic Survey of India is an annual document prepared by the Government of India to review the performance and outlook for the Indian economy. It provides insights into the current state of the economy and helps policymakers and economists make informed decisions.
The Economic Survey of India is an annual document prepared by the Government of India to review the performance and outlook for the Indian economy.

The Economic Survey of India is an annual document prepared by the Government of India to review the performance and outlook for the Indian economy.

The Economic Survey of India is an annual document prepared by the Ministry of Finance, Government of India. It reviews the performance of the Indian economy in the previous year and provides insights into the current state of the economy.

The survey aims to provide an outlook on the Indian economy and analyse the economic policies of the current government. It serves as a basis for the Union Budget and helps the government assess the effectiveness of its policies and programmes. It also provides an analysis of the state of the economy, its growth prospects and challenges.

When is it presented?

The Economic Survey of India is released every year during the Union Budget session, usually a day before the Budget presentation. It is presented by the finance minister to the Parliament and is widely discussed by policymakers and economists. The Survey is prepared by the Chief Economic Adviser of the Ministry of Finance, who is appointed by the Prime Minister of India.

What does it include?

The Economic Survey of India covers various aspects of the Indian economy, including macroeconomic indicators such as gross domestic product (GDP), inflation, fiscal deficit, the balance of payments and foreign exchange reserves.

The Survey is divided into two parts – Part A and Part B. Part A presents the economic overview of the country and the major economic developments of the previous year. Part B focuses on specific issues such as poverty and social protection, human development, health and education, rural and urban development, climate change, and energy.

Why is it important?

The Economic Survey of India is an important source of information for policymakers, researchers, economists and other stakeholders. It provides a comprehensive overview of the Indian economy and helps them assess the effectiveness of the government’s policies. Moreover, it helps in formulating economic strategies for the future.

The Survey also analyses the performance of the agricultural sector, industry, services sector, infrastructure and public finance. Other topics covered include the status of employment and labour markets, financial sector reforms, energy security and trade.

It evaluates the progress made towards achieving the Sustainable Development Goals (SDGs) and highlights areas where further improvement is needed. 

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The fiscal policy is tightened by raising taxes or reducing public spending.
First Published: 16 Jan 2023, 03:44 PM IST