What is Economic Survey?
Economic Survey is a flagship annual document of the Ministry of Finance, which provides detailed statistical data covering all aspects of the economy. It is the ministry's view on the annual economic development of the country and an authoritative guide to Indian Economy. The survey summarises the performance of the government on major development programmes over the previous 12 months and also sketches out the policy initiatives of the government and the prospects of the economy in the short to medium term. The document, which gives the status of the country’s economy is presented by the Department of Economic Affairs, Finance Ministry of India to both houses of the parliament.
When is the Economic Survey presented?
The Department of Economic Affairs, Finance Ministry of India presents the Economic Survey in the parliament every year, a day before the Union Budget is presented. India's first Economic Survey was presented in the year 1950-51. Up to 1964, it was presented along with the Union Budget. From 1964 and onwards it was segregated from the Union Budget. This year’s Economic Survey will be presented on the 4th of July.
Who prepares the Economic Survey?
The first draft of the Economic survey is prepared by the Department of Economic Affairs in Finance Ministry under the guidance of Chief Economic Advisor and secretary of Economic Affairs. It is then scrutinized by the Finance Secretary and finally approved by the Finance Minister of India, before it is presented in the parliament.
What does the Economic Survey Contain?
The Economic Survey provides detailed annual statistical data covering all aspects of the economy, prospects, the policy challenges and future policy moves.
Why is Economic Survey Important?
Not only India but most of the developed and emerging countries in the world follow the tradition of preparing the Economic Surveys prior to the Budget. By providing data and analysis in a comprehensible manner, it gives citizens a clear picture and better analysis of economic policies and budget proposals, which ultimately results in their better participation in economic decision making. It also gives background knowledge of the financial developments in the country. This way it helps in better understanding of the budget proposals.
This Year’s economic survey will be tabled on the 4th of July. The document will be made available in PDF form on the Website of the Ministry of Finance i.e., www.finmin.nic.in or on the website specifically designed for the Union Budget i.e. www.indiabudget.nic.in.
Tags :Union Budget