The Economic Survey is a comprehensive report that provides a comprehensive analysis of the Indian economy in the financial year that is coming to an end. Prepared by the Economic Division of the Department of Economic Affairs, it is considered the most authoritative and comprehensive analysis of the Indian economy.
About Economic Survey
The Economic Survey is a report that details the financial status of the country. It is released by the Finance Ministry and submitted by the Finance Minister to the Parliament. The first economic survey was presented in 1950-51 and until 1964, it was presented alongside the budget. In recent years, it has been presented a day before the Union Budget. The assessment and recommendations provided by the survey are not binding on the budget.
The report explains the performance of India in the previous financial year, including topics such as inflation rate, trends in major sectors like agriculture, infrastructure, and foreign exchange reserves, and economic challenges faced by the Government. The survey also projects the GDP growth and provides recommendations to overcome the challenges faced by the Government.
Prepared by
The Economic Survey is prepared by the Department of Economic Affairs, which operates under the Ministry of Finance. The Chief Economic Advisor of India supervises the preparation of the survey. The current Chief Economic Advisor of India is Mr Anantha Nageswaran.
Why is an Economic Survey Important?
The Economic Survey presents statistical data on the Indian economy, which is crucial for policymakers. The data helps identify areas where Government policies are lagging and provides recommendations for improvement to boost economic growth.
History of Economic Survey
The first economic survey was released in 1950-51 and was initially presented along with the Union Budget. It was separated from the budget in 1964. The economic survey consists of two parts – Part A and Part B. Part A provides a complete overview of the economic conditions in the country, while Part B focuses on individual issues.
