An Economic Survey is an annual document prepared by a government reviewing the economic developments over the past year. From policymakers, to economists to analysts, businessmen and researchers, the Economic Survey details the economic situation for a wide variety of audience. Finance Minister Nirmala Sitharaman will table the first Economic Survey of the re-elected Narendra Modi government in Parliament on Thursday. This year’s Economic Survey is prepared by Chief Economic Adviser Krishnamurthy Subramanian.
Here are 10 things to know about Economic Survey:
- Typically, an Economic Survey provides a policy perspective for the Union Budget.
- The survey highlights policy initiatives of the government and a roadmap to further boost the economy.
- An economic survey also summarises the performance on major development programmes and highlights the policy initiatives as well as the economic prospects over the short to medium period.
- The Economic Survey is presented a day before the Union Budget to both houses of Parliament during the Budget Session.
- As the flagship document of the finance ministry, the Economic Survey provides detailed statistical data covering all aspects of the economy.
- It facilitates a better appreciation of the mobilisation of resources and their allocation in the Budget.
- The Economic Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors which have a bearing on the Budget.
- An Economic Survey helps a government determine which sectors to focus on going forward.
- For a better appreciation of the impact of government receipts and expenditure on different sectors of the economy, it is necessary to group them in terms of certain economic magnitudes.
- The last Economic Survey (for financial year 2017-18) was prepared by then Chief Economic Adviser Arvind Subramanian on January 31, 2018.
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