The Economic Survey is the flagship annual document of the finance ministry. It reviews the economic development in India over the past financial year by giving detailed statistical data of all the sectors-industrial, agricultural, manufacturing among others. Besides, it analyses the whole macroeconomics of the country in the past year and provides an outline for the next financial year.
When was the first Economic Survey of India presented?
The first Economic Survey in India was presented in the year 1950-51. Up to 1964, it was presented along with the Union Budget. From 1964 onwards, it has been delinked from the Budget.
When and who present the Economic Survey?
The Economic Survey is presented every year in the Parliament during the Budget Session. The Economic Survey is presented normally a day before the presentation of the Union Budget in the Parliament by the Finance Minister.
Who authors the Economic Survey?
The Economic Survey is prepared by the Economics Division of the Department of Economic Affairs in the Finance Ministry under the overall guidance of the chief economic adviser and is released after it is approved by the finance minister.
Why is the Economic Survey presented before the Budget?
Since the Economic Survey analyses the overall performance of the economy during the year, so therefore it helps in providing a better understanding of the Union Budget. It essentially helps to understand the priority of the country for the next financial year and what sectors would need more focus in the Union Budget. The survey was de-linked from the Budget in the year 1964 and circulated in advance so that a context of the Budget can be provided.
What do the Economic Survey documents contain?
The Survey has two parts--one, one consists of the economic challenges that the country is facing and the second is the review of the year gone by.
Is it binding on the government to present the Economic Survey?
No. It is nowhere mentioned in the Constitution. However, it is now part of the Government Practice to present Economic Survey every year before the budget.
Where can one find the Economic Survey?
The document is available in PDF form on the Ministry of Finance's website--finmin.nic.in or on the website specifically designed for the Union Budget--indiabudget.nic.in.
Is India the only country that presents the annual Economic Survey?
No. Countries like the US, Scandinavian nations and EU nations, etc, also publish their own economic surveys.
Also read: Budget 2021