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Only a few days are left for the Union Budget 2023-24. Union Finance Minister Nirmala Sitharaman will present the proposals in Parliament on February 1 during the Budget session. However, the FinMin team also works on an important document, which is presented before Parliament a day before the Budget is read. This document is known as the Economic Survey of India.
The pre-budget Economic Survey will be tabled by Sitharaman in Parliament on Tuesday, January 31 and presented by the Chief Economic Advisor of India to the public during a press conference later that day. This year, CEA V Anantha Nageswaran will present the Economic Survey.
What is an Economic Survey?
The Economic Survey reviews the economic and financial trends in the nation over the past year. It gives detailed data on all sectors, and analyses the trends in agricultural and industrial production, infrastructure, employment, inflation rate, trade, foreign exchange reserves and other economic areas.
The survey helps the government mobilise and allocate resources more efficiently in the Union Budget, and formulate strategies for the Indian economy for the coming year. The Economic Survey also helps policymakers identify the main challenges to the nation’s GDP growth.
When was the first Economic Survey of India presented?
The Finance Ministry first presented the Economic Survey of India for the first time in 1950-51. At that time, it was presented along with the Union Budget. However, from 1964 onwards, the survey was delinked from the Budget.
When was the last Economic Survey of India presented?
Last year, the Economic Survey was presented by the then Principal Economic Advisor, Sanjeev Sanyal. Every year, the survey is presented with a theme. The theme of the Economic Survey 2022 was ‘Agile Approach’, which reflected the central government’s measures to fight the economic challenges brought upon the nation due to the Covid-19 pandemic and the steps taken to get the economy into recovery mode.
The survey released last year also moved from a two-volume format to a single volume, as Sanyal said the earlier two-volume format was way too “unwieldy.”
Last year’s Economic Survey predicted economic growth of 9.2 per cent in real terms in 2021-22, while GDP growth was pegged at 8-8.5 per cent for 2022-23.
All the previous economic surveys presented by the government can be accessed online via www.indiabudget.gov.in/economicsurvey/.
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