As India waits for the Budget 2023 to be presented by the government in a few days, the expectations are also highlighted by different sectors of the economy and sections of citizens. However, before the annual account statement of the country is revealed, another key document is tabled before the Parliament which primarily highlights the state of the Indian economy.
The Economic Survey of India is an annual document of the government.
What is Economic Survey?
An annual document, like the Union Budget, the Economic Survey is also prepared by the Union Ministry of Finance. The Department of Economic Affairs, under the ministry, prepares the survey. This document is presented to both Houses of Parliament during the Budget Session, usually a day before the Union Budget.
This year, the Budget Session of Parliament will commence on January 31 and end on April 6.
It is prepared under the guidance of the Chief Economic Adviser of India.
What is the purpose of the Economic Survey?
The Economic Survey of India broadly covers the state of the Indian economy, fiscal developments and monetary management, and external sectors.
The Economic Survey reviews the state of the economy of the previous year, while outlining key prospects of the future. It not only lays the premise for the required key policy decisions but also assesses the impact of the previous decisions through detailed statistical data of various sectors of the economy.
When will the Economic Survey be presented?
It is expected to be presented in the Parliament on January 31.
Who presents the Economic Survey?
It is presented by the Finance Minister in the Parliament. Last year, FM Nirmala Sitharaman presented the Economic Survey 2021-22 on January 31.
The first Economic Survey of India was presented in 1950-51. Till 1964, the document was presented along with the Union Budget. Later, it was separated and since then presented prior to the budget announcement.
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