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The economic survey is the finance ministry’s annual flagship publication. It examines India’s economic development over the previous fiscal year by providing comprehensive statistical data on all industrial, agricultural, and manufacturing sectors. Furthermore, it looks at the country’s macroeconomics throughout the last year and presents a forecast for the coming fiscal year.
When will the Economic Survey be presented, and by whom?
Every year, during the Budget Session, the economic survey is submitted to Parliament as an annual document. The Economic Survey is usually released a day before the finance minister presents the Union Budget to Parliament.
Who conducts the Economic Survey?
The Economic Survey is produced by the Economics Division of the Finance Ministry’s Department of Economic Affairs, under the supervision of the top economic advisor. It is released once the finance minister has authorised it.
The Constitution does not require the government to present the Economic Survey or adopt its recommendations. If the government desires, it can reject all the document’s recommendations.
Even though the Centre is not required to deliver the survey, it is done because of its importance. Gathering information about them is essential to have the desired results for the citizens.
What Are the Hopes for the Economic Survey 2020?
When India’s growth has slowed to a six-year low, the Economic Survey released before the Union Budget expects to provide valuable insight into the government’s plans to boost growth.
One of the primary issues the administration has is deciding whether to remain concentrated on deficit objectives or make a deliberate push for increased spending to jumpstart growth. The survey is expected to reveal the critical gaps that the Budget will seek to close regarding unemployment, private investment, and a drop in consumer spending.
India’s Gross Domestic Product (GDP) would expand by only 5% in the current fiscal year, according to data issued by the Ministry of Statistics and Programme Implementation (MoSPI) (2019-20). The Indian economy increased by 6.8% in the previous fiscal year, 2018-19.
GVA, which measures economic activity from the income side as opposed to GDP, estimates it from the expenditure side and is predicted to expand by 4.9 % in 2019-20, compared to 6.6 % in 2018-19.
Economic Survey’s Importance
The Economic Survey is essential because it informs the general public on the state of the economy in the country and informs them about the government’s critical economic decisions that significantly impact their lives. The Economic Survey also makes policy recommendations to the government, which are non-binding and only serve as a guide in developing national policies. It includes projections for the country’s economic growth and the rationale for such predictions.
An Overview of the Economy Survey’s History
In 1950-51, the first Economic Survey was published.
It was presented alongside the Union Budget until 1964, but it was later separated from the Union Budget to allow for a better comprehension of the budget plans.
The Economic Survey is a valuable tool for giving background knowledge because it offers a detailed analysis of the country’s economic progress and a large amount of data relating to various sectors of the economy.
Arvind Subramanian, the former Chief Economic Advisor, issued the document in pink for the first time in 2018. The goal was to support women who are victims of domestic violence while advocating for greater gender equality. He changed the page’s colour, but he also overhauled the entire document by adding quotes and material to make it more intriguing. The Economic Survey used data provided by the GST Network and the Indian Railways for the first time to examine the flow of commodities and people across Indian states.
What is different this year?
This will be V Anantha Nageswaran’s first Economic Survey presentation, and he was appointed just days before the Economic Survey was to be presented. Even though the CEA usually prepares the Economic Survey, this year’s Economic Survey was designed by the principal economic adviser and other authorities because the office was vacant when Krishnamurthy Subramaniam’s term ended in December.
Volume 1 and 2 are the most common portions of an economic survey. The first volume includes policy advisory that may or may not be available this year. A sectoral study of the economy is included in the second book.
Facts to Know About the Economic Survey
Economic surveys have a common thread running through them. The topic for last year was saving lives and livelihoods. The Economic Survey was pink in 2017-18 since the matter was women’s empowerment.
In 1950-51, the first Economic Survey was published. The practice of releasing the survey the day before the Union Budget began in 1964.
The government is not required to present the survey, and the suggestions in the first volume are not legally binding on the government.
Conclusion
K Subramanian’s ‘Thalinomics,’ a concept he developed in his study, became extremely popular in 2019-20. “What better method to connect economics to the average person than through something he or she sees every day—a plate of food?” In that poll, Subramanian stated, “Enter ‘Thalinomics: The Economics of a Plate of Food in India,’ an attempt to quantify what a regular person pays for a Thali across India.”
