What is Economic Survey? Why does the government present before the budget

On the basis of the Economic Survey, it is decided that how the economy will be in the coming year. This important document of the Finance Ministry is presented by the Finance Minister in the House.

Economic survey will be placed in Parliament today.

From today i.e. 31st January 2022 budget session (Budget Session 2022) is starting. Government in Parliament today with the beginning of the budget session Economic Survey 2021-22 will present. Finance Minister Nirmala Sitharaman will present the Economic Survey after the President’s address. Presenting the Economic Survey before the Union Budget has been an old tradition in India. Surveys were previously presented as part of the budget, but were dropped in 1964. Let us know what would have been the Economic Survey to be presented before the General Budget and why the government presents it?

What is Economic Survey- The economic survey, presented a day before the budget, gives an account of the health of the economy. Through this, the government tells what is the condition of the country’s economy, at what pace the country is progressing, in which sector, how much investment was made, where more investment is needed etc. On the basis of the Economic Survey, it is decided that how the economy will be in the coming year. Economic surveys provide a better understanding of the economy and help in understanding the budget better. The most closely monitored data in the Economic Survey is the Gross Domestic Product (GDP) estimate for the next financial year.

Who prepares the Economic Survey?

The Economic Survey is prepared by the team of Chief Economic Advisor (CEA). This year the Chief Economic Advisor and other officials have prepared it. The post of CEA was left vacant after KV Subramaniam’s term ended in December. This important document of the Finance Ministry is presented by the Finance Minister in the House.

Survey will be presented in single volume

The Economic Survey is presented every year before the budget in two volumes. This year the Economic Survey 2021-22 will be presented in the same value. Due to the vacancy of the post of Chief Economic Advisor, this time it will be presented in one volume. It gives detailed data on all sectors- agriculture, industrial, manufacturing, employment, infrastructure, foreign exchange, exports and imports and highlights the policy initiatives and projects undertaken by the government in power.

New Chief Economic Adviser V Anantha Nageswaran will hold a press conference today at 3.45 pm in which he will give information about the main aspects of the Economic Survey presented by the Finance Minister in Parliament. Let us inform that just a few days before the presentation of the Economic Survey, the government has appointed Nageswaran as the new Chief Economic Advisor.

Also read- Budget 2022: Government will focus on promotion of ESG standards in the budget? Experts gave this advice

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