What you should know about Economic Survey of India.

Nirmala Sitharaman India’s finance minister is all set to present India’s Economic Survey. But what is it? What’s its importance and what makes it different than the union budget?

Here is what you should know about the economic survey of India.

Economic Survey is an annual event where the finance ministry documents every financial and economical aspects of development in India over the past financial year. There the statistical data of all the sectors-industrial, agricultural, manufacturing among others are provided and reviewed in detail. It analyses the entire years economy which helps to determine an outline for the next financial year of the nation.

The first Economic Survey of India:

The very first Economic Survey of India was held on 1950-51 along with Union Budget. It continued to be presented with Union budget till 1964. After 1964 the Economic Survey was dissociated from the union budget and became a separate annual event.

When does it occur?

The survey occurs annually. Every year during the budget session at the Parliament the economic survey is presented. As the survey was delinked from Union Budget that’s why the survey is presented normally one day prior to the presentation of the union budget at the parliament.

Who presents the survey?

Each year at the parliament one day before the Union Budget the Economic Survey is presented. The survey is presented at the parliament by the Finance Minister.

Who writes it all down?

The Economic Survey which is presented annually at the parliament by the Finance Minister is written and prepared by the Economics Division of the Department of Economic Affairs in the Finance Ministry. The chief economic adviser is the one under whose guidance it is released after it gets approval from the Finance Minister.

Why was the Economic Survey dissociated from the Union Budget?

As it was earlier mentioned that upto 1964 the Economic Survey was presented along with the Union Budget. But now it is presented 1 day prior to the presentation of Union Budget at the parliament. It is done as the Economic Survey analyses the entire performance of the economy during the past year, which helps to provide a better understanding regarding the Union Budget. The analysis helps to understand what should be the nation’s priority for the upcoming financial year and where the next Union Budget needs to focus more. This is the reason why the survey was disassociated from the union budget so that it can provide a clear picture for the upcoming financial year’s union budget.

What does the survey contains?

The economic survey has total of 2 parts one consisting of the economical challenges  that the nation is facing presently and the other contains the review of the previous financial year. Both the parts helps to determine what does the country needs in the upcoming financial year and what should nation’s upcoming Union Budget focus on.

Does the government has to present the Economic Survey?

Constitutionally the answer is no. Government of India is not bound to present the Economic Survey each year as it is not mentioned anywhere in the constitution of India. It is now like a tradition a part of governmental practice to present the survey every year before the Union Budget. It is helpful too as it helps to form the Union Budget in a better way. Even though it is not a must yet, it is needful.

Can a person find the survey?

Yes, a person can find the economic survey at the official website of Finance Ministry in PDF format. The website is www.finmin.nic.in. A person can visit the website and find the PDF form of the economic survey there.

It is also available at another website which specifically created for Union Budget. The website link is www.IndiaBudget.nic.in.

Do other countries have this survey as well?

Yes, other countries do have their own economic survey just like India. Countries like USA, Scandinavian nations and EU nations and others also present their own economic survey.

This is all what you should know regarding economic survey. Indian Finance Minister is all set to present it today before the union budget which will occur on 1st February.

Finance Minister Nirmala Sitharaman will present the economic survey 2021 in the parliament on Friday 29th January 2021. It will be held in 2 parts from January 29 to February 15 and the second part will be from March 8 to April 8 and will have a total of 33 sittings.

Inputs from Business Today