The Economic Survey provides insights into the country’s economic growth, current inflation rate and projection, forex reserves, and trade deficits, among others
The Economic Survey, which is tabled every year just before the Union Budget, will be presented on Tuesday, January 31, to highlight the state of the economy in the current financial year 2022-23. It is formulated under the supervision of the government’s chief economic advisor (CEA) — V Anantha Nageswaram currently.
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The pre-Budget Economic Survey will be tabled by Finance Minister Nirmala Sitharaman in Parliament. Later, a press conference will be held by Chief Economic Advisor along with other senior officials of the finance minister. The press conference is streamed live on social media handles, including YouTube, of ‘PIB India’.
The Survey can be downloaded from ‘www.indiabudget.gov.in/economicsurvey‘ after its presentation in Parliament.
The Economic Survey of India reviews the state of the Indian economy for the whole financial year and the outlook ahead, including fiscal developments and monetary management, and external sectors. 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.
The Economic Survey, which comes in two parts ‘Part A’ and ‘Part B’, also provides insights into the country’s GDP growth outlook, current inflation rate and projection, forex reserves, and trade deficits, among others. Part A delves into a broad review of the country’s economy and the major economic developments in the year. Part B gives details about specific issues like social security, poverty, education, healthcare, human development, and climate.
It Economic Survey has a central theme every year. The theme of the Economic Survey 2021-22 was the ‘Agile Approach’.
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India’s 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 before the Budget announcement.
Last year, the Economic Survey 2021-22 had said India’s economy is expected to grow 8-8.5 per cent in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.
“Overall, macro-economic stability indicators suggest that the Indian economy is well placed to take on the challenges of 2022-23. One of the reasons that the Indian economy is in a good position is its unique response strategy,” the Survey had said.
