Published: 30th January 2021
What the FAQ: Economic Survey tabled in Lok Sabha, what is its significance, why is it presented before the Union Budget?
The Union Budget is set to be held on February 1, 2021. The economy, which was battered by the Coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 in the Parliament on the first day of the Budget session on January 29. The Economic Survey 2020-21, authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth. The economy, which was battered by the Coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year.
What is the Economic Survey document?
Ans: The Economic Survey of India is an annual document of the Ministry of Finance, Government of India. The Department of Economic Affairs, Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser of India. This document is presented to both Houses of Parliament during the Budget Session.
When was the first-ever Economic Survey presented?
Ans: The first Economic Survey of India was presented in 1950-51 as part of the Union Budget. After 1964 it was separated from the Budget and presented each year during the Budget Session before the presentation of the budget. The document is non-binding. The document is the Ministry's view on the state of the economy of the country. The Economic Survey of India reviews the developments in the Indian economy over the past financial year, summarises the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
Who authors the Economic Survey?
Ans: The Economic Survey is prepared by the Economics Division of the Department of Economic Affairs in the Finance Ministry under the overall guidance of the chief economic adviser and is released after it is approved by the finance minister.
Where can one find the Economic Survey?
Ans: The document is available in PDF form on the Ministry of Finance's website — finmin.nic.in or on the website specifically designed for the Union Budget — indiabudget.nic.in.
Why is the Economic Survey presented before the Budget?
Ans: Since the Economic Survey analyses the overall performance of the economy during the year, so therefore it helps in providing a better understanding of the Union Budget. It essentially helps to understand the priority of the country for the next financial year and what sectors would need more focus in the Union Budget. The survey was de-linked from the Budget in the year 1964 and circulated in advance so that a context of the Budget can be provided.
With inputs from PTI and Wikipedia