What Is Economic Survey And Why Is It Important?

Safalta Expert Published by: Deepesh Mehra Updated Mon, 31 Jan 2022 09:05 PM IST

Highlights

Get to know What Is Economic Survey here with Safalta. Get to know the key Highlights related to the Economic Survey 2021-22.

The most important document for the economy section from the perspective of Civil Services Aspirants is out today. The Economic Survey has been tabled by the Finance Minister on the first day of the Budget Session. But do you know What is an economic survey and why is it important?  Each year before the presentation of the Annual Financial statement or the Budget, Finance Minister tables the annual report of the economy for the previous financial year. Also, check our Free General Awareness E-Book: Click Here!
 
Thus the economic survey is the complete sectoral and holistic analysis of the state of the economy. It presents an authentic picture of the economic scenario in the enation based on facts and figures. At the same time, it compares and contrasts the economic situation of the nation with other countries.

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The economic survey also lays down the road map for the upcoming financial year.
 
From the perspective of candidates, Economic Survey is the one-stop solution for the most recent data related to the economy. It also exposes the candidates to the aspirations and targets that may be set by the government. At the same time, Economic Survey gives ideas and solutions to a few of the most of recent issues in the economic sphere that the nation faces. 

What is an economic survey and why is it important along with the history of the survey and questions like who prepares it, have been covered in the space below. 
 

What is Economic Survey

Since 1964 the Government has been presenting the Economic Survey separate from the budget.  The economic survey is tabled after the Speech of the Honorable President on the first day of the Budget session.

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It is the Finance Minister who presents the much-awaited document before the parliament.  But who prepares the survey? The economic survey is signed and prepared by the Chief Economic Advisor to the Government of India.  He is a top-ranking official in the Finance Ministry.

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Unlike the budget, that has to be presented as the Constitution of India mandates so. There is no obligation to present the Economic Survey. The practice of presenting economic surveys is based on parliamentary conventions and is not mentioned or mandated by the Constitution. 

The economic survey was once a Scholarly Document with heavy usage of technical terms and arguments were presented in a manner that needed specialized knowledge of the economy.  But the NDA Government changed the way the economic survey was made and written, in an attempt to enhance transparency the economic survey is presented in simple terms and is made comprehensible for the most.

 
It is a practice to present the Economic survey in two parts, the First part lays down the performance and health of the economy along with some of the challenges that the sectors of the economy might face. It is a rich document that is loaded with facts and figures in order to present a comprehensible picture. Part two of the economic survey is about the Way Forward and how India can achieve its potential for growth and ensure prosperity for all. 
 
Though an economic survey is not supposed to present any insights into the budget, that is to be presented the next day. But since the preparation of two documents is closely related.  The ideas and suggestions presented in the economic survey are incorporated in the annual financial statement. 

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Economic Survey 2021-22: Key Highlights

1- The Economic Survey has predicted 8 to 8.5% GDP growth in FY23 (April 2022 to March 2023). For the ongoing FY22, the GDP growth has been projected at 9.2%.

2- The total consumption is estimated to have grown by 7.0% in 2021-22 with significant contributions from government spending.

3- Agriculture and allied sectors are expected to grow by 3.9% in 2021-22.

4- The Services sector is estimated to grow by 8.2% in the ongoing financial year.

4- The Economic Survey 2021-22 details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.

5- The GDP contracted by 7.3% in 2020-21.

6- Furthermore, the Economic Survey focuses on supply-side issues to improve the resilience of the Indian economy.

We hoped we have explained what is an economic survey and you realize the importance of it. 
 

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