E-Paper
Why is Economic Survey tabled a day before Budget? Understand the importance
The Economic Survey is prepared by the chief economic advisor. It was delinked from the Union Budget in 1964. Finance minister Nirmala Sitharaman will table the Economic Survey in Parliament on Monday, the first day of the Budget session.
Union finance minister Nirmala Sitharaman will table the Economic Survey in Parliament on Monday, the first day of the Budget Session. The Economic Survey is an annual report card of the economy which examines the performance of each and every sector and then suggests future moves.
Full Coverage: Union Budget 2022-23
They survey will be tabled soon after President Ram Nath Kovind’s customary address to both the houses of Parliament.
It is expected that the Economic Survey will be in a single volume projecting growth of around 9 per cent for the next financial year.
Who prepares the Economic Survey?
The crucial document is prepared by the chief economic advisor (CEA), but this year, it was done by the principal economic adviser and other officials as the post remained vacant following Krishnamurthy Subramaniam's term that ended in December.
Also Read | 5 things to know about Economic Survey
The Economic Survey has been presented in two volumes in the past few years. The practice started since Arvind Subramaniam took over as CEA and was continued by his successor KV Subramaniam.
But this year, the survey is expected to be in single volume since the CEA’s post was vacant.
Why is it presented a day before the Budget?
For more than a decade after India’s Independence, the Economic Survey was presented along with the Budget. The two were de-linked in 1964 and the Economic Survey was unveiled in advance.
The practice has continued because the survey provides a context to the Budget.
It is worth noting here that it is not mandatory for the government to present the survey and the recommendations presented in the first volume are not binding on the government.
What is the significance of the Economic Survey?
One of the most-watched numbers ahead of the Budget, the Economic Survey is the projection of the Gross Domestic Product (GDP) for the next fiscal. It contains crucial insights into the country’s economic condition.
The ray of optimism as the country recovers from the impact of the pandemic is likely to figure prominently in the current year’s Economic Survey.
India’s economy, as per the advance estimates of the National Statistical Office (NSO), is expected to record a growth of 9.2 per cent during the current fiscal, which is a tad lower than the 9.5 per cent projected by the Reserve Bank.
Themes of Economic Survey
Every Economic Survey has a theme. Last year, the theme was saving lives and livelihoods. In 2017-18, the Economic Survey was pink as the theme was women empowerment.
