Economic Survey: From a report card to policy changes
The government will release the Economic Survey for 2019-2020 on Friday, just a day before Union finance minister Nirmala Sitharaman presents Union Budget 2020.
The Economic Survey is a comprehensive analysis of the Indian economy, including its growth and fall, in the past year. A team headed by the government’s chief economic advisor (CEA) prepares the report and releases it after approved by the finance minister.
What is the Economic Survey?
The Economic Survey reviews the country’s economic progress and issues faced in the past 12 months an outlines the government’s vision, its plan and the future outlook for the Indian economy.
The annual survey of the Union finance ministry is the second most important document after the Union Budget.
The Economic Survey details the performance of major developmental schemes introduced by the government and also highlights the performance of important government policies and their impact.
It discusses the key fiscal developments, inflation, macroeconomic and other economic factors in detail, providing a concrete indicator for economic performance during the fiscal.
The Economic Survey also talks about the impact of climate change, agriculture and employment on the country’s economy.
The document is also expected to highlight some of the key economic challenges that led to a sharp fall in Gross Domestic Product (GDP) growth in the current fiscal along with a roadmap aimed at recovery.
What happens next?
The report will be tabled in both Houses of Parliament by finance minister Nirmala Sitharaman after which CEA Subramanian will discuss an economic roadmap for the next fiscal in a press conference.
A day after, Sitharaman will present the Union Budget 2020 in Parliament, which will account of the government’s finances and its estimated revenue and expenditure for the current and next fiscal year.
How to download Economic Survey 2020?
You can access and download the Economic survey 2020 on the website of the Press Information Bureau (PIB). The previous years’ Economic Surveys can be found here: https://www.indiabudget.gov.in/economicsurvey/.