Why Economic Survey Presented Before the Union Budget?
The Union Budget is one of the most significant events in India’s financial calendar, outlining the government’s revenue and expenditure plans for the upcoming fiscal year. However, before the Budget is presented, another critical document is released: the Economic Survey. This comprehensive report provides a detailed analysis of India’s economic performance over the past year, offering insights that shape the Union Budget. Understanding the Economic Survey is essential for policymakers, businesses, investors, and citizens, as it sets the stage for the government’s fiscal strategy.
The Economic Survey is a detailed report prepared by the Department of Economic Affairs under the Ministry of Finance. It serves as a report card on India’s economic performance, analyzing key indicators such as GDP growth, inflation, employment trends, and fiscal deficit. The survey also highlights emerging economic opportunities and challenges, providing a data-driven foundation for policy decisions.
The Economic Survey is divided into two parts:
The Economic Survey is presented one day before the Union Budget for several important reasons:
The Economic Survey was first introduced in 1950–51 as part of the Union Budget documents. In 1964, it was separated from the Budget and has since been presented independently, typically one day before the Union Budget during the Budget Session of Parliament. Over the years, the survey has evolved into a critical tool for economic analysis and policy formulation.
The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs, under the leadership of the Chief Economic Advisor (CEA). A team of economists and analysts collects data from various government departments, research bodies, and international organizations to compile the report. Once completed, the survey is presented in Parliament by the Finance Minister, currently Nirmala Sitharaman. Following the presentation, the CEA holds a press conference to discuss the key findings and address questions.
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