An Economic Survey is a bellwether annual archive which is framed with the support of counsels to the finance minister and shelved in the Parliament a day before the Union Budget. It is the scrutiny of the developments in the Indian economy in the past 12 months. The Economic Survey cites eyeballs into the present state of the economy and occasional understanding of the economic outlook. Although the Constitution doesn’t need to declare the economic survey, it has become a common exercise for every government to present the Economic Survey ahead of the Union Budget.
Who host Economic Survey?
The Economic Survey is presented by the Department of Economic Affairs, Ministry of Finance in the Parliament annually. It is minded under the directions of the Chief Economic Adviser of India which is presented to both houses of the Parliament a day before the announcement of the Union Budget for the ensuing year. The Economic Survey 2020 has been planned by Chief Economic Advisor Krishnamurthy Subramnian.
Everything about Economic Survey of India
The first Economic Survey of India was advised in 1950-51 as a segment of the Union Budget. It was disembodied from the Budget in 1964 and was presented separately thereafter during the Budget Session, a day before the proposal of Union Budget. It encapsulates the performance on major development programs and focuses the policy initiatives of the government and the anticipation of the economy in short to medium term.
This Economic Survey highlights the economic movements in the country and simplifies a better acknowledgement of mobilisation of resources and their distribution in union budget. It analyses the movement in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors having a relevance on the budget. The central government’s budget is not solely a statement of receipts and expenditure but it has also become a vital statement of government policy with the commencement of Five-Year Plans since independence.
The country’s economy and the budget both equally play a significant role in its moulding. It is mandatory to group the government’s receipts and expenditures for better acknowledgement of its impact on other sectors of the economy – such as how much is set aside for capital formation, how much is spent directly by the government and how much is moved by the government to other sectors of the economy in the form of grants, loans, etc. Ministry of Finance brings out this evaluation separately which accommodates the Economic and Functional Classification of the Central Government Budget.
As the Chief Economic Advisor is the preeminent composer of the Economic Survey, it continues to be a two-volume statement since Arvind Subramanian was the chief economic advisor. The official CEA Krishnamurthy Subramanian of 2020 will be writing the first volume of Economic Survey of India which will be a constructive and idea-centric issue. SEBI (Securities and Exchange Board of India) and the Reserve Bank of India are currently regulating the framework of credit rating agencies which will be highlighted by CEA in his first volume.
The Economic Survey has proved to be a fruitful device which provides a background knowledge of various sectors of the economy. It makes common people aware about the state of economic affairs of the country and crucial economic decisions of the government which jolt their lives in a significant way. The Economic Survey comprises projection about the economic growth of the country and the reasons depicting the projection. It also suggests policy changes to the government and act as a guide in composing national policies. It brings the citizens close to the economic policies, making them by furnishing data and analysis in a coherent way. It makes a humble endeavour to create a framework of policies to foster the wealth creation in India. The two principal backbones for facilitating wealth creation in the economy are:
- The invisible hands of market supported by the hand of trust; and
- Makes specific suggestion for job creation and wealth generation in the economy.
This year finance minister’s budget speech was the longest in India’s chronicle which pointed out the government’s economic concern.
You can find the Economic Survey document in PDF form on the website of the Ministry of Finance i.e. www.finmin.nic.in or on the website particularly developed for the Union Budget i.e. www.indiabudget.nic.in which can be downloaded anytime free of cost.
If you wish to purchase the paper version of the latest Economic Survey document, you can purchase it from most of the online bookstores.
The Economic Survey sources the data from Wikipedia, private entities like Bloomberg and BSE, heritage.org, fraserinstitute.org and Ambit Capital. As Wikipedia is formed and updated by volunteers in the world and hosted by Wikimedia foundation, it is considered as the non-reliable source of information.
Economic Survey Images on India Content
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