Before the Union Budget, the government releases the Economic Survey. It is an annual doc that provides a peek into India’s financial improvement over the earlier fiscal 12 months. This report explains extra
Economic Survey | Union Budget | financial progress
Bhaswar Kumar |
Last Updated at January 11, 2022 08:45 IST
The nation’s first Economic Survey was launched in 1950-51. And for the following 14 years, it was introduced with the Union Budget. The development was discontinued in 1964. And since then, the Economic Survey has been previous the price range. It is now launched a day earlier than the price range.
The Economic Survey units the context for the Union Budget. It presents a glimpse into the tendencies in numerous sectors, like agricultural, industrial manufacturing, infrastructure, employment, cash provide, costs, imports, exports.
The survey historically serves three functions. First, it opinions the developments within the financial system over the earlier 12 months. Second, it summarises the efficiency of main improvement programmes.
And, third, it highlights the coverage initiatives of the federal government.
The Chief Economic Advisor is the principal writer of the Economic Survey. It is later authorised by the Union finance minister. Since Arvind Subramanian took over as chief financial advisor (CEA), it turned a two-volume report. This observe was continued by his successor, KV Subramanian.
The first quantity contained chapters coping with the long run path of the financial system. This allowed the CEAs a big scope to clarify their ideas. Meanwhile, in easy phrases, the second quantity served as a listing of developments within the Indian financial system previously 12 months.
While the second quantity offers with the state of the financial system and its sectors with extra emphasis on the instant points and statistical information.
However, in accordance with a report, the 2021-22 Economic Survey may revert to 1 quantity after eight years now.
Last 12 months’s financial survey was carried out below the shadow of pandemic. And the theme of the survey was ‘Saving Lives and Livelihoods’. And this 12 months’s survey might present some financial rebound.
First Published: Tue, January 11 2022. 08:45 IST