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Union Budget 2023: All you must know about Economic Survey of India

Union Budget 2023: All you must know about Economic Survey of India

All eyes are set to witness Finance Minister Nirmala Sitharaman announce the Union Budget 2023-24 on 1 February. With Just a day to go for the Budget session, experts have been speculating that Sitharaman will aim to maintain spending, in a bid to boost growth, while leaning on asset sales and shunning subsidies to dwindle the fiscal deficit. Indian citizens are truly filled with curiosity and enthusiasm to know what this year’s budget has for them. But before the nation gets into the Union Budget, an Economic Survey will be presented in Parliament. Wondering what it exactly is? A day before the budget is read, the team of the Ministry of Finance also works on an important document that is presented before the Parliament, known as the Economic Survey Of India. It is an extremely crucial document, which is in two volumes and provides a summary of the nation’s annual economic growth.

Who prepares Economic Surveys? When will it be presented?

The Economic Survey also outlines the economy’s medium- and short-term prospects. In simpler words, it tells the economic condition of the nation. While the Union Budget will be presented in Lok Sabha on 1 February, at 11:00 am, the Economic Survey of the country will be presented on 31 January. For the unversed, the economic survey is prepared under the supervision of the Chief Economic Advisor of India (CEA).

Why is the Economic Survey introduced?

Introduced between 1950-51, the Economic Survey of India reviews the economic health of the nation. This is a medium through which the government informs the public about the performance of the economy, keeping major development programs in mind. In addition, it further highlights the initiated policies, including the prospects of the economy in the short to medium term. As it provides feedback, along with serving as a guide by indicating the Finance Ministry’s priorities for the upcoming financial year, the Economic Survey is considered an important tool for creating a budget. The document also gives an account of the estimated growth of specific sectors, inflation rate, and possible challenges to the nation’s economy.

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