An economic survey presents all the key figures related to the economy. This is explained in detail in the main components of the economy like various rates and key issues like agriculture, foreign exchange hoarding.
What is the Economic Survey
The Economic Survey of the country (Economic Survey) is released every year exactly one day before the Budget. The Economic Survey will be presented by Chief Economic Adviser (CEA) V Ananth Nageswaran after it is presented in Parliament by Finance Minister Nirmala Sitharaman.
First, after the President’s address, the Finance Minister presents the Economic Survey. The budget session will begin on January 31 and end on February 23. So what is the economic survey presented before this budget and why is it presented a day before the budget. Let us know about economic survey and its history.
What is an Economic Survey?
Economic Services is an annual report by the Ministry of Finance. This is the account book of the country’s economic progress and performance in the last one year. An economic survey presents all the key figures related to the economy. This is explained in detail in the main components of the economy like various rates and key issues like agriculture, foreign exchange hoarding. Along with this, this economic survey also shows the available and challenges in the country. It is put under the supervision of the Chief Economic Adviser, Department of Economic Affairs, Ministry of Finance after deliberation on all the issues.
History of Economic Surveys
A full Economic Survey of the country was introduced in 1950-51. This was a part of the budget before 1964, but it was separated and continued to be presented a day before the budget. Since then, this generation is still going on.
It is divided into two parts. First a complete description of the current economic situation of the country is given. The second part focuses on various issues like health, poverty, climate change and human development.
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Why is the budget presented a day before?
In the year 1947, when the country became independent, an economic survey was also introduced along with the budget. But in 1964 it was separated and it started being presented a day before the budget. Since then, the rule of presenting the economic survey a day before the budget has been maintained.
Is it necessary to submit an economic survey?
Economic survey is very important as it gives an account of the economy of the previous year. But still there is no compulsion to present the economic survey to the government nor is the government bound to accept the suggestions and recommendations given. The government can accept some of those suggestions if it wants and reject all of them if it wants. But on the basis of economic survey it is known what will become expensive and what can become cheap in the coming time.