What is Economic Survey? | General Test Preparation for CUET - CUET Commerce PDF Download

In preparation for the Budget presentation, Finance Minister Nirmala Sitharaman's team is also actively engaged in compiling the Economic Survey of India, scheduled to be presented in Parliament a day prior to the Budget reading. The Union Government will unveil an Economic Survey containing economic growth forecasts for FY22 and FY23.

What exactly is the Economic Survey? Why is it significant? Who makes it?

On the eve of the budget, Chief Economic Advisor (CEA) V Anantha Nageswaran will deliver the document. This document furnishes details regarding the state of the country's economy through a range of economic indicators. 

• Additionally, he will outline the government's economic projections for the forthcoming year. Furthermore, the Economic Survey acts as a precursor to the Union Budget by delineating the overarching framework of the budget document.
• The practice of tabling the economic survey began in the fiscal year 1950-51. Previously, it was included in the budget documents. In the 1960s, it was separated as a separate exercise. Since then, the Economic Survey of India has been released the day before the Union Budget.
• The central theme is the most important aspect of this document. This section of the document outlines the Central Government's economic strategy for the coming year. 
• For example, the 'Agile Approach' was the central theme of last year. This theme emphasised India's plan to restart economic growth following the economic shock caused by the coronavirus pandemic.
• According to the Economic Survey for Fiscal Year 2022-23, the Agile approach entailed real-time monitoring of actual outcomes, flexible responses, safety-net buffers, and so on. The Economic Survey includes sector-specific chapters. It also includes chapters based on need.
• The Economic Survey released in 2022 predicted that India's GDP would grow by 8.0-8.5 per cent in 2022-23, which the government believed would be supported by widespread vaccine coverage, gains from regulatory and supply-side reforms, strong export growth, and the availability of fiscal space to raise capital spending.