The presentation of the Economic Survey has, over the years, become a much anticipated event in India.
The first Economic Survey was presented in the year 1950-51 along with the Union Budget. The survey was de-linked from the Budget in the year 1964 and circulated in advance to provide a context for the Budget.
The Economic Survey is prepared by the Department of Economic Affairs in the Ministry of Finance, usually under the overall guidance of the Chief Economic Advisor (CEA). However, this year it is different, as the new CEA K Anantha Nageswaran has taken over only three days ago, after the former CEA Krishnamurthy Subramanian demitted office in December 2021.
Over the years, the Economic Survey has become the flagship document of the Ministry of Finance. It reviews key developments in the Indian Economy over the past financial year, summarizes performance of major developmental programmes and highlights policy initiatives.
The Survey also puts out economic growth forecasts, providing detailed justification and reasons for its projections. Sometimes it also makes a case for specific reform measures.
The policy prescriptions made by the Economic Survey are however, not binding on the Government, but only act as a guiding document in framing national policies.
The Economic Survey is regarded as a goldmine of information about the economy by economists, researchers as well as journalists. In the last 5-6 years, the Economic Survey has become hugely user friendly, containing interesting graphics, colourful charts and anecdotes.
Economic Surveys have become important documents the world over, especially in the OECD developed countries. IMF and World Bank bring out regular publications on World Economic Outlook.
Within India, several State Governments have also adopted the practice of presenting Economic Surveys ahead of their state budget presentation.
The Economic Survey 2021-22 will be presented in both the Houses of Parliament today. The Chief Economic Advisor will address a press conference at 3.45 p.m. which will be live streamed on PIB India YouTube Channel.
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