Economic Survey 2023 Updates: The Union government is set to table the Economic Survey on 31 jam 2023. Union finance minister Nirmala Sitharaman will table the pre-Budget document in the Parliament after President Droupadi Murmu`s address to the joint sitting of the two houses of Parliament. According to reports, the Economic Survey is expected to peg India’s GDP growth at 6.5% for 2023-24 under the baseline scenario.
What is an Economic Survey ?
Economic Survey is an annual document released by the Ministry of Finance. The survey is the report that government presents on the state of the economy in the past year, the key challenges for the future, and their possible solutions. Every year the Department of Economic Affairs, Ministry of Finance introduces the survey in the parliament prior to the Union Budget.
The Budget is prepared under the guidance of the Chief Economic Adviser of India. The economic survey is presented to both the Parliament House during the Budget session.
Significance of the Economic Survey
Economic Survey gives a detailed account of the various sectors of the economy and overall economic scenario of the country in the past years and provides an outline for the year ahead.The Economic Survey, even though a government document, provides an opportunity for the Chief Economic Adviser to provide a disinterested, economic objective analysis.
The issues highlighted in the Economic Survey and with the reforms suggested are often implemented by the government in future initiatives. It represents the development in the Indian economy over the past financial years and exhibits the country’s performance on essential development programs, highlighting the policy initiatives of the government and the economic prospects in the short to medium term.
Who prepares the Economic Survey?
The Economics Division of the Department of Economic Affairs under the guidance of the Chief Economic Advisor (CEA) prepares economic survey. The Economic Survey of India is presented every year a day before the Union Budget is announced. It will be presented by the CEA (Chief Economic Advisor)V Anantha Nageswaran after being tabled by Finance Minister Nirmala Sitharaman in the parliament.
What is the objective of economic survey?
This document of the Ministry, the Economic Survey of India reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
History of Economic Survey
The first economic survey was published in 1950–51, when it used to be a part of the budget documents. In 1964, it was separated from the budget documents and has since been released a day ahead of the Union Budget.
It is divided into two parts – Part A and Part B. The first volume contains a holistic review of the current economic situation of the country while the second part focuses on different issues like healthcare, poverty, climate change, and the Human Development Index, among others.
Where to read or download the Economic Survey 2023 Pdf ?
After the documents of Economic Survey 2023 are presented by Chief Economic advisor, the complete pdf of it can be downloaded from the union government’s official website https://www.indiabudget.gov.in/. The highlights or summary of the economic survey is also available on the government website like Press information bureau.
Follow these steps to download pdf of Economic Survey –
Step 1. Log on to official website of Union Budget
Step 2. On the top right side corner, click on the tab ‘Download Economic Survey 2023-24’.
Step 3. You will be directed to a new page. Click on ‘ Download Economic Survey link.
Difference between economic survey and Budget ?
The Economic Survey is presented every year in the Parliament during the Budget Session. The Economic Survey is presented normally a day before the presentation of the Union Budget in the Parliament by the Finance Minister. From 1964, the Economic Survey is presented a day before Budget
The Union Budget is presented a day after the Economic Survey is presented. In the Union Budget, the central government makes an estimate of revenue and expenses for the forthcoming financial year.