The importance of Economic Survey and its significance to #Budget2018
- Understanding the significance of 'Economic Survey' and its review reports before unveiling of #Budget2018.
- Economic Survey is presented every year shortly before presenting the Union Budget of Government of India.
What’s economic survey
Economic Survey is an annual commentary on the state of the economy of India which is put together by Finance Ministry of India. It is a document which presents the economic development during the course of the year.
Who prepares economic survey
The draft of the survey is prepared by Department of Economic Affairs and cleared by the Chief Economic Advisor, and the Secretary of Economic Affairs. The final version is vetted by the Finance Secretary and the Finance Minister. This survey is presented every year shortly before presenting the Union Budget of Government of India.
How does it help the government
Chief Economic Advisor, Arvind Subramanian, presented his fourth successive Economic Survey on 29th January 2018. The two volumes of Economic Survey present the status of Indian Economy in the financial year. Out of the 9 chapters presented in the Volume-I of Economic Survey 2017-18, the first chapter which is titled "State of the Economy and prospects" deals in detail with the overall macroeconomic performance of the country. Economic Survey provides an opportunity to the government of India to spell out its economic agenda. The government also represents its issues and priorities in this document.
In addition to the review of the Economy, the Economic survey contains in-depth analysis, serious research as well as new policy ideas. Twin balance sheet, JAM, Cooperative and Competitive federalism, middle-class subsidies, universal basic income, bad bank, one market in power and India’s migration and internal trade have been among many contributions of the survey.