The importance of Economic Survey and its significance to #Budget2016
- Understanding the significance of \'Economic Survey\' and its review reports before unveiling of #Budget2016.
- 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
Out of the 10-12 chapters presented, 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.
The survey, a flagship annual document of the Ministry of Finance, reviews the developments in the economy over the previous 12 months, which summarises the performance of major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. Chief Economic Advisor, Arvind Subramanian, presented his second Economic Survey on 26 February 2016.