Budget 2018 will be tabled in parliament on 1 February. Just ahead of the budget, an economic survey is presented every year. Economic Survey 2018 will be presented today by Chief Economic Advisor Arvind Subramanian at 1 pm today. Economic Survey of India is a review document of the annual economic development of the country. It is basically the Finance Ministry’s view on on overall economic development. The survey analyses development made by the country in the last 12 months. The first day of the Budget session will begin today. The joint session will witness a address by President Ram Nath Kovind in Parliament, followed by the presentation of the Economic Survey 2018 in the afternoon. Here are the key things one must know:
1)The Economic Survey is expected to project an economic growth trajectory for the year ahead. The IMF pegged India’s growth rate at 7.4 percent in 2018. Ahead of Budget 2018, Economic Survey will throw light on the development trajectory of the country.
2) The Economic survey will surely touch upon the costs and benefits of the demonetisation. Budget 2018 will be tabled in parliament on February 1.
3)There are also expected to be quite a few policy level announcements relating to infrastructure, real estate etc. which would also have an impact on the relevant indirect taxes.
4)The survey might touch upon the built-up stress in the rural economy. It might recommend an increase in allocation of funds towards existing schemes such as MGNREGA, crop insurance, irrigation works and other social security measures.
5) It may also discuss about infrastructure related to cold chains to boost agriculture and the overall rural economy.
6) It may discuss Aadhaar, Jan Dhan Yojana and other government flagship programmes.
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This is the first economic survey after the Goods and Services Tax (GST) was implemented last year. Budget 2018 is also first first after GST was introduced. Apart from reviewing the developments in the country’s economy over the previous 12 months, the document also presents the performance on major flagship programs. It also showcases and highlights the policy initiatives of the government. The prospects of the economy in the short to medium term are also presented through the Economic Survey. The central government will present the Economic Survey in Lok Sabha and Rajya Sabha. The Chief Economic Advisor will address a press conference at 1:30 pm to discuss in detail about the survey.