Union Budget 2023-24 is all set to be presented in Parliament on 1 February. Ahead of the Budget presentation where Finance Minister Nirmala Sitharaman will put forth the proposals in Parliament during the Budget session, the FinMin team also works on another important document known as the Economic Survey of India, which will be tabled in Parliament a day before the Budget is read this year. The Budget Session of Parliament will commence at 11 AM on Tuesday with the President addressing both houses in a joint session. After the address, the pre-budget Economic Survey will be tabled by FM Sitharaman with projections for economic growth for FY22, FY23. It will be presented by the Chief Economic Advisor of India (CEA) V Anantha Nageswaran to the public during a press conference later that day.
What is an Economic Survey?
The Economic Survey reviews the economic and financial trends in the nation over the past year. The document gives detailed data on all sectors, and analyses the trends in agricultural and industrial production, infrastructure, employment, inflation rate, trade, foreign exchange reserves, and other economic areas. This detailed survey helps the government mobilise and allocate resources more efficiently in the Union Budget, and also aids the formulation of strategies for the Indian economy for the coming year. The Economic Survey also helps policymakers identify the main challenges to the nation’s GDP growth. The Economic Survey document comprises Volume I, Volume II, and the statistical appendix.
Over the last few years, the Economic Survey has been presented in two parts ‘Part A’ and ‘Part B’, and it includes information on the country’s GDP growth outlook, inflation rate and projections, forex reserves, and trade deficits. The first volume or the Part A of the report gives a broad review of the economy and the major economic developments in the year whereas the second volume of Part B gives details about specific issues like social security, poverty, education, healthcare, human development, and climate, and is generally a broad-based review of the year gone by for the Indian economy. The survey also details major schemes run by the government as well as key policies and their outcomes.
Who prepares the Economic Survey; When was it first presented?
The survey is prepared by the Economics Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Advisor (CEA). The Finance Ministry first presented the Economic Survey of India for the first time in 1950-51. At that time, it was presented along with the Union Budget. However, it was de-linked from the Budget in 1964 and unveiled in advance in order to provide a context of the latter. Last year, the Economic Survey was presented by the then Principal Economic Advisor, Sanjeev Sanyal. Every year, the Economic Survey has a central theme. The theme of the Economic Survey 2021-22 was ‘An Inclusive, Sustainable, and Resilient Growth Path for India’.
Where, How to watch the Economic Survey LIVE
The livestream of the economic survey can be watched on the government’s official channels. Additionally, Sansad TV, PIB India will also live stream the release. Sansad Television (Sansad TV) was created in 2021 by merging Lok Sabha TV and Rajya Sabha TV.
YouTube link of CEA Economic Survey press conference
Facebook link of Ministry of Finance
Live updates on Twitter
After the presentation by CEA V Anantha Nageswaran, the documents of Economic Survey 2023 can be downloaded from the government’s official Budget website. http://www.indiabudget.gov.in/economicsurvey/.