Some facts about Economic Survey

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Some facts about Economic Survey Blog Image

Overview:

Finance Minister recently tabled the Economic Survey for 2022-23 in the Lok Sabha.

Key facts about Economic Survey:

  • It is the flagship annual document of the finance ministry that contains a detailed analysis of the economic development of the country.
  • It reviews the economic development in India over the past financial year by giving detailed statistical data of all the sectors-industrial, agricultural, manufacturing among others.
  • It analyses the whole macroeconomics of the country in the past year and provides an outline for the next financial year.
  • The Survey has two parts--one, one consists of the economic challenges that the country is facing and the second is the review of the year gone by.
  • When was the first Economic Survey of India presented?
  • The first Economic Survey in India was presented in the year 1950-51. 
  • Up to 1964, it was presented along with the Union Budget.
  • From 1964 onwards, it has been delinked from the Budget.
  • When and who present it? It is presented normally a day before the presentation of the Union Budget in the Parliament by the Finance Minister.

Who prepares it? It is prepared by the Economics Division of the Department of Economic Affairs in the Finance Ministry under the overall guidance of the Chief Economic Adviser and is released after it is approved by the finance minister.

 


Q1)When is Budget presented?

Every year, the Budget, India's money bill, is presented on February 1. The Budget is usually presented at the beginning of the Budget session of the Parliament.

Source: Economic Survey 2022-23: A medium-term plan