New Delhi: The Economic Survey is an annual document that comprehensively assesses the state of the Indian economy. It covers various aspects such as growth, inflation, fiscal deficit, external balance, employment, poverty, social sector, agriculture, industry, services, infrastructure, environment, and human development. It also highlights the achievements and challenges of the government’s policies and programs. It is a useful guide for policymakers, researchers, investors, and the general public.
The Economic Survey is prepared by the Chief Economic Adviser (CEA) and his team in the Ministry of Finance. It is usually presented in the Parliament a day before the Union Budget, which outlines the government’s revenue and expenditure plans for the next fiscal year.
What is the decision of the Modi government?
The Modi government has decided not to present the Economic Survey this year, ahead of the general elections due in April-May 2024. This is a rare move, as the Economic Survey has been presented every year since 1950-51, except in 1979, 1992, and 2004, when there were interim budgets.
The government has not given any official reason for this decision, but some possible explanations are:
- The government wants to avoid any criticism or controversy over the economic data and analysis, especially in the wake of the recent GDP revision and the debate over the unemployment rate.
- The government wants to focus on its achievements and promises in the budget speech, rather than on the challenges and risks facing the economy.
- The government wants to keep some policy options open for the next government, rather than committing to specific targets or reforms in the Economic Survey.
What are the implications of this decision?
The decision to skip the Economic Survey this year has some implications for the economy and the society, such as:
- The Economic Survey provides a valuable source of information and insight into the economic performance and outlook of the country. Without it, there will be a gap in the understanding and evaluation of the economic situation and the policy direction.
- The Economic Survey also serves as a platform for the government to communicate its vision and strategy for the economy, and to seek feedback and suggestions from various stakeholders. Without it, there will be a loss of opportunity for dialogue and engagement between the government and the public.
- The Economic Survey also sets the tone and context for the budget presentation and helps in building expectations and confidence among the people. Without it, there will be a lack of clarity and coherence in the budget message and the fiscal policy stance.
