New Delhi: Finance Minister Nirmala Sitharaman will present the country’s general budget on Tuesday, February 1. The Economic Survey for the financial year 2021-22 will be presented tomorrow January 31, a day before the budget. The Parliament budget is starting tomorrow. The budget session will begin tomorrow with President Ram Nath Kovind addressing both the Houses of Parliament. This budget session will be completed in two phases. The first phase will run till February 11. Then a month later, the second phase of the budget session will start from March 14 and will continue till April 8.
The economic survey is presented before the budget. Actually, the Economic Survey of India is an annual document issued by the Ministry of Finance, Government of India, in which official and latest data related to the economy of India is included. It is prepared under the supervision of the Chief Economic Advisor.
Economic challenges blueprint
The Economic Survey Survey presents the direction and context of the announcements to be made in the budget a day before the Union Budget in front of the country. In this, the details of the major trends of all the sectors related to the country’s economy and their condition during the last one year are present with complete data. Along with this, the Economic Survey also presents a blueprint of the major economic challenges facing the country and the ways to deal with them. Under this survey, all the data of the economy is collected from different ministries and departments of the government and presented together in such a way that the economic picture of the country emerges clearly.
Simple presentation of economic status
Experts say that the budget is a technical document. If someone is not knowledgeable of the economic world, then he may have trouble understanding the budget. But through the Economic Survey, the common man can also understand the economic condition of the country to a great extent. By looking at the economic survey, you can easily assess which sector the government’s emphasis will be more on this time.
Information about these topics
In the Economic Survey, it is given that what is the trend of cash supply. Apart from this, what is the current situation of the economy on the issue of agriculture, industrial production, infrastructure, employment, exports, imports, foreign exchange etc?
The first economic survey in India was presented in 1950-51. Till 1964 it was presented along with the Union Budget. From the year 1964, it was separated from the budget.
How is the Economic Survey prepared?
The responsibility of preparing the Economic Survey rests with the Department of Economic Affairs (DEA) under the Ministry of Finance. This survey is completed under the direction of the Chief Economic Advisor (CEA). In a way, the CEA is the main author or architect of this report. After this report is finalized by the CEA, it is presented to the Finance Minister for formal approval.
Ananth Nageswaran appointed as Chief Economic Advisor
Just three days before the presentation of the Economic Survey, the central government appointed V. Ananth Nageswaran as the Chief Economic Advisor and he took charge on Friday itself. Dr. Nageswaran has worked as a writer, teacher, and consultant.
The post was lying vacant since the first week of December last month. The post was vacant after the end of the tenure of the previous CEA KV Subramaniam. KV Subramaniam had announced in October itself that he would not continue in this post after the end of his term.
