Economic Survey 2019: All you need to know!
Ministry of Finance presents an annual document known as Economic Survey which gives the detail of various sectors of the economy and overall economic scenario of the country in the past years. Not only this, it also provides an outline for the year ahead. The first Economic Survey of India was presented in 1950-51. It was presented along with the Union Budget up to 1964 and from 1964 onwards, it had been separated from the Union Budget.
According to Devendra Pant, Chief Economist at India Ratings and Research said that "the Economic Survey is a technocrat’s advice to the government. A glance through the entire document will be important as it suggests problems that the economy is facing and possible solutions for them".
Head of South Asia Economic Research (India) at Standard Chartered Bank, Anubhuti Sahay said the Survey may focus on the agriculture or rural sector, where the stress has been quite prominent in the last couple of quarters, thanks to the ongoing water crisis. She further stated that the focus should be on the crisis of water and how water can reach every citizen.
Economic Survey is prepared by whom?
The Economic Division of the department of Economic Affairs prepared the Economic Survey in the Finance Ministry under the overall guidance of the Chief Economic Adviser. When senior officers provide their inputs in the Ministry of Finance, the final version of the Economic Survey is scrutinized by the Finance Secretary and finally approved by the Union Finance Minister. In 2019, Chief Economic Adviser KV Subramanian tabled the government's first Economic Survey in Parliament.
Economic Survey 2019: Key points you need to know
- Economic Survey provides the assessment of overall performance of the economy during the year along with the background knowledge of the financial developments in the country.
- It is a roadmap to boost the economy and highlights the policy initiatives of the government.
- During the Budget session, the Economic Survey is presented a day before the Union Budget to both the houses of the Parliament.
- Economic Survey is a three part document. The first part gives an overview and opinion of the CEA on key issues and solutions pertaining to the economy. The Second part consists of data from various departments and ministries. It represents the present state of the economy. And the third part highlights national income, production, employment, inflation, the balance of trade and export-import trade.
- Economic Survey provides the detailed statistical data covering all the aspects of the economy.
- It facilitates the proper utilisation of the resources and their allocation in the Budget.
- The Economic Survey document is available in PDF form on the Website of the Ministry of Finance or website designed for Union Budget.
- The most important part of the Economic Survey is where the CEA will give his views on the present state of the economy, he also provide an insight on government's plans and what is necessary for the growth of the economy.
- Analysis of several trends are covered in the Economic Survey namely agriculture, industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves etc.
- Economic Survey also provides the area that should be focus in the coming year.
- For Financial Year 2017-18, the Economic Survey was prepared by the Chief Economic Adviser Arvind Subramanian on 31 January, 2018.
- If you want you can buy hardcopy of Economic Survey from several online bookstores as well.
- Do you know it is not mandatory for the government to present Economic Survey? Nowhere it is mentioned in the constitution but now it became the practice of the Government to present Economic Survey every year before the Budget.
- In Fact most of the developed and emerging countries in the world present or bring out the Economic Surveys. For example: USA, Scandinavian nations and EU publish their own Economic Survey.
- The main Significance of the Economic Survey is to bring citizens of the country close to the economic policy by providing data and analysis in a comprehensive way.
In a nutshell we can say that Economic Survey contain a year-on-year update of the past 12 months.