Economic Survey 2023 To Be Presented Today: History And Significance

The Finance Minister will table the Economic Survey after the address of the President. 

The Budget session will begin on January 31 and end on February 23.

What is an economic survey?

The Economic Survey of India is an annual report released by the Finance Ministry. It details the state of the economic performance of the country in the past year. The survey highlights macroeconomic figures and economic progress of the country. The Economic Survey gives a detailed account of the inflation rate, and trends in key segments such as industry and infrastructure, agriculture, and foreign exchange reserves, among others. It also mentions the possible economic challenges that India might face in future and suggests measures to overcome them.

The survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance under the supervision of the Chief Economic Advisor of India (CEA).

It will be presented by the CEA, V Anantha Nageswaran, on January 31, at a press conference later in the day.

Significance of Economic Survey

The Economic Survey reflects the state of India's economy and presents detailed statistical data on different sectors and how they performed in the year gone by. This data proves to be crucial for policymakers who make use of it to suggest strategies that can help boost the economy.

Economic forecasts such as projected Gross Domestic Product (GDP) growth also constitute a part of the Economic Survey. It also states the estimated growth that specific sectors are expected to witness. Various government schemes and their outcome is also highlighted in the survey, which helps in knowing the impact of such schemes and if they should be continued.

The Economic Survey also facilitates better allocation of funds in the Union Budget. For the general public, the survey helps in comprehending the extensive Budget, which is presented a day later.

History of Economic Survey

The first economic survey was published in 1950–51, when it used to be a part of the budget documents. In 1964, it was separated from the budget documents and has since been released a day ahead of the Union Budget.

It is divided into two parts – Part A and Part B. The first volume contains a holistic review of the current economic situation of the country while the second part focuses on different issues like healthcare, poverty, climate change, and the Human Development Index, among others.

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