North India Statesman
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News India Live, Digital Desk: finance minister Nirmala Sitharaman She is going to present the Union Budget for the ninth consecutive time on February 1. But just before the budget, 29 January ‘Economic Survey’ will be laid on the table of Parliament. Normally it comes a day before the budget, but this time it is being presented two days before.
If the Budget is the blueprint for future plans, then the Economic Survey is the blueprint for last year’s ‘Performance Report Card’ Is. Let us understand what this document is and why it is important for you.
What is economic survey?
The Economic Survey is the most important annual document of the Finance Ministry. It gives a detailed analysis of the current state of the country’s economy.
History: First Economic Survey in India 1950-51 Was introduced in. Till 1964, it was presented along with the budget, but since then it was separated from the budget.
Who prepares? It is prepared by the ‘Economic Division’ of the Department of Economic Affairs of the Finance Ministry. its main responsibility Chief Economic Advisor (CEA) Is of. currently V. Ananth Nageswaran He is the CEA of the country.
What is included in economic survey?
It is a detailed document of 300-400 pages, which is divided into two parts:
Part 1: It contains an overview of the economy and mentions the challenges and possibilities for the coming year.
part 2: It includes data-based analysis of different sectors like agriculture, manufacturing, service sector, infrastructure and banking.
Main Attractions:
GDP growth: Real GDP growth estimates and sector breakdown.
Dearness: Food inflation and inflation rate trends.
employment: Labor market conditions and jobs data.
Roadmap: Progress and reforms of the goals of ‘Developed India@2047’.
Its significance: Why is it more ‘accurate’ than the budget?
The government is legally required to accept the suggestions given in the survey. not bound But still its importance is very high:
Policy Making: Many major budget announcements are based on survey suggestions and data.
Global Image: Global organizations like World Bank and IMF decide India’s credit rating after looking at this.
Investor confidence: Foreign investors take the decision to invest in India only after looking at the survey data.
Why is this important for the common man?
Economic Survey matters not just to economists, but to you too:
Loan and EMI: If the survey indicates rising inflation, then consider that RBI may increase the repo rate in the coming time, due to which your home loan expensive It is possible
Job Opportunities: The survey tells in which sectors there is growth, which gives employment opportunities to the youth.
Inflation Estimates: This shows whether food items will be cheaper or more expensive in the coming time.
