India's Finance Minister Nirmala Sitharaman on Tuesday tabled in parliament the Economic Survey 2022-2023. A flagship document of the government, the Economic Survey reviews how the economy performed in this fiscal year and the road ahead for the next fiscal.
The Finance Minister tabled the Economic Survey after the address of the President to both houses of Parliament in a joint session.
The Economic Survey of India is presented every year a day before the Union Budget is announced.
What is an economic survey?
Released by the Finance Ministry the Economic Survey of India is an annual report detailing the state of the economic performance of India during the year gone by. The survey highlights macroeconomic figures and economic progress of the country in the past year.
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.
Preparation of the Economic Survey
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). The current Chief Economic Adviser is V. Anantha Nageswaran.
History of Economic Survey
The first economic survey was published in 1950–51. Initially a part of the budget documents, the economic survey was separated from the Budget in 1964. Since then the Economic Survey comes a day ahead of the Union Budget.
The document is non-binding
Key Takeaways
- The Economic 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).
- According to the Economic Survey, India's economy is to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22 .
