What is Economic survey 2023?
The report detailing the financial status of the country is called Economic Survey. The survey is released by the Finance Ministry and submitted by the Finance Minister to the Parliament. The finance minister submits the survey report after the President’s address. Every Union Budget session begins with the address of the President.
About Economic Survey
- The report explains the performance of India in the previous financial year.
- It talks about the inflation rate
- Trends in major sectors of the country such as agriculture, infrastructure, and foreign exchange reserves
- Lists the economic challenges in front of the Government
- Suggests recommendations to overcome the challenges
- GDP growth is projected
- Facilitates allocation of funds in the Budget
The Department of Economic Affairs prepares the Economic survey. The department operates under the Ministry of Finance. The Chief Economic Advisor of India supervises the economic survey preparations. The current Chief Economic Advisor of India is Mr Anantha Nageswaran.
Why is an economic survey important?
The survey presents statistical data on the Indian Economy. The data is crucial for policymakers. They use the data to identify where exactly the Government policies are lagging and what can be done to improve things and boost economic growth.
History of Economic survey
The first economic survey was released in 1950-51. Initially, it was presented along with the Union Budget. It was separated from the budget in 1964. There are two parts to the economic survey. Part A and Part B. Part A speaks gives a complete overview of the economic conditions in the country. Part B focuses on individual issues.
Month: Current Affairs - January, 2023
Category: Economy & Banking Current Affairs - 2022
Topics: Chief Economic Advisor • Department of Economic Affairs • Economic Survey • Finance Minister • nirmala sitaraman • Union Budget Session
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