Budget Session 2018: What is Economic Survey and why is it important

The Economic Survey 2018 will be tabled today on th efirst day of Budget Session of the Parliament. This year's Economic Survey holds high importnace because it would be the first that will be presented after the roll out of the Goods and Services Tax (GST) bill. 

The Narendra Modi government will table its fifth and final Budget in the Parliament on February 1. Meanwhile, the Budget session will be commenced by the joint address from President Ram Nath Kovind to the joint sitting of the two Houses- Lok Sabha and Rajya Sabha. 

The first phase of the Budget Session will be on till February 9. 

But before going into any details, let us first understand what is an Economic Survey and why it holds great importance. 

What is Economic Survey? 

On the first day of the budget session, Finance Minister Arun Jaitley will table the Economic Survey 2018. The Economic Survey has been prepared by the Chief Economic Advisor (CEA). 

The survey, prepared by the CEA Arvind Subramanian, will present a clear picture of the the economy and will provide suggestion sto keep it forward. 

Economic Survey in other words is Finance Ministry's view on the overall state of the Indian Economy. The Union Finance Minister tables the Economic Survey every year before presenting the Budget to the Parliament. 

The Economic Survey just not present the economic performance of the entire year but it also states the performance of the Government's flagship schemes. 

It is also to be noted that the Economic Survey also talks about the growth aspect of the economy in both short and long term. 

When will it be presented? 

The Economic Survey as mentioned above is always presented on the first day of the Budget session of the parliament by the union finance minister. 

What one can expect from Economic Survey 2018?

The Economic Survey 2018 is expected to have a detailed analysis of the impact of the GST rollout and cost and effect of the demonetization decision announced by the Prime Minister Narendra Modi on November 8, 2016. 

Earlier, the Central Statistics Office's (CSO's) released first advance estimates that projected that Indian economy will be likely to grow at 6.5 per cent in 2017-18. It was slower than the previous year's 7.1 per cent expansion. 

Arvind Subramanian, the Chief Economic Advisor, will address the media at 1:30 PM to highlight the findings of the Economic Survey 2018.