Economic Survey is typically presented a day before the Budget, but this year, it will be tabled today as Budget day (February 1) falls on a Monday.
Ahead of the Union Budget 2021 presentation on February 1, Finance Minister Nirmala Sitharaman will present the Economic Survey 2020-21 in Parliament today (January 29). After the presentation of the Economic Survey, chief economic adviser (CEA) KV Subramanian will address a press conference at 2:30 PM in New Delhi, the finance ministry said on Thursday.
While the Budget and Economic Survey are usually tabled a day apart, this year it might be different. The Economic Survey 2021 will be tabled today, as the Union Budget to be presented on February 1, falls on a Monday.
What is Economic Survey?
The Economic Survey is a roadmap for the country's economy and will set the tone for this year's Budget. The Economic Survey presents a review of how the Indian economy performed in the financial year, features the performance of major development programmes and highlights the policy initiatives of the government.
The Economic Survey 2020-21 will be presented in both the Houses of Parliament, the documents of which comprises two volumes — Volume I and Volume II — and a statistical appendix.
The flagship report is prepared by the Economics Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Advisor (CEA). Krishnamurthy Subramanian, who was appointed the CEA in December 2018, will present the Survey this year.
Significance of Economic Survey
The document, along with putting in perspective the country's economic condition, also analyses trends in money supply, agricultural and industrial production, infrastructure, employment, exports, imports, as well as other relevant economic factors, serving as a prequel to the Budget.
The survey also puts out economic growth forecasts, provides justification and detailed reasons why it believes the economy will expand faster or decelerate. Sometimes, it also argues for some specific reform measures.
This year's survey assumes a much higher significance in view of the unprecedented manner in which 2020 played out. From hitting a multi-decade GDP trough in Q1 to making a noticeable recovery in the quarter that followed, the Indian economy has been in an extremely fluid state all through 2020-21.
India's GDP is estimated to contract by a record 7.7% during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released earlier this month.
History of Economic Survey
Presenting Economic Survey before the Union Budget is a longstanding tradition in India. It was first presented in 1950-51 and submitted in the Lok Sabha along with the Union Budget until 1964.
In 1964, the ministry started to release the survey a day before budget day.
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