Union Budget 2019: Key things to know about the Economic Survey

Nirmala Sitharaman is set to present her first Budget as Union Finance Minister on July 5. Meanwhile, Nirmala is consulting and meeting industrialists, social sector groups, etc, with respect to the preparation of Union Budget 2019. A day before the Budget, the Economic Survey of India is set to be presented in Parliament. 

The first Budget Session for the 17th Lok Sabha began in June 17 and will go on till July 26.

The Economic Survey, which summarises the annual economic development in the country, facilitates a better appreciation of the mobilisation of resources and their allocation in the annual financial statement tabled as Union Budget.

Here are key about the Economic Survey:

1. The Economic Survey is set to be be tabled on July 4, a day before the Union Budget 2019 will be presented in Parliament by the government.

2. The Economic Survey provides statistical data covering all aspects of the economy.

3. Normally, the Chief Economic Adviser (CEA) presents the Economic Survey, which is considered to be the policy perspective for the Union Budget. Last year, the survey was presented by then-CEA Arvind Subramanian. This year will be the first time CEA Krishnamurthy Subramanian present the important document.

4. The Survey showcases trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves which have a direct impact on the Budget.

5. The survey has played a role of policy guidelines and recommendations for the Union Budget. It contains policy ideas, key statistics on economic parameters and in-depth research on a macro and sectoral trends. 

6. In the second year of Modi government, the survey focused on the schemes like Jan Dhan Yojana, Aadhaar and Mobile (JAM) which initiated the process of linking mobile number and bank account with Aadhaar.