DNA Explainer: What is Economic Survey of India? Know its role in Budget 2023, when it will be presented

The Union Finance Ministry is all set to present the Union Budget for the financial year 2023-2024, which will bring several new tax reforms, schemes, and amendments in the financial laws for the upcoming financial year.

Before the announcement of the Union Budget 2023, a document will be prepared by the Finance Ministry called the Economic Survey of India. The Economic Survey of the country is published by the ministry before the announcement of the budget and is made available to the public.

The Economic Survey of India is regarded as a review of the country’s economical progressions and how the country’s economy performed in the last financial year. The Economical Survey serves as a conclusion for the previous financial year and a base for setting the targets for the upcoming year.

The details of the Economical Survey of India are made public and published by the Finance Ministry. The document further helps financial researchers, policymakers, and stakeholders in making specific decisions and predictions about the Union Budget.

What is the Economic Survey of India?

The Economic Survey of India is a document prepared by the Ministry of Finance and is presented in both Houses of Parliament ahead of the presentation of the Union Budget, to give a summary of the economic state of the country the previous year.

The Economic Survey of India is prepared under the supervision of the Chief Economic Advisor of India, with the first economic survey presented for the year 1950-51. While the document is non-binding, it is considered significant in view of the Union Budget.

The document covers several important aspects of the Indian economy, including fiscal developments, monetary management, and external sectors. In short, it covers how the country made profits and losses in several sectors, and how it has benefited the economy.

It has a strong link with the Budget 2023 since it is presented just a day before Finance Minister Nirmala Sitharaman will present the budget for the upcoming year. The Economic Survey of India will highlight the potential of the Indian economy in the future, and how several policies can prove to be beneficial.

Similar to the Union Budget, the Economic Survey of India is presented in the Parliament by the Finance Minister of India, Nirmala Sitharaman. The document will be presented one day before the announcement of the Budget, which is January 31.

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