What is Economic Survey?

The economic survey for 2020-2021 will be tabled in the parliament on January 29, 2021 days before the presentation of Union Budget on February 1, 2021.

Key Facts

• The Economic survey will be released with the focus on the impact of lockdown and COVID -19 on the economy.
• It is expected that, the survey will provide an overview of how much did the COVID 19 pandemic affect the economy.
• It will also provide a road map to revive the Indian economy.
• The road map for the 5 trillion economy is also expected to be laid down.

What is economic survey?

• The Economic Survey is a flagship annual document that reviews the development in the Indian economy.
• The survey reviews the development of economy over the past fiscal year and presents a holistic preview of the Budget.
• It is released by the Department of Economic Affairs of the Ministry of Finance.
• The survey is prepared by the country’s Chief Economic Advisor and tabled in both houses of Parliament one day before the budget presentation.
• The document is also discussed by the Chief Economic Advisor (CEA) and his team during a press conference.
• Presently, Krishnamurthy Subramanian is the CEA of India.

Significance of the Economic Survey?

The document helps in reviewing the development of the Indian economy over the past year. It also summarises the performance on major development programs besides highlighting the policy initiatives of the central government. The economic survey also projects the India’s GDP growth for the next fiscal and suggests measures to boost the growth. For the year 2020, the Economic Survey had projected growth of Indian economy by 6 to 6.5 per cent and had suggested new ideas for boosting the manufacturing like ‘assemble in India for the world’ which in turn created jobs. However, the growth was disrupted because of Covid-19 outbreak.

Month: Current Affairs - January, 2021