The Chief Economic Advisor (CEA) will release the Economic Survey for the current fiscal year on Tuesday, 2022–2033. Because union budgets are scheduled to be announced on February 1, the survey is always issued on January 30, the day before the Finance Minister makes the announcement of the union budget for the upcoming fiscal year (2023–24 in the present case).
What is the economic survey –
As its name suggests, the Economic Survey is a comprehensive examination of the state of the national economy for the current fiscal year.
It is produced by the Department of Economic Affairs’ (DEA) Economic Division under the guidance of the CEA. After it has been created, the survey is approved by the finance minister.
Starting in 1950–51 and going on until 1964, the Economic Survey was given along with the Budget.
Similar to this, for a long time the survey was published in a single book with separate chapters devoted to various significant economic sectors, such as services, agriculture, and manufacturing, as well as significant policy issues, such as fiscal developments, the employment situation, inflation, etc. This issue has an extensive statistical abstract as well.
The survey, though, was made available in two volumes, from 2010–11 through 2020–21. The supplemental book carried the CEA’s intellectual imprimatur and frequently covered some of the most crucial issues and debates affecting the economy.
Since V. Anantha Nageswaran was just named CEA, it’s likely that the survey from last year was put together and sent out in a single volume instead of two.
What significance does the economic survey have –
Despite being made public the day before the budget, the survey’s analysis and recommendations are not binding on the government.
Even so, the survey remains the Union government’s most in-depth and trustworthy analysis of the economy.
Therefore, its conclusions and details provide a well-known framework for analysing the Indian economy.
What should one look for in this year’s survey –
Since the start of 2017–18, the Indian economy has struggled to grow quickly. Although there may have been rapid development in the years right after COVID, this was only a statistical illusion. Many foreign experts have claimed that India’s own potential growth has dropped from 8% to 6%.
Along with a slowing in growth, the economy has also seen record-high unemployment, a sharp rise in poverty, and increased inequality during the COVID epidemic.
The results of the poll should reveal whether or not India’s growth potential has slowed down, as well as the country’s actual level of economic recovery.
It is possible to assume that the poll will provide both policy suggestions and scenarios for the future. What could be done, for example, to promote the growth of manufacturing in the country? How is India able to keep rising so quickly when both global growth and trade are expected to stay slow?
Finally, CEA Nageswaran’s influence in this survey is definitely still apparent. It may therefore contain chapters that discuss the main issues and challenges confronting the economy as well as potential remedies.
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