The Economic Survey summarises the annual economic development in the country. It facilitates a better appreciation of the mobilisation of resources and their allocation in the Budget. The Economic Survey is presented ahead of the Budget for the ensuing year. The government is due to present the full Budget in Parliament on July 5. Earlier this year, the government had presented an interim Budget on February 1. From economists to general public, the Budget announcements are followed keenly by everyone for any changes in policy or tax rules.
Here are 5 things to know about Economic Survey:
1. The Economic Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors which have a bearing on the Budget.
2. The economic survey will be tabled on July 4 followed by the presentation of the Budget on the next day. The session will have a total of 30 sittings.
3. The flagship document of the Finance Ministry, the Economic Survey, provides detailed statistical data covering all aspects of the economy.
4. The Economic Survey usually provides policy perspective for the Union Budget. Krishnamurthy Subramanian, chief economic adviser (CEA) to the Government of India, will present the Economic Survey. Last year, it was presented by then CEA Arvind Subramanian.
5. For a better appreciation of the impact of government receipts and expenditure on the other sectors of the economy, it is necessary to group them in terms of certain economic magnitudes, for instance, how much is set aside for capital formation, etc. This analysis is contained in the Economic and Functional Classification of the central government Budget which is brought out separately.
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