Demystifying Budget 2022: What is Economic Survey? Who prepares it?

The Economic Survey, which is tabled in both Houses of Parliament just before the Union Budget, provides comprehensive statistical information on key sectors that power the growth engine. 

Every year, the Finance Ministry comes out with an annual document called the Economic Survey of India. Compiled by the Department of Economic Affairs with guidance from the Chief Economic Advisor of India, the Survey analyses the country's economic growth in the last financial year

The Economic Survey, which is tabled in both Houses of Parliament just before the Union Budget, provides comprehensive statistical information on key sectors that power the growth engine. These include the manufacturing, industrial and agriculture sectors. The key document also examines the country's macroeconomics, analyses it in comparison with the previous financial year and offers an estimate for the next financial year. 

Why is an Economic Survey needed?

The Economic Survey allows policymakers in outlining the nation's priorities for the next fiscal year. It summarises how major development initiatives launched by the government had performed through the year

When was India's first Economic Survey tabled?

India's first Economic Survey was presented in 1950-51 along with the Union Budget. It was only after 1964 that the Economic Survey was tabled separately from the Union Budget. Since then, the Economic Survey is presented before the Union Budget presentation.

Who presents the Economic Survey?

Economic Survey is tabled in Parliament annually during the budget session. Normally, the Economic Survey is released a day prior to the Budget presentation by the Union Finance Minister.

Last year. Finance Minister Nirmala Sitharaman presented the Economic Survey 2020-21 during the budget session of Parliament on January 29, 2021. The survey was prepared with guidance from the Government of India's Chief Economic Adviser Krishnamurthy Subramaniam. The CEA also gives a detailed presentation about the Economic Survey while briefing the media persons hours after it has been presented in Parliament. This year, the Economic Survey is expected to be compiled in one-volume eight years since then CEA Arvind Subramanian made it a two-volume report. His successor, KV Subramanian had continued the practice.