Economic Survey 2020 PDF Download: Economic Survey not only provides a comprehensive report card of the performance of various sectors of the economy over the past one year but is also provides an outline for the year ahead. While Budget is a detailed statement of the estimated revenues and expenditures to be incurred by the government in a particular fiscal year, economic survey presents a comprehensive report card of the economy over the past one year.
The Economic Survey of India is the flagship annual document of the Ministry of Finance, Government of India. The Department of Economic Affairs, Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser attached to the Ministry of Finance.
Who authors the Economic Survey?
The Economic Survey is prepared under the guidance of Chief Economic Advisor and is presented in both the houses of Parliament, a day before the announcement of the Union Budget.
Who is Finance Minister?
Who is Chief Economic Advisor?
Significance of Economic Survey
The Economic Survey holds significance as it apprises common people about the state of economic affairs of the country and makes them aware about the key economic decisions of the government which impact their lives in a considerable way. The Economic Survey also recommends policy changes to the government, which are, however, not binding but only act as a guide in framing national policies. It contains forecasts about the economic growth of the country and the reasons outlining the projection.
A brief history of the Economy Survey
The first Economic Survey was presented in the year 1950-51.
Until 1964, it was presented along with the Union Budget, but later it was disjointed from the Union Budget to give a better understanding of the budget proposals.
As the Economic Survey contains a detailed analysis of the economic development of the country and a lot of data related to various sectors of the economy, it works as a useful tool providing background knowledge.
Interestingly, the former Chief Economic Advisor Arvind Subramanian in 2018 had for the first time released the document in pink colour. The idea waa to support women who suffer violence and to push for more gender equality. Not just the colour of the document, he revamped the whole document by making it more interesting with quotes and additional information. This was the first time that the Economic Survey used data generated by GST Network and the Indian Railways to see the flow of goods and people across states within India.