V Anantha Nageswaran, Chief Economic Advisor (CEA) of India, will release the Economic Survey 2022-23 on January 31 - a day before Finance Minister Nirmala Sitharaman tables the Union Budget for 2023-24 tomorrow. In a recent article, the CEA dived deep into the significance of the Economic Survey.
The Economic Survey provides an official, detailed overview of the state of the economy in the country. "It is a practice of good governance to self-evaluate the country's economic well-being before the annual Budget exercise," he said. "The document serves the purpose of stock-taking."
It holds the mirror for an economy, making the citizen acquainted and informing them of key economic decisions of the government in a simplified language, which has a bearing on their lives.
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The first Economic Survey was presented in 1950-51. Until 1964, the document used to be presented along with the Union Budget.
The document is now attached to the government's office of the Chief Economic Advisor (CEA). The CEA contribute his or her perspective and understanding of the economy to the document, thereby making it a unique and richer product every year. The 2017-18 Survey was pink in colour, in solidarity with women who suffer violence, displaying support to gender equality. Additionally, the surveys presented during the tenure of KV Subramanian were sprinkled with quotations from ancient scriptures and made for interesting reading.
However, CEA highlighted that it is not mandatory for the government to prepare and present an Economic Survey to Parliament.
In countries like the US, the Council of Economic Advisers releases an Economic Report of the President, which contains the annual report of this US council. Until 2005, the United Nations Economic Commission for Europe also published an Economic Survey of Europe, which offered a comprehensive insight into macroeconomic and structural developments in the continent and its member countries.
Some Scandinavian countries, such as Norway, Finland and Sweden, release economic surveys or reviews. Citizens receive the economic context for an annual budget exercise through this practice of self-analysis and information dissemination in most countries.
There are forecasts of the country's economic growth which receive the most attention, although all economic forecasts are effectively conditional.
As part of its review of the overall economic development over the past financial year, the publication presents detailed statistical information on all aspects and sectors of the economy, including industry, agriculture and services, as well as the external and financial sectors, prices, and physical and social infrastructure.
Unlike the annual reports that each ministry/department/regulator produces, the Economic Survey combines their activities into one 'master' document. In terms of all possible economic parameters, it gives researchers or students a bird's-eye view of the economy. In addition, a comprehensive statistical appendix and various chapters provide a treasure trove of data. By providing data and evidence, it enriches policy debates.
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