Economic Survey 2024: Who presents it and when? Why is it significant for the economy?
The Economic Survey is traditionally presented to Parliament before the Union Budget. The inaugural Economic Survey of India was first presented for the fiscal year 1950-51.
What is Economic Survey? - In-depth Review: This offers a thorough examination of the country's economic performance in the previous fiscal year, encompassing sectors like agriculture, industry, and services. Data Compilation: It includes extensive statistical information on economic indicators such as GDP growth, inflation, employment rates, fiscal deficit, and other relevant metrics. Policy Suggestions: Provides recommendations for policy adjustments aimed at tackling economic challenges and fostering growth, influencing the development of the Union Budget.
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Who makes the Economic Survey? The Economic Survey is crafted by the Economic Division of the Department of Economic Affairs (DEA) within the Union finance ministry, overseen by the Chief Economic Advisor (CEA). The completed document undergoes scrutiny by the Finance Secretary and receives final approval from the Finance Minister. This year, CEA V Anantha Nageswaran will be responsible for preparing the Economic Survey.
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Why is it important? The Economic Survey is crucial for guiding policy decisions and shaping economic strategies. It enhances transparency by offering an impartial assessment of the economy, ensuring accountability in governmental economic policies. By informing stakeholders such as investors and businesses about economic trends, it aids in decision-making. Moreover, it serves as a benchmark for evaluating current economic performance and setting goals for future growth.
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Who presents the Economic Survey? The Economic Survey is typically presented in Parliament by the Finance Minister, with Nirmala Sitharaman slated to present it this year.
When will it be presented? This year, the Economic Survey is anticipated to be presented on July 22, traditionally scheduled a day prior to the Budget presentation.
