Economic Survey: Union Finance Minister Nirmala Sitharaman will put the Economic Survey on the table of Parliament along with the presentation of the Budget 2024. This is an important part of the budget tradition. You can treat the economic survey as a government report card. It reviews the functioning of the previous financial year. In addition, an authoritative view on further development prospects has been given.
What is Economic Survey?
The Economic Survey presents a complete blueprint for the country’s economy. It describes of the economy, prospects, and policy challenges. The economic survey includes important data on employment, GDP, inflation and budget deficits in the last fiscal year. They also have a comprehensive analysis.
Why do we need an economic survey?
The economic survey provides details of the past fiscal year and also gives an idea of the challenges ahead. It also suggests overcoming challenges. The challenges and potential of various sectors such as agriculture or automobiles have also been mentioned.
The economic survey was part of the first budget
The country’s first economic survey was presented during 1950-51. It was part of the budget at that time. However, from 1964, the tradition of presenting economic surveys the day before the budget starts. It reveals the state and challenges of the economy ahead of the budget.
Economic survey is also necessary for the common people
Economic surveys help to understand how the country’s economy is doing. Important figures such as inflation and unemployment are also known. This makes it easier to make decisions like investing, saving, and spending.
The economic survey includes information about government policies. It also suggests their potential impact. This allows the public to understand what policy the government is implementing and what impact it may have.
The Economic Survey also details social and economic problems. It also suggests how to deal with them. It helps the general public understand how their problems can be overcome and what their role can be in it.
This survey is also very important for investors. They find it easy to understand which sectors have good investment opportunities. For example, if the government focusses on infrastructure, this could be good for sector investment.
