Budget 2019: Economic Survey 2019 date, key things to know
The Economic Survey will be tabled on July 4, followed by the tabling of Union Budget 2019 on the next day. The Budget session will have a total of 30 sittings.
Finance Minister Nirmala Sitharaman is engaged in the pre-budget consultations with representatives of various industries and other segments ahead of the presentation of Union Budget 2019, which will be tabled in the Lok Sabha on July 5. However, a day ahead of the budget presentation, Economic Survey of India will be tabled to show the annual financial snapshot including expenses incurred and revenues received by the government. This year the survey was not revealed as the Budget presented in February was an interim budget in nature. Notably, the Budget session of Parliament has already commenced from June 17, 2019, and it will last till July 26, 2019.
The Economic Survey, which summarises the annual economic development in the country, facilitates a better appreciation of the mobilisation of resources and their allocation in the annual financial statement tabled as Union Budget. Key things about Economic Survey:
1. The Economic Survey will be tabled on July 4, followed by the tabling of Union Budget 2019 on the next day. The Budget session will have a total of 30 sittings.
2. The Economic Survey, which is considered to be flagship document of the Finance Ministry, provides detailed statistical data covering all aspects of the economy.
3. The Economic Survey provides policy perspective for the Union Budget. This year Krishnamurthy Subramanian, chief economic adviser (CEA), Government of India, will present the Economic Survey. Last year, the then CEA Arvind Subramanian had presented the survey.
4. The Survey analyses relevant economic factors besides throwing a light on the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves that have a bearing on the Budget.
5. The Survey contains policy ideas, key statistics on economic parameters and in-depth research on macro and sectoral trends. It is also known as a policy guideline for the Union Budget, but the recommendations made by it are not binding on the government. Therefore, the policy recommendations presented in the document may not find their way into the Budget.
6. The survey also comprises appreciation of the impact of government receipts and expenditure on the other sectors of economy. The government considers the Survey “useful for policymakers, economists, policy analysts, business practitioners, government agencies, students, researchers, the media, and all those interested in the development in the Indian economy”.
7. In the earlier Modi government, the Economic Survey was presented in 2015, 2016, 2017, and 2018. The 2015 survey focused on the schemes like Jan Dhan, Aadhaar and Mobile, together known as JAM.