Budget 2023: What is the Economic Survey of India and when is it presented? All you need to know

Budget 2023: Budget 2023, which will be presented by Finance Minister Nirmala Sitharaman, is a significant event which will project future income and expenses of the country. One day prior to the Budget 2023-24, a document called ‘Economic Survey’ which provides an outlook on the Indian economy in the past year, will be presented.

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Budget 2023: What is Economic Survey?

The Economic Survey is a flagship document presented every year ahead of the budget. It reviews the developments in the Indian economy over the previous year, summarises the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

Budget 2023: When is Economic Survey presented?

This year the economic survey will be presented by the Finance Minister of the country, Nirmala Sitharam, tentatively one day prior to the budget. Economic survey is released during the Budget session and widely discussed by policymakers, economists, policy analysts, business practitioners, government agencies, students, researchers, and the media.

Budget 2023: Who prepares Economic Survey?

The document is prepared by the Chief Economic Adviser to the Ministry of Finance, who is appointed by the Prime Minister of India.

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Budget 2023: What does the Economic Survey contain?

The economic survey is divided into two parts– Part A and Part B.

Part A consists of an economic overview of the country and the major economic developments of the previous year.

Part B includes specific issues such as poverty and social protection, human development, health and education, rural and urban development, climate change, and energy.

It covers all the significant aspects such as fiscal deficit, Gross Domestic Product (GDP), the balance of payments and foreign exchange reserves.

Why is economic survey important?

Economic Survey helps in formulating economic strategies for the future and analyses the performance of the agricultural sector, industry, services sector, infrastructure and public finance. Status of employment and labour markets, financial sector reforms, energy security and trade are also included in the survey.

It also evaluates the progress made towards achieving the Sustainable Development Goals (SDGs) and highlights areas where further improvement is needed.