Indian Union Budget 2021-22: Union Finance Minister Nirmala Sitharaman will present the budget for the financial year 2021-22 on 1 February. This will be the third budget of the second term of the Modi government. This budget has become very important due to Corona epidemic and subsequent economic crisis. Just one day before the budget, the government presents the Economic Survey in Parliament. The question is that what is this Economic Survey (Economic Survey) and what does it have to do with the budget, let us know about this.
What is an economic survey?
If you understand in common language and simple words, economic survey takes account of the economic health of the country. The government tells the country through this document how the condition of the economy is. How fast the government’s plans are moving forward. In this survey information is given about the trend of development throughout the year, how much investment was made in the area – how the development took place, how the schemes were implemented. It contains information about the policies of the government. Through this, the prospects of the government economy are analyzed.
This survey prepares a special team. The team of experts in finance and economic affairs along with Economic Survey, Chief Economic Advisor, prepares it. Presently the Chief Economic Advisor of the country is Dr. Krishnamurthy Subramanian.
Economic survey related to budget
Often, the Economic Survey serves as a policy guideline for the general budget. However, the government should implement its recommendations, it is not mandatory. Economic surveys include policy considerations, key data on economic parameters, in-depth macroeconomic research and in-depth analysis of sector-wise economic trends.
After the year 2015, the Economic Survey has been divided into two parts. The first part describes the state of the economy, which is released before the general budget. The second part contains the key figures and data, which is offered in July or August. This division of the presentation came into force when the General Budget was introduced in the first week in February 2017 instead of the last week.