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Economic Survey: The Economic Survey is a comprehensive review or annual report of the Indian economy during a full financial year. It is prepared by the Economics Division of the Department of Economic Affairs, Ministry of Finance under the guidance of the Chief Economic Advisor (CEA) of India.
This year's Economic Survey will be released by CEA V. Anantha Nageswaran on July 22, a day before the budget announcement. It serves as a summary of the government's economic performance, major developmental programmes and policy initiatives; it also provides an estimate for the next financial year.
The Economic Survey has two parts. Part A contains a comprehensive review of the country's economic developments and challenges and the economy as a whole; and Part B shows an analysis of the previous financial year on specific topics such as social security, poverty, education, health care, human development and climate.
Why is the Economic Survey important?
The Economic Survey provides a comprehensive review of India's development in the previous financial year based on an analysis of detailed statistical data on all sectors, industries, agriculture, employment, prices and exports.
Provides guidance for the new fiscal year
The Economic Survey helps to get a holistic view of which sectors will need focus and more allocations, policy support and government programmes in the new financial year. The Economic Survey is the most authoritative and comprehensive analysis of the economy done by the Central Government. However, its recommendations and assessments are not binding on the Union Budget. Through the Economic Survey, citizens get details and information about the functioning of the government.
What is the difference between Economic Survey and Budget?
The Economic Survey is released before the Budget, this report presents the overall economic performance of the previous year with non-binding suggestions for the next financial year. While the Budget outlines the achievements of the government in the previous financial year and announces targets and allocations for the next financial year. The Economic Survey contains analysis, data, research and recommendations based on the previous financial year, while the Budget aims to lay down the requirements for policies, allocations and plans for the next financial year.
