Budget 2021 | What comprises Economic Survey?

The eighth Union Budget under the Modi government for FY2021-22 is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, 2021, in the Parliament.

Due to Covid-19 pandemic, the voluminous Budget documents will not be printed this year and will instead be distributed electronically to the Members of Parliament (MPs).

This will be the first time since the presentation of independent India's first budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with finance bill, detailing new tax and other measures for the new financial year, will not be physically printed.

All MPs will get soft copies of the budget and Economic Survey that contains an account of the state of the economy.

Also read — Economic Survey may suggest 10-year recovery plan

As the Economic Survey is all set to be presented in Parliament on Friday, here's what the survey comprises and why it is a significant document:

What comprises the Economic Survey?

The Economic Survey of India is the flagship document prepared by the advisors to the finance minister which comprises the current trend and a comprehensive report card of the economy in that fiscal year.

The survey is tabled in the Parliament a day before the Union Budget of the year is presented and is prepared under the guidance of the Chief Economic Advisor to the government.

The Economic Survey for 2020-21, which will be prepared under Dr Krishnamurthy Subramanian, is expected to have a detailed assessment of how much the Indian economy has suffered due to the Covid-19-induced lockdown, according to multiple reports.

When was the survey first published?

The document was first presented in the year 1950-51 and was submitted in the Lok Sabha along with the Union Budget until 1964. In the year 1964, the survey began to be released a day before the Budget.

Last year, the survey was rolled out on January 31 and was prepared by the Chief Economic Advisor Krishnamurthy Subramanian. The Economic Survey 2019-20 attempted "to craft a framework of policies that can foster wealth creation in India... as India aspires to become a $5 trillion economy by 2025."

What is the significance of the Economic Survey?

The Economic Survey is an important document as helps common man understand the state of economic affairs of the country and make them be aware of the key economic decisions of the government, which impact their lives in a considerable way.

The survey not only gives a report of the current economic situation but also makes a statement on issues like global warming, gender equality. For example, the Economic Survey 2018-19 was covered in a pink cloth by then Chief Economic Advisor Arvind Subramanian to showcase gender equality.

(With agency inputs)