Nirmala Sitharaman, Union Finance Minister will be presenting the Economic Survey in the Parliament today on July 4. Here is all you need to know:
Economic Survey: The basics
It is an official document detailing the state of the economy and is presented a day prior to the presentation of the annual budget. This year the Modi 2.0 government's first Economic Survey it will be tabled today i.e. July 4, 2019 by the FM in parliament.
Who drafts the Economic Survey?
The Economic Survey 2019-20 has been prepared by the new Chief Economic Advisor KV Subramanian. On his twitter handle he said, "Looking forward with excitement to table my first - and the new Government's first - Economic Survey in Parliament... #EcoSurvey2019".
What it contains?
It includes detailed statistical data covering macro as well as sectoral aspects of the Indian economy. Primarily and broadly it is a flagship annual document reviewing the economy's performance over the past one year. It also highlights the different policy measures taken by the central government, prospects of the economy in the short to medium term and the performance in the respect of the development programmes. Further, it emphasizes on the different challenges gripping the economy.
The Economic Survey outlook provides for a direction in respect of the future policy moves which needs to be initiated.
Projections are given for the economy as to it will get a boost or witness a phase of deceleration and what basis and assumptions (citing detailed reasons).
It is important to note that in many of the previous occasions, policy changes suggested in the Economic Survey do not form the part of the Budget proposals.
Timing of presentation of Economic Survey 2019
The Economic Survey 2019 will be presented to both Houses of Parliament- Lok Sabha and Raya Sabha on July 4. In a general case the Economic Survey is presented at 12:00 PM.