All Important Information About Economic Survey

What is the Economic Survey?

• Economic Survey is an annual document which mentions about the economic activities of previous financial year.
• It is released a day before the Union Budget is presented in the Parliament.
• ES is prepared by the Department of Economic Affairs, under the guidance of Chief Economic Advisor of India.
• There is no secrecy in making ES, as its data is already in the public domain.
• Before 1964, ES was released with Budget, but after 1964 it is released separately.

What Economic Survey contains?

• ES is the review of the economic activities of the previous year.
• ES gives the glimpse of the development work, beneficiary schemes, and economically prosperous projects.
• It highlights the initiatives taken by the government in the welfare of its citizens and prosperous economy.
• It also gives a snapshot of future development work which are ongoing or to be initiated by the government.

When was the first Economic Survey and Budget of India presented?

• It was presented in 1950-51 by the FM Johan Maithai.

What does the constitution say about ES?

• The word Economic Survey and Budget is not mentioned in the constitution.
• According to Article 112, every year the President of India shall cause to be laid in the Parliament on “Annual Financial Statement”.
• Economic Survey is neither a constitutional nor statutory.

What is the Significance of ES?

• It gives a detailed account of all the economic activities held in India in the previous financial year.
• This is very useful in predicting the future of the Indian economy.
• It also helps the common citizen to understand the economic condition of the country on various spheres.

What is the difference between Economic Survey and Budget?

Economic Survey

• It reviews the economic activities of the previous year.
• It highlights the initiatives taken by the government in the welfare of its citizens and prosperous economy.
• It does not discuss about the financial aspect of future plans.
• It is not the obligation of Govt. to release the ES.

Budget

• Budget is also called the Annual Financial Statement.
• The word budget is mentioned in Article 112 of the constitution.
• A budget gives the detailed account of government’s income and expenditure, policies, planning, economic activities, schemes, welfare projects, financial allotment to different sectors of the economy, schemes, infrastructure development, defence, etc.
• Budget is an obligation of the Union Government.

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