Ahead of the presentation of the Union Budget 2022-23 tomorrow (February 1), Union Finance Minister Nirmala Sitharaman will present the 2021-22 Economic Survey to Parliament today. The important financial document is usually tabled in Parliament the day before the budget, as per the standard. Last year, the Economic Survey was tabled two days before the budget on January 29, with February 1 falling on a Monday.
What is an economic survey?
A long-standing budgetary tradition, the Economic Survey has been presented since 1950-51. Until 1964, it was tabled at the same time as the budget. Since then, tradition has it that the FM presents the survey the day before the budget.
The important budget document informs on the roadmap for the economy, setting the tone for the presentation of the budget itself. The economic survey provides an overview of the performance of the economy over the past fiscal year, sharing the status of key government development programs and policies.
The survey is developed by the Economics Division of the Department of Economics (DEA), under the direction of the Chief Economic Adviser (CEA).
Meaning and purpose
The economic study analyzes the trends of different economic factors, highlighting investments, as well as programs and reforms aimed at stimulating the economy. It gives economic forecasts, as well as data on where and how the economy is heading in the coming year.
In the 2022 Economic Survey, the government is expected to table a single volume presentation with growth projections of around 9% for the coming fiscal year. This economic projection in last year’s survey presentation was 11%.