Budget 2023: What is Economic Survey and why is it important? Who prepares it? All you need to know

Budget 2023: Union Budget for the financial year 2023-24 is set to be presented on February 1 by Finance Minister Nirmala Sitharaman. But before that, Economic Survey will be presented in the Parliament. So, let's find out what is Economic Survey and why it is important? 

The Economic Survey is an important document of the Ministry of Finance which is presented a day before the budget. Economic Survey, a two-volume document provides a summary of the country's annual economic growth as well as outlines the economy's medium- and short-term prospects. In simpler words, Economic Survey tells the economic condition of the country.

The Budget for the financial year 2023-24 will be presented in Lok Sabha on February 1, Wednesday, at 11:00 AM,  accordingly, the economic survey of the country will be presented on January 31.

Who prepares Economic Survey?

It is prepared under the supervision of the Chief Economic Advisor of India (CEA).

Why is Economic Survey introduced?

The Economic Survey of India reviews the economic health of the country. Through this document, the government informs the public about the economic condition of the country?

It summarizes the performance of the economy on major development programs and highlights the policy initiatives as well as the prospects of the economy in the short to medium term.

The Economic Survey works as an important tool for creating a budget as it provides feedback as well as serves as a guide by indicating the Finance Ministry's priorities for the upcoming financial year.

The entire decision rests with the government. For this reason, the Economic Survey is presented in Parliament a day before the budget.

Who presents the Economic Survey?

The Department of Economic Affairs and the Ministry of Finance presents the survey in parliament every year.  FM Nirmala Sitharaman tabled the Economic Survey for 2021-22 in the parliament.

When was the Economic Survey presented for the first time?

The first Economic Survey of India was presented between 1950-51. Until 1964 the Economic Survey was presented along with the general budget of the country. Later, it started being presented a day before the budget.

Also, read- Budget 2023: What is Finance Bill and how is it different from Money Bill?