The Finance Minister Arun Jaitley is all set to address Parliament and table the Economic Survey on Tuesday. The Economic Survey features the economic growth forecasts, recommend policy changes and set the tone for the Union Budget to be presented on Wednesday.
The Economic Survey is tabled just a day before the Union Budget gets presented at the parliament. Here are main features of Economic Survey you must know:
- The annual Economic Survey is typically tabled a day before the presentation of the union ‘Budget. Thus, Finance Minister Arun Jaitley will table this report in Parliament on January 31 —a day before he presents the Union Budget on February 1.
- The Economic Survey is sort of an official report of the economy. It comprehensively accounts of the state of the economy, prospects and the policy challenges and carries sectoral outlines and comments on reform measures that are needed.
- The Economic Survey’s stance serves as a marker about forthcoming policy moves. It is penned by Chief Economic Adviser and team.
- The Economic Survey also provides detailed reasons on why the economy will expand faster or slow down.
- CEAs have used the Economic Survey to endorse policy changes, occasionally even sweeping measures.
- This year’s Economic Survey is extensively predictable to suggest the rollout of Universal Basic Income (UBI) – a poverty alleviation plan concerning direct money transfer to people’s bank accounts.
- However, the government isn’t bound to follow these recommendations and it only serve as a policy guide.
- Economic Survey, formerly, has favored policy changes that come into skirmish with the official way of thinking of the government in rule.
- Notably, these do not certainly serve as pointers to what to anticipate in the annual budget.
- Policy changes recommended in the Economic Survey on many occasions have not been reflected in budget proposals.
