ECONOMIC SURVEY

1. • 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 public domain. • Before 1964, ES was released with Budget, but after 1964 it is released separately.

2. Q1) What is Economic Survey?

3. Q2) What Economic Survey contains?

3.1. • 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 snap shot of future development work which are ongoing or to be initiated by the government.

4. Q3) When was first Economic Survey and Budget of India presented?

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

5. Q4) What constitution says about ES?

5.1. • 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.

6. Q5) What is the Significance of ES?

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

7. Q6) What is the difference between Economic Survey and Budget?

7.1. 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.

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

8. Important Information about Econonmic Survey?

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