Economic Survey 2021-22: On Monday, FM Nirmala Sitharaman presented the Indian Economic Survey, which details the state of the economy ahead of the government’s budget for the financial year beginning April 1, 2022. It forecasts a growth rate of 8 to 8.5 per cent for the Indian economy in the 2022-23 financial year (April 2022 to March 2023). This is lower than the earlier estimate of 9.2 per cent growth for the current financial year.
Union Finance Minister Nirmala Sitharaman will present the country’s general budget on Tuesday, February 1, 2022. It is worth noting that, as a full-time woman finance minister, this will be Sitharaman’s fourth budget, while this will be the 10th budget of the Modi government since coming to power in 2014. Earlier on Monday, the Finance Minister presented the Economic Survey, which details the state of the economy ahead of the government’s budget for the fiscal year beginning April 1, 2022. It forecasts a growth rate of 8 to 8.5 per cent for the Indian economy in the 2022-23 financial year (April 2022 to March 2023).
NSO had projected 9.2 per cent
Significantly, the National Statistical Office (NSO) had earlier projected a GDP expansion of 9.2 per cent. That is, it is less than the earlier estimate of NSO. The Economic Survey 2021-22 details the state of various sectors of the economy as well as the reforms to accelerate growth. There was a decline of 7.3 per cent in the Gross Domestic Product (GDP) in 2020-21. The survey focuses on supply-side issues to improve the resilience of the Indian economy.
What is an economic survey?
Government presents the budget on 1st February every year. The Economic Survey was always put up just a day before it, although last year it was presented on January 29. An economic survey is the mainstay of the budget, and in it, the government presents the complete picture of the economy, and keep the entire account. In other words, the economic survey is an account of the economic health of the country.
Through this, the government tells the condition of the economy, what was the trend of development throughout the year, how much capital came in which area, Implementation of various schemes, etc. Along with this, it contains information about government policies.
The first economic survey in 1950-51
Finance Minister approves the document after getting ready. The first Economic Survey was introduced in 1950-51. For the last few years, the government is presenting the Economic survey in two volumes. The Economic Survey report is the mainstay of the budget. Although the government should implement its recommendations, it is not necessary. It contains detailed information about government policies, key economic data and sector-wise economic trends. The government offer this in two parts. In the first part, the government tells the economic conditions, and in the second part, they display the key figures. The Economics Division of the Department of Economic Affairs prepares it under the guidance of the Chief Economic Adviser.
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