Why does the economic survey come before the budget? Know the importance of what is

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New Delhi, 30 January 2023, Monday

A document called the Economic Survey is tabled in Parliament before the budget is presented. Which will be presented by Finance Minister Nirmala Sitharaman tomorrow i.e. on January 31. This is a very important document, as it mentions the accounts of the previous year and suggestions, challenges and solutions for the coming year.

It has been prepared under the supervision of V Ananth Nageswaran, Chief Economic Adviser to the Government. The Chief Economic Adviser will also answer questions from the media at a press conference after the Finance Minister's presentation in Parliament. In the Economic Survey, the government reports on its fiscal development as well as monetary management and the external sector. It also provides information about the results of government policies and programs and their impact on the economy. The first Economic Survey of the country was introduced in 1950-51. Till 1964 the Economic Survey was presented along with the general budget of the country, but then it was presented a day before the budget.

Who is the Economic Survey?

The Economic Survey is prepared by the Ministry of Finance. The responsibility for preparing it lies with the Economic Division of the Department of Economic Affairs of the Ministry. This department prepares this important document under the supervision of the Chief Economic Adviser to the Government.

Why is it important?

The Economic Survey gives an account of the economic health of the country by the Central Government. Through this document, the government informs the public about the economic condition of the country. Apart from this, information is also given about how fast the economic condition of the country is progressing. The economic survey also gives recommendations to the government regarding the economy. However, it is not binding on the government to accept these suggestions. Economic survey serves to give direction to our economy in a way. Because this shows how the country's economy is doing and what needs to be done to improve it? Economic survey shows the trend of the economy.

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