The provision for the presentation of the budget by the Central Government is in Article 112 of the Constitution.Image credit source: Getty Images
Ahead of the budget, Finance Minister Nirmala Sitharaman will present the Economic Survey today. There has been a tradition of presenting the Economic Survey before the budget. This survey is seen as the government’s report card. Through this report, the government reviews its work of the last year and prepares future plans. Let us know why it is presented before the budget and also what is its importance.
What is economic study?
The Economic Survey is presented one day before the presentation of the budget in Parliament. This is the main basis of the budget, it gives a complete picture of the economy and is prepared on the basis of the review of the previous financial year. Through it, the government reports on the current state of the country’s economy. It includes all the information such as the development trend throughout the year, how much revenue was earned in which sector, how CAN-See schemes were implemented in which sector.
Why is the Economic Study important?
Through the Economic Survey, the government presents a better picture of the country’s economic situation. It records important information on aspects such as work, employment, GDP figures, budget deficit and inflation for the last year. Through this, the survey is prepared by the country’s Chief Economic Adviser.
This information is included
The Economic Survey is an annual document of the Ministry of Finance. It contains the account of the country’s economic development. This survey shows where the country has benefited and where it has suffered losses. Based on this survey it is decided what kind of possibilities will be seen in the economy during the next year.
Who prepares the survey report?
The Economic Survey report is prepared by the Economic Division of the Ministry of Finance. It is mainly done under the supervision of the Chief Economic Adviser. This year this economic survey has been prepared by the team led by Chief Economic Adviser V Ananth Nageswaran.
This information is available
1. The economic survey reveals the true picture of the country’s economy. With this, the government presents to the people figures ranging from inflation to unemployment in the country.
2. This allows common people to know the future policy and roadmap of the government.
3. The Economic Study also provides information on the performance of the different sectors and how much development the country has achieved on the investment and savings front.
