The economic survey for the year 2020-2021 will be tabled in the parliament on 29th January 2021 days before the presentation of Union Budget on 1st February 2021.
Points To Note
- It will be released with the focus on the impact of lockdown and COVID-19 on the Indian economy.
- It is expected that, the economic survey will provide an overview of how much did the pandemic affect the economy.
- Survey will also provide a road map to revive the Indian economy.
- The road map for the $5 trillion economy is also expected to be laid down.
- It is a flagship annual document that reviews the development in the Indian economy.
- The survey reviews the development of economy over the past fiscal year and presents a holistic preview of the Budget.
- Economic survey is released by the Department of Economic Affairs of the Ministry of Finance.
- The economic survey is prepared by the country’s Chief Economic Advisor and tabled in both houses of Parliament one day before the budget presentation.
- The document is also discussed by the Chief Economic Advisor and his team during a press conference.
- Presently, Krishnamurthy Subramanian is the Chief Economic Advisor of India.
Significance of the Survey
The document helps in reviewing the development of the Indian economy over the past years. It also summarises the performance on major development programs besides highlighting the policy initiatives of the central government. The survey also projects the India’s GDP (Gross domestic product) growth for the next fiscal and suggests measures to boost the growth. For 2020, the Economic Survey had projected growth of Indian economy by 6% to 6.5% and had suggested new ideas for boosting the manufacturing like ‘assemble in India for the world’ which in turn created jobs. However, the growth was disrupted because of Covid 19 Pandemic outbreak.