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The Economic Survey is an annual publication by the Government of India that provides a comprehensive overview of the country's economic performance, policy initiatives, and future outlook. Typically presented to the Parliament ahead of the Union Budget, the Economic Survey analyzes various aspects of the economy, including GDP growth, inflation, fiscal and monetary policy, sectoral performance, employment, poverty alleviation, and social development. It also assesses the global economic environment and its implications for India. Additionally, the Economic Survey often includes policy recommendations aimed at promoting sustainable and inclusive economic growth, enhancing competitiveness, and addressing structural bottlenecks. Overall, the Economic Survey plays a vital role in informing policy decisions and shaping the economic agenda of the country. Since 2024 is an election year, the Economic Survey is delayed and instead a Ten Year Review of the economy has been published.
Gross Domestic Product (GDP) is the standard measure of a country's economic activity. In simpler terms, it's the total market value of all final goods and services produced in a nation during a specific period. Market value refers to using market prices to value production. Final goods and services are those produced for direct consumption and not for further processing. GDP can be calculated quarterly, monthly, half-yearly, or annually. In India, GDP is calculated at three levels: Country, State, and District.
A budget is an annual financial statement for a specific period, typically a year. It tracks expected income (money coming in) and expenses (money going out) to manage finances and achieve goals. In India, it is prepared by the Department of Economic Affairs, Ministry of Finance. Article 112 of the Constitution provides for an ‘Annual Financial Statement’ to be laid before the house of the Parliament by the President which estimates the expenditure and receipts of the government for the financial year i.e. from 1st April to 31st march.
The Economic Survey is an annual publication by the Government of India that provides a comprehensive overview of the country's economic performance, policy initiatives, and future outlook. Typically presented to the Parliament ahead of the Union Budget, the Economic Survey analyzes various aspects of the economy, including GDP growth, inflation, fiscal and monetary policy, sectoral performance, employment, poverty alleviation, and social development. It also assesses the global economic environment and its implications for India.
The Economic Survey of India is a report released annually by the Ministry of Finance. Under the direction of the Chief Economic Advisor, the Economics Division of the Department of Economic Affairs prepares this report. It serves as a crucial document for policymakers, economists, businesses, and the public, offering insights into key economic indicators, trends, and challenges. It was initially conducted in India in 1950–51. It used to be presented with the Union Budget back then but has been released separately since 1964.
The Economic Survey provides a review of the Indian economy's events over the previous 12 months as well as an outlook for the current year. The Indian economy's current state is also briefly described in the economic survey report. This contains data on the GDP, employment, trade, and inflation rates, among other things.
The General Election process will delay the release of the Economic Survey 2024. Rather, the Centre has published a report titled "Indian Economy–A Review," which covers the country's past ten years.
A review: Was released by DEA and contains the following important chapters:-
The survey has 12 chapters which cover various key themes in the Indian economy
This article will now delve into some key themes which have been highlighted about the Indian economy in the above documents.
India's nationally determined contributions (NDCs), which include the shift to renewable energy resources, the pledge to achieve "Net Zero" emissions by 2070, and the steps taken to become energy independent, are listed in the chapter on "Climate Change and Environment" of the Economic Survey 2022–2023.
Over the past six years, India's agriculture sector has grown at a strong average annual rate of 4.6%. As a result, agriculture was able to make a substantial contribution to the nation's overall development, growth, and food security.
According to the Economic Survey 2022–2023 for the first half of FY 22–23, the Industrial Sector's overall Gross Value Added (GVA) increased by 3.7%, exceeding the 2.8% average growth for the same period last decade.
India's services sector is predicted to expand by 9.1% in FY23 as opposed to 8.4% (YoY) in FY22.
Socio-Economic surveys are different from Economic survey and are conducted by The National Sample Survey Office (NSSO). These are conducted in the form of Rounds, each round being of one-year duration. 1st socio economic survey round was conducted during 1950-51. The subjects for socio economic surveys for different Rounds is decided on the basis of a 10 year cycle. In this cycle, 1 year is denoted to Land and Livestock Holdings, Debt and Investment; 1 year to Social Consumption (education, health care, etc.), 2 years to quinquennial surveys on household consumer expenditure, employment & un-employment situation and 4 years to non-agricultural enterprises, namely, manufacturing, trade and services in un-organized sector. The remaining 2 years are for open Rounds in which subjects of current/special interest on the demand of Central Ministries, State Governments and research organizations are covered.
The period from 2014 to 2022 has been an influential time in India's economic history since the years 2014–2022 saw reforms intended to make living and conducting business easier. The creation of public goods, trust-based governance, joint ventures with the private sector, and raising agricultural productivity served as the foundation for the reforms. However, during this time, important macroeconomic variables suffered as a result of global shocks and balance sheet stress.
As India today stands as the 5th largest economy in the world and targets the $5 Trillion the Indian economy is poised to grow at its potential in the medium term. We bounced back from the pandemic years and also are doing better than most other countries in the world. In 2047, the target is to be a developed country after 100 years of India’s independence.
To achieve this we will have to tackle the rising geopolitical conflicts in the world and the Indian Ocean Region due to China’s antics. India will also have to, on priority, focus on labour skilling, learning outcomes, welfare and health of our population, boosting industry specifically the MSMEs and gender balancing the worldforce.
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