Explained: What is Economic Survey, and why is it important?

News: The Economic Survey for 2019-2020 will be tabled in Parliament on Friday (January 31).

Facts:

About the Economic Survey

  •  It is a report the government presents on the state of the economy in the past one year, the key challenges it anticipates, and their possible solutions.
  • It is prepared by the Economic Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Advisor (currently Dr Krishnamurthy Subramanian.)
  • The first Economic Survey was presented in 1950-51

Significance:

  •  Crucial document as it provides a detailed account of the state of the economy, prospects and the policy challenges.
  •  Carries sectorial overviews and comments on reform measures that are required.
  • Survey’s outlook serves as a marker about future policy moves.

Note: Government is not constitutionally bound to present the Economic Survey or to follow the recommendations that are made in it.

 

Growth likely to be in the lower range, closer to 6.5%: 

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