Budget 2023: What is the Economic Survey? All you need to know about it

The Survey reviews the economic and financial trends in the nation over the past year and provides detailed data and analysis on all the major sectors of the economy

Finance Minister Nirmala Sitharaman will present the Economic Survey in the Parliament on Tuesday. The document, which shows how the economy performed in the past year, is among the most important financial documents released by the Centre. 

According to reports, Sitharaman will present the Economic Survey at 1 PM. Soon after the FM presents the document, the Chief Economic Advisor V Anantha Nageswaran will present the document in a press conference. The Economic Survey is prepared by the office of the CEA. 

What is an Economic Survey?

The Economic Survey reviews the economic and financial trends in the nation over the past year. It gives detailed data on all sectors, and analyses the trends in agricultural and industrial production, infrastructure, employment, inflation rate, trade, foreign exchange reserves and other economic areas.

The survey helps the government mobilise and allocate resources more efficiently in the Union Budget, and formulate strategies for the Indian economy for the coming year. The Economic Survey also helps policymakers identify the main challenges to the nation's GDP growth.

When was the first Economic Survey of India presented?

The Finance Ministry first presented the Economic Survey of India for the first time in 1950-51. At that time, it was presented along with the Union Budget. However, from 1964 onwards, the survey was delinked from the Budget.

When was the last Economic Survey of India presented?

Last year, the Economic Survey was presented by the then Principal Economic Advisor, Sanjeev Sanyal. Every year, the survey is presented with a theme. The theme of the Economic Survey 2022 was 'Agile Approach', which reflected the central government's measures to fight the economic challenges brought upon the nation due to the Covid-19 pandemic and the steps taken to get the economy into recovery mode.

The survey released last year also moved from a two-volume format to a single volume, as Sanyal said the earlier two-volume format was way too “unwieldy.”

Last year's Economic Survey predicted economic growth of 9.2 per cent in real terms in 2021-22, while GDP growth was pegged at 8-8.5 per cent for 2022-23.

All the previous economic surveys presented by the government can be accessed online via www.indiabudget.gov.in/economicsurvey/.