Economic Survey: What is it and why does it matter?

New Delhi: The Economic Survey of India is a detailed report of the country's economic performance over the past financial year. It includes details of all major government schemes, as well as key policies and their outcomes.

The first Economic Survey was presented in 1950-51, and until 1964, it was presented along with the Union Budget. Since then the survey has been presented a day before the Budget.

This year’s survey was presented in a single volume and projected growth of around 9% for the financial year 2023.


Here’s a quick explainer on India’s Economic Survey and why it matters.

What does the survey contain?

The survey provides a snapshot of the major economic developments in the past year and offers a glimpse of what's to come in the short to medium term. It essentially lays the groundwork for the presentation of the Budget.

Why is it significant?

The survey reviews economic development in India over the past fiscal year by analysing data from all sectors. It also helps give a better understanding of the Union Budget by laying out the country's priorities and challenges for the coming year.

Who prepares it?

The survey is prepared by the team headed by the chief economic advisor (CEA) in the Ministry of Finance.

Does it affect the Budget?

Although the Budget keeps the survey findings in the backdrop, they don't necessarily affect each other. The government is not constitutionally bound to present the Economic Survey or to follow its recommendations. It can reject all suggestions laid out in the document if it so chooses.