The Economic Survey 2021-22 will be tabled in the Parliament by finance minister Nirmala Sitharaman on Monday, January 31. The finance ministry is likely to project economic growth rate of around 9 per cent for the next financial year (2022-23), according to various experts. Apart from predicting the future of Indian economy, the Economic Survey will provide a glance at how Indian economy has performed in the last 12 months.
Presenting the Economic Survey before the Union Budget has been a longstanding tradition in India. The Economic Survey 2021-22 is also expected to provide a detailed assessment of the impact of coronavirus pandemic on the Indian economy.
All you Need to Know About Economic Survey 2021-22:
1. The finance ministry will likely project an economic growth rate of 9 per cent for the next financial year (2022-23). The World Bank, in a recent report, said India’s economy is projected to grow at a rate of 8.7 per cent. The Indian economy contracted by 7.3 per cent during 2020-21 due to the outbreak of the Covid-19 pandemic and countrywide lockdown.
2. The Economic Survey 2021-22 will come out in a single volume this year. The report reviews the economic development of India over the past financial year, which ends in March, and provides an outline for the next financial year.
3. It gives detailed figures on all sectors – agricultural, industrial, manufacturing, employment, infrastructure, foreign exchange, exports and imports among others – and highlights policy initiatives and projects undertaken by the government in power.
4. While the chief economic adviser traditionally prepares the report, this year the principal economic adviser and other officials have prepared it. The post of CEA was left vacant following the end of Krishnamurthy Subramaniam’s term in December.
5. This is chief economic adviser V Anantha Nageswaran’s first Economic Survey report, and he will be addressing a press conference as well. He took charge just days ahead of the presentation of the Budget. Nageswaran is an academic and former executive with Credit Suisse Group AG and Julius Baer Group.
6. Economic Surveys provide a better understanding of the economy and help understand the Union Budget better. The surveys were presented as part of the Budget earlier but were delinked in 1964 and presented before with the aim of giving a background or context.
7. Last year’s survey focused on the Covid-19 pandemic with India adopting a four-pillar strategy of containment, fiscal, financial, and long-term structural reforms.
8. All Economic Surveys have a theme every year. Last year, it was saving lives and livelihoods. The theme of the 2017-18 report was ‘pink’ as a symbol for women empowerment.
9. All the Economic Survey reports can be found on the website of the ministry of finance in PDF format: https://www.indiabudget.gov.in/economicsurvey/
10. India is not the only country to present such a survey. The United States, Scandinavian as well as Eurepoean Union countries have their own economic surveys.