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.
