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About Economic Survey
The Economic Survey of India is an annual document of the Ministry of Finance, Government of India. The Department of Economic Affairs, Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It prepared under the guidance of the Chief Economic Adviser of India. This document presented to both Houses of Parliament during the Budget Session.
The first Economic Survey of India presented in 1950-51 as part of the Union Budget. After 1964 it was separated from the Budget and presented each year during the Budget Session before the presentation of the budget. The document is non-binding. Nevertheless, constructed and presented each year due to its significance.
Economic Survey of India 2021
The Economic Survey 2020–21 was tabled during the Budget Session of the Parliament on 29 January 2021 by Nirmala Sitharaman, Minister of Finance. The survey was prepared under Krishnamurthy Subramanian, the Chief Economic Advisor (CEA) to the Government of India. The CEA also presents the survey during a press meet after it tabled in Parliament.
The 2020-21 survey has conducted in the background of the COVID-19 pandemic and the economic impact of the COVID-19 pandemic in India. A foundational theme of a survey as a result of the pandemic has been “Saving Lives and Livelihoods”. The survey goes on to outline epidemiological and economic research related to lockdowns and minimizing losses when uncertainty is very high, in this case, the loss being the loss of human life. The survey also notes how a “healthcare crisis can get transformed into an economic and social crisis”.
Some of the key points of the Economic Survey 2020–21 are:
- The survey launches a ‘Bare Necessities Index’.
- India is witnessing a V-shaped economic recovery.
- The survey covers over-regulation in the Indian economy. The survey dedicates a chapter to discuss India’s sovereign credit rating.
- India needs to increase spending on research and development. India ranks 48th among 131 countries in the Global Innovation Index. However, India is underperforming in innovation in terms of its GDP. India’s Gross Expenditure on Research and Development (GERD) is suitable according to GDP but lacks behind a number of countries. India can successfully convert an investment into innovation better than most countries.
- Ayushman Bharat Yojana has had a positive impact on healthcare.
Economic Survey 2021 [Volume 1 & 2] PDF Download:
Economic Survey 2021 Volume-1
Economic Survey 2021 Volume-2
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