8 Facts about Economic Survey 2016-17

What is Economic Survey?

Economic Survey 2016-17 is an annual document presented by the Ministry of Finance, which provides a detailed account of the performance of various sectors and the overall macro economic outlook of the country. The document serves as the basis for various policy interventions and outline for the upcoming financial year.

2. Who prepares Economic Survey?

The Economic division of Department of Economic Affairs in Ministry of Finance, guided by the Chief Economic Advisor is responsible for preparing the Economic Survey. The survey is scrutinized by the Finance Secretary and formally approved by the Finance Minister.

3. When was the first Economic Survey of India presented?

The Economic Survey was presented for the first time in 1950-51. It was detached from the Budget from 1964.

4. When is the Economic Survey presented?

It is presented during the Budget session of the Parliament and traditionally, a day before the presentation of the Annual Budget.

5. What is the relevance of the Economic Survey?

The Economic Survey provides a picture of the overall state of the economy. It also sets forth the context of the Annual Budget.

6. Is it binding to present the Economic Survey in the Parliament?

No. It is not binding on the government and no provisions have been given in the Constitution of the country as well. It has been a traditional practice to present it prior to the budget.

7. Is an Annual Economic Survey published by other countries as well?

Yes, most of the developed and emerging countries follow the practice of publishing an Economic Survey.

8. Where can you find the Economic Survey?

The document if available for free download from www.finmin.nic.in, www.indiabudget.nic.in and www.selflearn.co Further, Oxford publications also comes out with the Economic Survey in the form of a book for purchase.