Economic Survey: Understand in easy language what is Economic Survey, why is it presented before the budget?

Economic Survey: Finance Minister Nirmala Sitharaman is going to present the country's general budget on 1 February. Before this, the Economic Survey is presented in the House.

Economic Survey: Finance Minister Nirmala Sitharaman is going to present the country's general budget on 1 February. But before the presentation of the general budget, the Economic Survey is also presented in the Parliament. In such a situation, the question arises that what is this economic survey and why is it presented before the budget. Economic Survey is a very important document to understand the economic condition of the country. Let's know everything about it.

What would have been an economic survey?

Economic survey is like an accounting. For example, take a middle class Indian family. Generally, the middle class family keeps account of each and every item of their house in a register. At the end of the year, the head of the family sees how much was spent and how much was saved. On the basis of that, he prepares for the next year's home expenses. Economic Survey is also similar. In which the framework for preparing the next year's budget is decided on the basis of the accounts of the country's last one year.

Why is Economic Survey important?

Economic Survey 2022 is an annual account of the economic development of the country in a year. On the basis of which it is estimated that how the country's economy was in the last one year. On which fronts were there gains and where were losses. On the basis of this Economic Survey, it is decided that what kind of possibilities exist in the country's economy in the coming year. Suggestions are also given to the government on the basis of economic survey, but whether to implement them or not, it is the responsibility of the government. This is the reason why the Economic Survey is placed on the table of the Parliament just before the presentation of the budget.

Economic Survey makes forecast

Economic Survey not only predicts the country's economy, but also estimates what will be expensive and what can be cheap on the basis of last year. For example, along with treasury, broad prospect, product, inflation rate, information about all the economic activities of the country related to the economy is available from the Economic Survey. Due to which it is estimated whether there will be recession or boom in the economy in the coming year, then further process is done on the basis of this.

When was the Economic Survey prepared for the first time

The first Economic Survey of the country was introduced between 1950-51. The special thing is that till 1964 the Economic Survey was presented along with the general budget of the country. But then it is being presented a day before the budget. To a large extent, it is also estimated from the Economic Survey that what is going to come in the budget.