The 2021 Economic Survey will be tabled on 29 January, a few days before the Union budget, which will be presented by Union finance minster, Smt Nirmala Sitaraman on 1 February 2021. On the same day of Economic Survey 2021, President Ram Nath Kovind will address the combined session of the two houses.
The Economic Survey, compiled under the guidance of the CEA by the Economic Division of the Department of Economic Affairs (DEA), is a comprehensive study on the economic situation over the last year. It lists key anticipated obstacles and the way out of them. After the document is prepared, the Economic Survey will be approved by the Finance Minister. In 1960-51, the first Economic Survey was presented, and it was issued at the time of the Budget until 1964.
Although the Economic Survey is a key document offering a detailed official version of the government’s take on the nation’s economic situation, the government is not, in fact, constitutionally obligated to present the Economic Survey or to implement the recommendations made in it.
The paper also analyzes trends in the supply of money, infrastructure, agricultural and industrial output, as well as employment, prices, exports, imports, reserves of foreign currency and other significant considerations which may affect the budget.
In addition, financial magnitudes are grouped, such as how much is set aside for the formation of capital, etc. This helps in better understanding of the effect on other areas of the economy of government revenues and expenditures.
The 2021 Economic Survey is as critical as it was during the COVID-19 pandemic outbreak. The economy can contract by 7.7 %, as per the government’s First Advance estimates. The survey is expected to detail plans to bring the economy back on track in order to reach the target of $5 trillion set in 2019.