By Krishnanand
New Delhi:The Economic Survey of India is an annual flagship document released by the Ministry of Finance, Government of India. It provides a detailed account of the country's economic performance over the past fiscal year which begins on April 1 every year and ends on March 31. The survey highlights key economic trends, challenges, and opportunities. This comprehensive report serves as a valuable resource for policymakers, economists, and researchers, offering insights into the overall health and direction of the Indian economy. Over the years, economic survey has become a platform for the country’s Chief Economic Advisors to present new economic ideas before the country.
Content of the Economic Survey
Earlier economic surveys were divided in two parts, Volume 1 and Volume 2. Volume 1 focused on macroeconomic developments, fiscal performance, and sectoral progress. It analysed key indicators such as GDP growth, inflation, employment, foreign exchange reserves, and fiscal deficit. It also explored the performance of various sectors of the Indian economy, including agriculture, industry, and services, examining their growth drivers and challenges.
Volume 2 of India’s economic survey, used to cover policy issues such as socio-economic issues facing the country. For example, issues such as poverty, inequality, health, education, and environmental sustainability were covered in the second part. It explored the impact of government policies and programs on these areas, highlighting achievements and areas that require further attention.
However, since the economic survey for FY 2021-22, the two volumes have been merged and not published separately. In addition to these two main sections, the Economic Survey often included supplementary chapters or annexures that go deep into specific topics of relevance. For example, these may include analyses of particular sectors, discussions of emerging trends, or assessments of specific policy initiatives.
Focus Areas in Recent Economic Surveys
Over the past three to four years, several key themes have emerged as recurring focus areas in the Economic Survey.
Sustainable and Inclusive Economic Growth
For example, sustainable and inclusive growth has been a key thrust area for the economic surveys in the last three-four years. The thrust on achieving economic growth that is both sustainable and inclusive has been a prominent theme. The Surveys have highlighted the need to balance economic development with environmental protection and social equity. Recent Economic Surveys have also stressed the importance of creating jobs, reducing poverty and inequality, and ensuring access to basic services for all segments of the population.
However, Economic Surveys also suggest bold economic ideas to tackle contemporary challenges facing the country’s economy. For example, the last economic survey presented by the Chief Economic Advisor V. Anantha Nageswaran suggested that rather than relying on China for imports, the country should also explore attracting Chinese capital so that Chinese manufacturers can be encouraged to produce in India subject to addressing the security concerns in some strategic sectors.