>Abel Roznovski at 02:29, 17 September 2021

2021-09-17T02:29:16Z

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The '''Economic Survey of India''' is an annual document of the [[Ministry of Finance (India)|Ministry of Finance]], Government of India. The [[Department of Economic Affairs (India)|Department of Economic Affairs]], Ministry of Finance presents the Survey in the [[Parliament of India|Parliament]] every year, just before the [[Union budget of India|Union Budget]]. It is prepared under the guidance of the [[Chief Economic Adviser to the Government of India|Chief Economic Adviser]] of India.<ref name=":0">{{Cite web|url=https://www.financialexpress.com/what-is/economic-survey-meaning/1623911/|title=What is Economic Survey?|date=2019-06-30|website=The Financial Express|language=en-US|access-date=2019-07-30}}</ref> This document is presented to both Houses of Parliament during the [[Union budget of India|Budget Session]].

The first Economic Survey of India was 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.<ref name=":1">{{Cite web|url=https://www.news18.com/news/business/what-is-economic-survey-and-why-is-it-important-2479667.html|title=What is Economic Survey and Why is it Important?|last=PTI|date=30 January 2020|website=News18|access-date=2020-01-31}}</ref> The document is non-binding. Nevertheless, is constructed and presented each year due to its significance.<ref name=":1" />

== Content ==
The document is the Ministry's view{{Clarify|reason=The ministry's view or CEA or government?|date=January 2021}} on the state of the economy of the country. This document of the Ministry, the Economic Survey of India reviews the developments in the [[Economy of India|Indian economy]] over the past financial year, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.<ref name=":0" />

Unlike the traditional Economic Survey, the Economic Survey of India for 2016–17, prepared by Chief Economic Adviser [[Arvind Subramanian]],<ref>{{Cite web|url=https://www.news18.com/news/business/arvind-subramanian-the-man-who-revolutionised-economic-survey-1784489.html|title=Arvind Subramanian, the Man Who Revamped Economic Survey|website=News18|access-date=2019-07-30}}</ref> did not have the detailed financial statistics of the Government of India.<ref>{{cite journal|title=Energy News Monitor | volume=XIII| issue= 48 |url=https://www.orfonline.org/research/energy-news-monitor-volume-xiii-issue-48/|publisher=ORF|access-date=2 May 2018|date=15 May 2017}}</ref>

== Economic Survey of India 2020 ==
The '''Economic Survey 2019{{ndash}}20''' was tabled during the Budget Session of the [[Parliament of India|Parliament]] on 31 January 2020 by [[Nirmala Sitharaman]], Minister of Finance.<ref name=":03">{{Cite web|last=PIB Delhi|date=31 January 2020|title=Economic Survey of India|url=https://pib.gov.in/PressReleseDetail.aspx?PRID=1601251|access-date=2020-01-31|website=Press Information Bureau}}</ref> The survey was prepared under [[Krishnamurthy Subramanian]], the [[Chief Economic Advisor to the Government of India|Chief Economic Advisor]] (CEA) to the Government of India. The survey is also presented by the CEA during a press meet after it is tabled in Parliament.<ref name=":22">{{Cite web|last=Agarwal|first=Nikhil|date=2020-01-31|title=Krishnamurthy suggests a Chinese formula to create jobs|url=https://www.livemint.com/budget/economic-survey/economic-survey-2020-to-be-released-shortly-could-project-growth-at-6-6-5-11580448977665.html|access-date=2020-01-31|website=Livemint|language=en}}</ref><ref>{{Cite web|date=31 January 2020|title=Economic Survey 2020 Live Updates: Banks likely to remain risk averse unless IBC process speeds|url=https://www.businesstoday.in/union-budget-2020/economic-survey-2020-live-updates-kv-subramanian-nirmala-sitharaman-narendra-modi-economic-policies/story/395021.html|access-date=2020-01-31|website=Business Today}}</ref><ref name=":4">{{Cite news|date=2020-01-31|title=Highlights of CEA Subramanian press meet on Economic Survey: from 'wealth creation' to ‘Thalinomics'|language=en-IN|work=The Hindu|url=https://www.thehindu.com/business/budget/highlights-of-cea-subramanian-press-meet-on-economic-survey-from-wealth-creation-to-thalinomics/article30702573.ece|access-date=2020-01-31|issn=0971-751X}}</ref>

This year the survey was printed in [[lavender (color)|lavender]], the same colour as the 100-rupee note, symbolizing the integration of old and new.<ref>{{Cite news|date=2020-01-31|title=Economic Survey Highlights: The good, the bad and the ugly|work=The Economic Times|url=https://economictimes.indiatimes.com/news/economy/indicators/economic-survey-2020-key-highlights/articleshow/73791464.cms?from=mdr|access-date=2020-01-31}}</ref> The broad theme for the survey is "Ethical Wealth Creation". The document outlines strategies for making India a $5 trillion economy by 2024{{ndash}}25.<ref>{{Cite web|last=Srivats|first=K. R.|date=31 January 2020|title=Economic Survey sets the tone for Budget 2020|url=https://www.thehindubusinessline.com/economy/budget/economic-survey-sets-the-tone-for-budget-2020/article30701081.ece|access-date=2020-01-31|website=The Hindu Business Line|language=en}}</ref><ref name=":3">{{Cite web|date=2020-01-31|title=Economic Survey 2019-20 highlights|url=https://www.livemint.com/news/india/economic-survey-2019-20-highlights-11580460082509.html|access-date=2020-01-31|website=Livemint|language=en}}</ref> This includes strengthening the [[invisible hand]] of the Indian economy through trust in pro-business government intervention and trust in the markets;<ref>{{Cite news|last=Xavier|first=John|date=2020-01-31|title=Economic Survey 2019-20 highlights: Back to Adam Smith's Invisible Hand|language=en-IN|work=The Hindu|url=https://www.thehindu.com/business/budget/economic-survey-2019-20-highlights-back-to-adam-smiths-invisible-hand/article30701669.ece|access-date=2020-01-31|issn=0971-751X}}</ref> while at the same time moving away from "pro-crony" policy and focusing on ethical wealth creation.<ref name=":4" /><ref name=":6">{{Cite web|last=Ministry of Finance|date=31 January 2020|title=Theme of the Economic Survey 2019-20 - Enable Markets, Promote 'Pro-Business' Policies and Strengthen 'Trust' in the Economy|url=https://pib.gov.in/newsite/PrintRelease.aspx?relid=197772|access-date=2020-02-01|website=Press Information Bureau}}</ref>

The survey covers the economic performance India in 2019{{ndash}}20 including fiscal developments, external sector developments, monetary management and [[Financial intermediary|financial intermediation]], inflation, sustainable development and climate change, agriculture and food management, industry and infrastructure, services sector, social infrastructure, employment and [[Human development (economics)|human development]]. Some of the key points raised by the survey were the need for grassroots entrepreneurship, pro-business and pro-market differentiation, policies that do not undermine the markets, job and growth creation, improving the [[Ease of doing business index|ease of doing business]] in India, creation of early warning health system for the [[Non-bank financial institution|NBFC]] sector, [[privatization]] and ''thalinomics''.<ref>{{Cite web|last=Ministry of Finance|date=31 January 2020|title=Key Highlights of Economic Survey 2019-20|url=https://pib.gov.in/newsite/PrintRelease.aspx?relid=197771|url-status=live|archive-url=https://web.archive.org/web/20200201053308/https://pib.gov.in/newsite/PrintRelease.aspx?relid=197771|archive-date=1 February 2020|access-date=2020-02-01|website=Press Information Bureau}}</ref>

=== Ethical wealth creation ===
The importance of "Ethical Wealth Creation" as a basis for the economy is emphasized upon. Reference to the ''[[Arthashastra]]'', ''[[Tirukkural]]'' and ''[[An Inquiry Into the Nature and Causes of the Wealth of Nations|The Wealth of Nations]]'' is made.<ref name="BT_ES2020">{{cite news | last = | first = | title = Economic Survey 2020 draws heavy references from Kautilya's Arthashashtra | newspaper = Business Today | location = New Delhi | pages = | language = | publisher = BusinessToday.in | date = 31 January 2020 | url = https://www.businesstoday.in/union-budget-2020/news/economic-survey-2020-draws-heavy-references-kautilya-arthashashtra/story/395050.html | access-date = 19 June 2021}}</ref><ref name="Outlook_ESQuotesArthashastraKural">{{cite news | last = | first = | title = When Economic Survey quoted ''Arthashastra'', ''Thirukural'' | newspaper = Outlook | location = New Delhi | pages = | language = | publisher = OutlookIndia.com | date = 31 January 2020 | url = https://www.outlookindia.com/newsscroll/when-economic-survey-quoted-arthashastra-thirukural/1722713 | access-date = 19 June 2021}}</ref><ref name="TOI_Gita">{{cite news | last = TNN | first = | title = Gita, Veda, Thirukkural, Adam Smith...survey of great thoughts | newspaper = The Times of India | location = New Delhi | pages = | language = | publisher = Times Publications | date = 1 February 2020 | url = https://timesofindia.indiatimes.com/business/india-business/gita-veda-thirukkural-adam-smith-survey-of-great-thoughts/articleshow/73824567.cms | access-date = 19 June 2021}}</ref> Through these texts, the Survey documents that ideas of wealth creation are rooted in India's rich traditions. The Survey notes that India's past dominance in economic matters was not by chance, but design.<ref name=":6" />

=== Highlights ===
Some of the key points of the Economic Survey 2019{{ndash}}20 are:<ref name=":03" />

* The survey projects India's growth at 6{{ndash}}6.5% in the next fiscal year starting from 1 April 2020.<ref name=":13">{{Cite web|title=Economic Survey 2020 Live: India GDP to grow at 6-6.5% next year, Economic Survey says|url=https://timesofindia.indiatimes.com/business/economic-survey-india-2020-live-updates-and-highlights/liveblog/73791088.cms|access-date=2020-01-31|website=The Times of India|language=en}}</ref>
* The survey provides facts to show that India's GDP figures are genuine.<ref name=":6" />
* The industrial growth for the current year has been listed as 2.5% while the agricultural growth is 2.8%.<ref name=":13" />
* Total formal employment has increased from 2011{{ndash}}12. About 2.6 crore new jobs were created between 2011{{ndash}}12 and 2017{{ndash}}18.<ref name=":22" />
* The survey has a section called ''thalinomics'' which shows an increase in affordability of a vegetarian ''[[thali]]'' by 29% and by non-vegetarian by 18% during 2006{{ndash}}07 to 2019{{ndash}}20.<ref>{{Cite web|date=31 January 2020|title=Economic Survey 2020: Veg thali affordability improves by 29%; non-veg by 18% during 2006-07 to 2019-20|url=https://timesofindia.indiatimes.com/business/india-business/economic-survey-thalinomics-and-the-common-man/articleshow/73798465.cms|access-date=2020-01-31|website=The Times of India|language=en}}</ref>[[File:'8'_A_Thali,_a_traditional_style_of_serving_meal_in_India.jpg|thumb|[[Punjabi cuisine|Punjabi style]] vegetarian ''thali'' served in a restaurant.]]
* India is on a growth path that delivers [[sustainable development]] and has a holistic approach towards climate change.<ref name=":03" />
* India is on track to achieve its "[[Nationally Determined Contributions]] (NDCs) under [[Paris Agreement]] in accordance with principles [[Common But Differentiated Responsibilities|Common but Differentiated Responsibilities]]."<ref name=":03" />
* India has emphasized on clean, enhanced and efficient energy systems, resilient urban expansion, and progressive transportation networks.
* All urban areas of 35 states and union territories have become [[Open defecation free|open-defecation free]] and percentage of waste processing has risen by over 40%.<ref name=":03" />
* The survey also acknowledged the efforts of [[Unnat Jeevan by Affordable LEDs and Appliances for All]] (UJALA) and the launch of India's initiative{{mdash}}[[Coalition for Disaster Resilient Infrastructure]].<ref name=":03" />
* India has the second largest emerging [[Green bond|green bond market]] in the world.
* The survey suggests the government to systematically withdraw from certain areas of the markets.<ref name=":3" />
* Easier ways to start new business, pay taxes and enforce contracts.<ref name=":3" />
* The Assemble in India for the world strategy to go hand in hand with [[Make in India]].<ref name=":5">{{Cite news|date=2020-01-31|title=5 things about India you probably didn't know before today's Economic Survey|work=The Economic Times|url=https://economictimes.indiatimes.com/news/economy/indicators/5-things-about-india-you-probably-didnt-know-before-todays-economic-survey/articleshow/73802566.cms|access-date=2020-01-31}}</ref>
* The survey suggests mimicking the Chinese model for job creation.<ref name=":5" />
* [[Band Baaja Baaraat]] was given reference to show Indian entrepreneurship.<ref name=":5" />

The survey also had quotes from [[Bhagavad Gita|Shrimad Bhagavad Gita]], [[Rigveda]], [[Arthashastra]] and [[Tirukkural]].<ref name="BT_ES2020"/><ref name="Outlook_ESQuotesArthashastraKural"/><ref name="TOI_Gita"/> Data for the survey relied on information from sources such as Bloomberg, IIM(B), ''Forbes'', IMF, World Bank, RBI, Ministry of Corporate Affairs, [[Insolvency and Bankruptcy Board of India]], the United Nations, and [[Wikipedia]], among others.<ref>{{Cite web|last=Press Trust of India|date=31 January 2020|title=Economic Survey sources data from Wikipedia, other private entities|url=https://www.indiatoday.in/business/budget-2020/story/economic-survey-sources-data-from-wikipedia-other-private-entities-1642114-2020-01-31|access-date=2020-02-06|website=India Today|language=en}}</ref><ref>{{cite web|date=31 January 2020|title=Economic Survey 2019-20 sources data from Wikipedia, other private entities|url=https://www.thehindu.com/business/Economy/economic-survey-2019-20-sources-data-from-wikipedia-other-private-entities/article30705805.ece|website=The Hindu|language=en-IN}}</ref>

== Economic Survey of India 2021 ==
The '''Economic Survey 2020{{ndash}}21''' was tabled during the Budget Session of the [[Parliament of India|Parliament]] on 29 January 2021 by [[Nirmala Sitharaman]], Minister of Finance.<ref name=":02">{{Cite web|date=2021-01-29|title=Economic Survey: GDP growth seen rebounding at 11% in 2021-22|url=https://www.livemint.com/budget/news/economic-survey-live-updates-govt-likely-to-predict-economic-growth-of-11-for-202122-11611895802075.html|access-date=2021-01-29|website=mint|language=en}}</ref> The survey was prepared under [[Krishnamurthy Subramanian]], the [[Chief Economic Advisor to the Government of India|Chief Economic Advisor]] (CEA) to the Government of India.<ref name=":02" /> The CEA also presents the survey during a press meet after it is tabled in Parliament.<ref>{{Cite web|date=2021-01-29|editor-last=Ghosh|editor-first=Poulomi|title=Budget 2021: Economic Survey 2020-21 to be presented today|url=https://www.hindustantimes.com/business/economic-survey-2021-watch-online-download-pdf-key-points-cea-subramanian-nirmala-sitharaman-101611883211747.html|access-date=2021-01-29|website=Hindustan Times|language=en}}</ref>

The 2020-21 survey has been 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.<ref>{{Cite web|date=29 January 2021|title=Economic Survey of India 2020-21: Saving Lives and Livelihoods Amidst a Once-in-a-Century Crisis (Chapter 1)|url=https://www.indiabudget.gov.in/economicsurvey/doc/vol1chapter/echap01_vol1.pdf|publisher=Ministry of Finance, Government of India}}</ref> The survey also notes how a "healthcare crisis can get transformed into an economic and social crisis".<ref>{{Cite web|date=29 January 2021|title=Economic Survey 2021-21: Healthcare takes centre stage, finally (Chapter 5)|url=https://www.indiabudget.gov.in/economicsurvey/doc/vol1chapter/echap05_vol1.pdf|publisher=Ministry of Finance, Government of India|page=174}}</ref>

Some of the key points of the Economic Survey 2020–21 are:

* The survey launches a 'Bare Necessities Index'.<ref>{{Cite web|date=29 January 2021|editor-last=Noronha|editor-first=Peter|title=Economic Survey Launches Bare Necessities Index|url=https://www.ndtv.com/business/economic-survey-launches-bare-necessities-index-to-measure-the-quality-of-housing-toilet-drinking-water-and-clean-cooking-fuel-2359983|access-date=2021-01-29|website=NDTV.com}}</ref>
* India is witnessing a V-shaped economic recovery.<ref>{{Cite news|last=Chakraborty|first=Chiranjivi|date=29 January 2021|title=Economic Survey 2021: India’s V-shape recovery supported by vaccine drive|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/economic-survey-2021-indias-v-shape-recovery-supported-by-vaccine-drive/articleshow/80576729.cms|access-date=2021-01-29}}</ref>
* The survey covers over-regulation in the Indian economy. The example of the time taken to close a company in India, about 1600 days, was given.<ref name=":2">{{Cite news|date=2021-01-29|title=Economic Survey 2021 updates {{!}} India’s GDP is estimated to contract by 7.7%|language=en-IN|work=The Hindu|url=https://www.thehindu.com/business/economic-survey-2021-updates/article33694041.ece|access-date=2021-01-29|issn=0971-751X}}</ref>
* The survey dedicates a chapter to discuss India's [[sovereign credit rating]].<ref>{{Cite web|last=Gill|first=Prabhjote|date=29 January 2021|title=India’s Chief Economic Advisor trains his guns on global rating agencies|url=https://www.businessinsider.in/policy/economy/news/latest-economic-survey-has-an-entire-chapter-on-sp-fitch-and-moodys-being-biased-against-the-indian-market-/articleshow/80579836.cms|access-date=2021-01-29|website=Business Insider}}</ref>
* 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.<ref name=":12">{{Cite news|date=29 January 2021|title=Economic Survey: India needs to up its gross expenditure on R&D from 0.7% to 2% of GDP|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/sme-sector/economic-survey-india-needs-to-up-its-gross-expenditure-on-rd-from-0-7-to-2-of-gdp/articleshow/80577225.cms|access-date=2021-01-29}}</ref> India's [[List of countries by research and development spending|Gross Expenditure on Research and Development]] (GERD) is suitable according to GDP but lacks behind a number of countries.<ref name=":12" /> India can successfully convert investment into innovation better than most countries.<ref name=":12" />
* [[Ayushman Bharat Yojana]] has had positive impact in healthcare.<ref name=":2" />

The survey has quotes and explanatory anecdotes from [[Mahabharata]], [[Rabindranath Tagore]], [[Raghuvaṃśa|Raghuvansham]], [[A. P. J. Abdul Kalam|A.P.J.Abdul Kalam]], [[Mahatma Gandhi|Mohandas K. Gandhi]], [[The Jungle Book]] (''look for the bare necessities, the simple bare necessities''), a [[Indian cricket team in Australia in 2020–21|recent India versus Australia cricket match]], ''[[Tirukkuṟaḷ]], [[3 Idiots]], [[Maalgudi Days|Malgudi Days]]'' and [[Martin Luther King Jr.|Martin Luther King Jr]].<ref>{{Cite web|last=Shaikh|first=Mohammed|date=29 January 2021|title=Economic Survey 2021 Quotes From 'The Jungle Book' To Highlight Progress In Access To 'bare Necessities'|url=https://www.moneycontrol.com/news/india/economic-survey-2021-quotes-from-the-jungle-book-to-highlight-progress-in-access-to-bare-necessities-6416091.html|access-date=2021-01-29|website=Moneycontrol}}</ref><ref name=":2" />

==See also==
* [[Economic Survey of India 2011]]
* [[Economy of India]]
* [[Remittances to India]]
* [[Foreign trade of India]]
* [[List of exports of India]]
* [[List of the largest trading partners of India|Largest trading partners of India]]

==References==
{{Reflist}}

==External links==
*[https://www.indiabudget.gov.in/budget_archive/es2002-03/esmain.htm Economic Survey of India 2002-2003]
*[https://www.indiabudget.gov.in/budget_archive/es2003-04/esmain.htm Economic Survey of India 2003-2004]
*[https://www.indiabudget.gov.in/budget_archive/es2004-05/esmain.htm Economic Survey of India 2004-2005]
*[https://www.indiabudget.gov.in/budget_archive/es2005-06/esmain.htm Economic Survey of India 2005-2006]
*[https://www.indiabudget.gov.in/budget_archive/es2006-07/esmain.htm Economic Survey of India 2006-2007]
*[https://www.indiabudget.gov.in/budget_archive/es2007-08/esmain.htm Economic Survey of India 2007-2008]
*[https://www.indiabudget.gov.in/budget_archive/es2008-09/esmain.htm Economic Survey of India 2008-2009]
*[https://www.indiainfoline.com/article/economy-economic-survey/economic-survey-2009-10-114031000382_1.html Economic Survey of India 2009-2010]
*[https://www.indiabudget.gov.in/budget2011-2012/survey.asp Economic Survey of India 2010-2011]
*[https://www.indiabudget.gov.in/budget2012-2013/survey.asp Economic Survey of India 2011-2012]
*[https://www.indiabudget.gov.in/budget2013-2014/survey.asp Economic Survey of India 2012-2013]
*[https://www.thehindu.com/news/resources/economic-survey-201314-full-text/article6192986.ece Economic Survey of India 2013-2014]
*[https://www.indiabudget.gov.in/budget2015-2016/survey.asp Economic Survey of India 2014-2015]
*[https://www.indiabudget.gov.in/budget2016-2017/survey.asp Economic Survey of India 2015-2016]
*[https://www.indiabudget.gov.in/budget2017-2018/survey.asp Economic Survey of India 2016-2017]
*[http://mofapp.nic.in:8080/economicsurvey/ Economic Survey of India 2017-2018]
*[https://www.indiabudget.gov.in/economicsurvey/ Economic Survey of India 2018-2019]
*[https://www.indiabudget.gov.in/economicsurvey/ Economic Survey of India 2019-2020]
*[https://www.indiabudget.gov.in/economicsurvey/allpes.php Archives]

{{Ministry of Finance (India)}}

[[Category:Union budgets of India]]

Economic survey of India - Revision history

>Abel Roznovski at 02:29, 17 September 2021