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.[2] The document is non-binding. Nevertheless, is constructed and presented each year due to its significance.[2]
The document is the Ministry's viewTemplate:Clarify on the state of the economy of the country. This document of the Ministry, the Economic Survey of India reviews the developments in the 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.[1]
Unlike the traditional Economic Survey, the Economic Survey of India for 2016–17, prepared by Chief Economic Adviser Arvind Subramanian,[3] did not have the detailed financial statistics of the Government of India.[4]
This year the survey was printed in lavender, the same colour as the 100-rupee note, symbolizing the integration of old and new.[9] The broad theme for the survey is "Ethical Wealth Creation". The document outlines strategies for making India a $5 trillion economy by 2024Template:Ndash25.[10][11] This includes strengthening the invisible hand of the Indian economy through trust in pro-business government intervention and trust in the markets;[12] while at the same time moving away from "pro-crony" policy and focusing on ethical wealth creation.[8][13]
The survey covers the economic performance India in 2019Template:Ndash20 including fiscal developments, external sector developments, monetary management and financial intermediation, inflation, sustainable development and climate change, agriculture and food management, industry and infrastructure, services sector, social infrastructure, employment and 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 in India, creation of early warning health system for the NBFC sector, privatization and thalinomics.[14]
Ethical wealth creation
The importance of "Ethical Wealth Creation" as a basis for the economy is emphasized upon. Reference to the Arthashastra, Tirukkural and The Wealth of Nations is made.[15][16][17] 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.[13]
Highlights
Some of the key points of the Economic Survey 2019Template:Ndash20 are:[5]
The survey projects India's growth at 6Template:Ndash6.5% in the next fiscal year starting from 1 April 2020.[18]
The survey provides facts to show that India's GDP figures are genuine.[13]
The industrial growth for the current year has been listed as 2.5% while the agricultural growth is 2.8%.[18]
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.[25] The survey also notes how a "healthcare crisis can get transformed into an economic and social crisis".[26]
Some of the key points of the Economic Survey 2020–21 are:
The survey launches a 'Bare Necessities Index'.[27]
India is witnessing a V-shaped economic recovery.[28]
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.[29]
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.[31] India's Gross Expenditure on Research and Development (GERD) is suitable according to GDP but lacks behind a number of countries.[31] India can successfully convert investment into innovation better than most countries.[31]
