With the commencement of the Budget Session on Friday, Finance Minister Nirmala Sitharaman will present the Economic Survey 2019-20 in front of the Parliament. President Ram Nath Kovind will deliver a speech in the Central Hall of the Parliament at 11 am.
The Economic Survey will be released by the government a day before the announcement of the Union Budget on February 1.
Economic Survey is the detailed report of the country's economic performance for the current fiscal year.
What is Economic Survey?
Before every budget, the government presents a detailed report of the country's economic performance in the ongoing fiscal year. This report is known as the Economic Survey. Economic Division of the Department of Economic Affairs (DEA) prepares the report while the sitting Finance Minister delivers it in front of the Parliament.
The Economic Survey, for the first time, was presented in the year 1950-51. Until 1964, the survey was presented with the Budget, but since 1965, the survey is not presented a day before the budget.
What is the importance of Economic Survey?
The Economic Survey is important because it is a reflection into the country's economic performance over the last year. It determines where the economy excelled and where it lagged behind. As the government reflects on its economic policies over the last 1 year, they get a chance to set things right in the forthcoming budget.
So what can we expect from Economic Survey 2020?
The year 2019-20 has not been the best of the years for the Indian Economy. India's growth rate is at a six-year low. At a time such as this, the Economic Survey becomes all the more important. Economic Survey 2020 could hint at what changes the government could bring in its policies. The Survey will shed light on what were the major causes of the economic slowdown that the country faced in the last year.
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