What is Economic Survey?
- Every year, the Finance Ministry of India presents the Economic Survey to both the Houses of the Parliament, just before the Union Budget, during the Budget session.
- It is prepared by the Chief Economic Adviser to the government of India.
- It is the flagship annual document of the Ministry of Finance and it’s view on the annual economic development of the country.
- It reviews the developments in the Indian economy over the previous 12 months.
- Summarizes the performance on major development programs.
- Highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
Interesting Facts about India
- Despite continuing global sluggishness, the Indian Economy has sustained a macro-economic environment of relatively lower inflation, fiscal discipline and moderate current account deficit coupled with broadly stable rupee-dollar exchange rate- As lauded by various multilateral institutions like IMF, WB etc as the brightest spot in the world economy.
- Indians on the move– Railway passenger traffic data reveals work related migration of people annually is around 9 million-almost double of 2011 census.
- Property Tax Potential Unexploited – Evidence from satellite data indicates that Bengaluru and Jaipur collect only between (5% – 20%) of their potential property taxes.
- India Trades More Than China and a Lot Within Itself – As of 2011, India’s openness – measured as the ratio of trade in goods and services to GDP has far overtaken China’s and internal trade to GDP is also comparable to that of other large countries.
- Income inequality-Spatial dispersion in income is still rising in India in the last decade (2004-14), unlike the rest of the world.
- India’s Distinctive Demographic Dividend –
- India’s share of working age to non-working age population will peak later and at a lower level than that for other countries but last longer.
- The peak of the growth boost due to the demographic dividend is fast approaching, with peninsular states peaking soon and the hinterland states peaking much later.
- New Evidence on Weak Targeting of Social Programs -Welfare spending in India suffers from misallocation. The districts accounting for the poorest 40% receive 29% of the total funding.