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Economic Survey 2022: Why is it presented a day before Union Budget? What changes India will witness in this year’s Economic Survey? All you need to know

Union Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 today. Do you know why it is not presented with Union Budget? Do you know what the Economic Survey 2022 is all about? Read here.

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Union Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 today, January 31, in the Lok Sabha. The Economic Survey will be presented in the Lok Sabha after the president’s address to both houses of Parliament. The Economic Survey is released a day before the Union Budget is presented in Parliament.

This year’s Economic Survey is expected to predict a growth rate of around 9 percent for the next fiscal year, FY22-23. Last year, the Economic Survey for 2020-21 predicted that the current fiscal year, which ends on March 31, 2022, will see a GDP growth of 11 percent.

What is the Economic Survey?

The Economic Survey is a financial document that is presented annually to review the economic development in the country over the past financial year. The survey provides detailed statistical data of all the sectors including agricultural, industrial, employment, industrial production, exports, prices, among others. Besides this, it also evaluates changes in other areas of the Indian economy, such as the money supply and foreign exchange reserves.

The Economic Survey is divided into two parts- Volume 1 and Volume 2. Volume 1 is about the economic challenges that the country is facing whereas Volume 2 gives an analysis of the previous fiscal year.

Who prepares the Economic Survey?

The Economic Survey is prepared by the Economics Division of the Department of Economic Affairs of the Finance Ministry under the overall guidance of the Chief Economic Adviser (CEA). It is only released after it is approved by the Finance Minister.

What changes India will witness in this year’s Economic Survey?

CEA generally prepares the document but this year’s Economic Survey has been prepared by the principal economic adviser and other officials as the post remained vacant following Krishnamurthy Subramaniam’s term that ended in December. This will be the first Economic Survey to be presented by V Anantha Nageswaran. The government has appointed economist V Anantha Nageswaran as the next CEA just days before the release of the Economic Survey.

This year the Economic Survey is likely to be presented in a single volume. Volume 1 which tells about the economic challenges that the country is facing may not be presented in Parliament today. Volume 2 contains a sectoral analysis of the economy of the previous fiscal year that will be tabled today at 3:45 pm.

What is the significance of the Economic Survey?

Union Ministry of Finance presents the Economic Survey every year. The Economic Survey is regarded as the flagship annual document of the Finance Ministry that provides a summary of all the economic development across the country that happened in a particular financial year. It not only examines the country’s macroeconomic status over the prior fiscal year but also provides an outline for the upcoming fiscal year.

Why Economic Survey is presented a day before Union Budget and not on the same day?

Economic Survey maps out a roadmap for India’s economy going into the next financial year. The reason for presenting an Economic Survey is to review the overall economic performance of the country during the year in order to give a better understanding of the Union Budget.

Read Also: Indian Railways cancel 447 trains, reschedule and divert 18 trains, check the full list here

The survey is largely used to determine the country’s priorities for the coming fiscal year, as well as which sectors in the Union Budget require additional focus. In 1964, the Economic Survey was separated from the Budget and released ahead of time to provide a context of the latter.

When was the first Economic Survey of India presented?

In 1950-51, the first Economic Survey was presented. It was introduced with the Union Budget up to 1964. From 1964 onwards, it has separated from the Union Budget and presented a day before.

India News

In poll-bound Bihar, Amit Shah reminds people of Lalu Yadav’s era from 1990 to 2005, RJD reminds of Gujarat’s jungle raj

Tejashwi Yadav, Leader of Opposition in the Bihar Assembly, dismissed Shah’s claims, questioning the tangible benefits of the alleged financial aid.

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In a charged political atmosphere ahead of the Bihar Assembly polls, Union Home Minister Amit Shah, addressing a public rally in Gopalganj on Sunday, launched a scathing attack on Rashtriya Janata Dal (RJD) supremo Lalu Prasad Yadav, accusing him of plunging the state into chaos during his tenure from 1990 to 2005.

Shah, who arrived in Patna on Saturday, also held a meeting with National Democratic Alliance (NDA) leaders at the Chief Minister’s residence.

Speaking to a large crowd, Shah alleged that the Lalu-Rabri regime was synonymous with “jungle raj,” marked by lawlessness, murders, abductions, and the infamous fodder scam.

“Lalu Prasad did nothing for Bihar’s rural economy or development. Several sugar mills shut down, and the state suffered under his misrule,” Shah claimed, asserting that people reject the return of such disorder. He predicted a landslide victory for the NDA in the upcoming elections.

The Home Minister contrasted this with the BJP-led NDA’s efforts, claiming that while the previous United Progressive Alliance (UPA) government at the Centre allocated only ₹2.80 lakh crore to Bihar, the NDA provided ₹9.23 lakh crore, focusing on the state’s overall growth.

RJD leaders hit back fiercely. Shakti Singh Yadav, an RJD leader, accused Shah of hypocrisy, labelling him the “hero of Gujarat’s jungle raj and atank raj.” He pointed to the alleged deterioration in law and order under the BJP-JD(U) government in Bihar over the past two decades, citing rising crime rates.

Tejashwi Yadav, Leader of Opposition in the Bihar Assembly, dismissed Shah’s claims, questioning the tangible benefits of the alleged financial aid. “Big promises are made during elections, but they vanish post-polls. If Modi has given money, specify the sectors and show the work done in 20 years,” he challenged.

RJD MP Misa Bharti defended Lalu Prasad, highlighting his contributions as Railway Minister, including setting up three factories and establishing six universities in Bihar during his and Rabri Devi’s tenure.

The verbal duel escalated as Shah accused RJD supremo Prasad of involvement in multiple scams, including the fodder, bitumen, and flood relief material scams, alleging that those who “ate up fodder” could not prioritize public welfare.

The fodder scam, exposed in the 1990s when Jharkhand was part of Bihar, saw crores fraudulently withdrawn from state treasuries, with Lalu Prasad among those convicted.

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Ballia woman death: Family rejects police claim of suicide, demands CBI probe

Authorities claim she was distressed and had viewed a YouTube video about suicide prior to her death.

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In Ballia, police have arrested two individuals in connection with the suspicious death of a young woman whose body was discovered hanging from a tree with her hands restrained. The incident has been classified as a potential suicide, but the victim’s family is adamant that she was murdered and is advocating for a Central Bureau of Investigation (CBI) inquiry.

The deceased, identified as Pooja, aged 20, was found in the Sarya Gulab Rai village within the jurisdiction of the Nagara police station on March 23. Police reports suggest that Pooja took her own life after her boyfriend blocked her number, as she was set to marry another man on April 25. Authorities claim she was distressed and had viewed a YouTube video about suicide prior to her death.

On Saturday, two men, Lalu Chauhan from Pooja’s village and Ram Dulare from Mau district, were taken into custody for their alleged roles in abetting her suicide and have since been remanded in jail. Superintendent of Police Omveer Singh indicated that Pooja had reached out to these individuals regarding her distress, but they failed to inform her family or the police of her situation.

The police investigation, based on a post-mortem report and other evidence, has led them to conclude that the case is leaning towards suicide. However, the family has lodged a complaint against four villagers, questioning the circumstances of Pooja’s death and alleging murder.

The formal autopsy was recorded on video and conducted by a panel of medical professionals, revealing no external injuries that would suggest foul play. Despite this, the family remains skeptical. Pooja’s sister, Neha, voiced her concerns in front of reporters, asserting that the police narrative is misleading and that the claim about watching a suicide video is unfounded given the restrictions on such content.

Neha is calling for a CBI investigation, citing a lack of trust in local law enforcement. Pooja’s father, Dharamraj, who himself works as a security guard at a police station, questioned how a suicide could occur under such bizarre circumstances, notably with the victim’s hands and feet tied.

The investigation continues, with officials stating that the evidence collected thus far does not strongly implicate the individuals named in the initial complaint, although they are pursuing all avenues in this complex case.

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At least 1 dead, several injured after 11 coaches of the Bangaluru-Kamakhya Express derails in Odisha

The accident occurred around 11:54 AM in the Cuttack-Nergundi Railway Section under the Khurda Road Division of East Coast Railway, as per the reports.

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In a tragic incident on Sunday, at least one passenger lost their life, and eight others sustained injuries when 11 coaches of the Bengaluru-Kamakhya AC Superfast Express derailed near Nergundi station in Odisha’s Cuttack district.

The accident occurred around 11:54 AM in the Cuttack-Nergundi Railway Section under the Khurda Road Division of East Coast Railway, as per the reports.

Subash Chandra Ray, the Administrative Officer of SCB Medical College and Hospital, confirmed that “one body has been recovered, and three teams of doctors have been engaged to treat the injured passengers”. The identity of the deceased remains unknown.

Odisha Chief Minister Mohan Charan Majhi expressed his concern on the social media platform X, stating, “Deeply concerned about the derailment of Kamakhya Express near Nergundi station in #Cuttack. Grateful that all passengers are safe. Authorities are on-site, ensuring assistance and restoring normalcy at the earliest. Helplines activated for support.”

In response to the crisis, the National Disaster Response Force (NDRF) and fire services were promptly mobilized, and a relief train was dispatched to the site, as per Ashok Kumar Mishra’s statement to India Today.

Railway authorities, including the Divisional Railway Manager (DRM) Khurda Road, the General Manager of ECoR, and other senior officials, rushed to the location. An accident relief and medical relief train were also sent to the spot, according to PTI.

Due to the derailment, several train routes have been diverted, and ECoR officials are making alternate arrangements to ensure passengers reach their destinations, after which restoration works will commence, reported by media. The Railways have issued helpline numbers for assistance: 8455885999 and 8991124238.

The cause of the derailment is currently under investigation, and railway authorities are working tirelessly to restore normalcy on the affected track section, as per the reports.

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