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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.
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
PM Modi says change in government certain in Chhattisgarh
According to PM Modi, the second Parivartan Yatra was launched from Jashpur in north Chhattisgarh on September 15 while the first one left Dantewada in south Chhattisgarh on September 12.
On Saturday, Prime Minister Narendra Modi attended the closing ceremony of the Bharatiya Janata Party’s (BJP) two Parivartan Yatras in Bilaspur. This is PM Modi’s third trip to the state, which is governed by the Congress and will host assembly elections later this year.
The Prime Minister attacked the Bhupesh Baghel-led governance during a public rally by claiming that Chhattisgarh is steeped in corruption and misrule. Every plan of the Congress government contains a fraud.
According to PM Modi, the second Parivartan Yatra was launched from Jashpur in north Chhattisgarh on September 15 while the first one left Dantewada in south Chhattisgarh on September 12.
Before reaching their conclusion in Bilaspur, both yatras covered a distance of more than 3,000 km over 87 assembly segments (out of the total 90), he said, and included 83 Swagat Sabhas (welcome gatherings), four roadshows, and several public meetings.
The Maoist-affected districts of Bijapur, Sukma, and Antagarh are not on the schedule, although residents from these districts participated in the yatra when it went through their neighbouring districts.
The party officials and employees spirits were unaffected by the rain, he said, and they joyfully took part in the two yatras, which attracted a large number of people.
According to Sao, who expressed confidence that the Congress will be defeated in the 2019 elections, the two yatras, in which almost 50 lakh people participated, have converted the tide of change into a storm.
The program’s location has been heavily fortified with security, according to the police. There will be a total of 1,500 security personnel deployed, including police officers, members of the Special Protection Group (SPG), members of the Chhattisgarh Armed Force, and members of the National Security Guard (NSG).
According to a police, a three-kilometer radius around the city has been designated a no-fly zone, and anti-drone weaponry have also been deployed in anticipation of the PM’s visit.
The Congress gave the BJP, which had been in power for 15 years under Raman Singh, a crushing loss in the 2018 assembly elections. The BJP had only won 15 seats, while the Congress had won 68. There are 71 seats in the current Congress.
India News
Punjab: Farmer’s rail roko protest enters 3rd day, disrupts train services
Many trains have been cancelled, short-terminated, or diverted as a result of the unrest, according to railway officials.
The rail roko protest of Punjabi farmers demanding MSP legal protection, a broad debt relief, and compensation for crops damaged in the recent floods began its third day today.
Many trains have been cancelled, short-terminated, or diverted as a result of the unrest, according to railway officials.
As part of their three-day agitation, the farmers have been blocking railway tracks at various locations in Faridkot, Samrala, Moga, Hoshiarpur, Gurdaspur, Jalandhar, Tarn Taran, Sangrur, Patiala, Ferozepur, Bathinda, and Amritsar since Thursday.
In Punjab and Haryana, the protest has halted hundreds of rail passengers.
A train passenger at the Ludhiana station claimed that he had travelled by road from Jalandhar City in order to board a train to Gorakhpur, but the arrival time of the train was unknown.
Another passenger at the station claimed that the Amritsar-bound train that was scheduled to carry 12 members of his family to Bihar had to be cancelled due to the unrest.
Later, they discovered that the family had journeyed by road from Amritsar and that the train would leave from Ludhiana. He continued, however, there has still been no update on the train.
According to officials, the Ambala and Ferozepur railway divisions have suffered specifically as a result of the farmers’ unrest.
The Kisan Mazdoor Sangharsh Committee, Bharti Kisan Union (Krantikari), Bharti Kisan Union (Ekta Azaad), Azaad Kisan Committee, Doaba, Bharti Kisan Union (Behramke), Bharti Kisan Union (Shaheed Bhagat Singh), and Bharti Kisan Union (Chottu Ram) are among the farmer organisations taking part in the three-day demonstration.
The angry farmers have stated that the three-day protest will end on Saturday.
Their requests include a financial aid package for those in north India hit by floods, a statutory guarantee of the minimum support price (MSP) for all crops, and a farmer debt forgiveness programme.
The Swaminathan Commission report’s proposals for MSP and a 50,000 crore flood relief package for the states of northern India are what the farmers are asking for.
In addition, they want the debt of all farmers and labourers to be forgiven, as well as compensation of Rs 10 lakh and a government job for the families of each farmer killed during the protests against the three farm laws that have since been repealed.
India News
Sankalp Saptaah: PM Modi today launches week-long initiative for aspirational blocks at Bharat Mandapam
The country’s Sankalp Saptah programme, which is being implemented in 500 aspirational blocks throughout 329 districts, seeks to increase block-level government while also improving civilian quality of life.
At Bharat Mandapam in New Delhi on Saturday, Prime Minister Narendra Modi introduced a week-long project named Sankalp Saptaah for the country’s aspirational groups.
He also conversed with attendees, including members from the panchayat and the block level.
The week-long programme, which is described in an official news release, is closely correlated with the national Aspirational Blocks Programme (ABP), which Modi introduced in January of this year.
The country’s Sankalp Saptah programme, which is being implemented in 500 aspirational blocks throughout 329 districts, seeks to increase block-level government while also improving civilian quality of life.
Chintan Shivirs were held nationwide at the village and block levels to help with the effective execution of the ABP and to create strong block development strategies. The result of these careful considerations, which will be seen in each of the 500 aspirational blocks, is Sankalp Saptaah.
On October 9, the final day of the seven-day event, a celebration of the week’s worth of effort will take place under the banner of Sankalp Saptaah – Samavesh Samaroh.
Speaking at the inaugural function, the prime minister claimed that more than 25 crore people’s lives in 112 districts throughout the nation had been improved by the aspirational districts plan. He asserted that the quality of living had changed. Now, the aspirational blocks programme will be built on the success of the aspirational districts programme, he said.
According to the statement, about 3,000 panchayat and block level functionaries and representatives of the people are expected to attend the inaugural event at Bharat Mandapam, in addition to about two lakh farmers, block and panchayat level functionaries, and people from other walks of life who will participate virtually.
Starting on October 3 and running through October 9, each day of Sankalp Saptaah is devoted to a distinct development subject on which all aspirational blocks will focus. Sampoorna Swasthya, Suposhit Pariwaar, Swachhta, Krishi, Shiksha, and Samridhi Diwas are some of the themes for the first six days, according to the statement.
