New Delhi: The much-awaited Budget session of the Parliament will commence with the Economic Survey 2020-21 on Friday. It will provide an overview of how the Indian economy progressed over the year. ALSO READ | Budget 2021: Economic Survey To Be Presented In Parliament On Friday; Know When & Where To Watch Live Telecast
Chief economic advisor Krishnamurthy Subramanian will be the prime architect behind Economic Survey 2020-21. As for every year, the survey will inform one and all about the performance of major development programmes while also elaborating about the government’s policy decisions. The prospects of the Indian economy in terms of short to medium time period will also be revealed.
President Ram Nath Kovind will address a joint sitting of both Upper and Lower House of the Parliament on January 29, following which the Economic Survey will be presented in Lok Sabha.
The budget this year is especially awaited because the government is expected to announce decisions that will give a good head start to various sectors after Coronavirus pandemic hit and already serious situation in the economic sphere. Likewise, the Economic Survey is expected to provide a detailed analysis of the impact of coronavirus pandemic on the Indian economy.
It will inform about the trends in agricultural and industrial production, infrastructure, jobs, imports, exports, foreign exchange reserves and other significant economic factors, serving as a prequel to the budget.
Brief Revisit
Economic Survey is traditionally presented before the Union Budget in India every year. It was presented in 1950-51 for the first time when it was submitted in the Lok Sabha along with the Union Budget. This continued until 1964 as that year the ministry began putting out the survey a day before budget day.
However, this year, the Economic Survey will be presented three days ahead of the Union Budget which is slated to be unveiled by Finance Minister Nirmala Sitharaman on February 1.
In the Economic Survey in 2019, the much-talked-about agenda of making India a $5-trillion economy by 2024-25 was addressed and for this, the aim was to achieve 8% sustained Gross domestic product (GDP) growth. But an already challenging situation was worsened as the Coronavirus pandemic brought all economic activities to a screeching halt, even though work resumed – what lies ahead remains to revealed.
