Union Budget 2017: What is Economic Survey? Here is all you need to know

The Union budget for the financial year 2016-2017 is all set to be presented on February 1 by Finance Minister Arun Jaitley. This Budget is also crucial considering the fact that 5 states are going to polls around plus Railway Budget will also be with the union budget for the first time.

So a day before the mega Budget Wednesday, an Economic Survey will be presented in Parliament on Tuesday. Drafted by Chief economic advisor Arvind Subramanian, it will be closely watched for pre-budget signals. So what exactly is an Economic Survey?

Here is everything you need to know about Economic Survey:

Economic Survey is basically the official report of the economy which is presented every year, usually a day before the Union Budget is presented. For 2016-17, Finance Minister Arun Jaitley will table it in the parliament.

What Economic Survey features?

An Economic Survey features the detailed account of nation’s economy, its prospect and the policy challenges. It contains sectoral overviews and remarks on measures which are required for reforms in the country. It also carries importance as it also marks details about future policy moves.

Also read: Budget session begins today: President to address joint session of Parliament; Govt to present Economic Survey

Who makes Economic Survey?

Chief Economic Adviser Arvind Subramanian and his team have drafted this year’s Economic survey.

Projections about Economic Survey?

It puts out economic growth forecasts, which gives away a number of detailed reason on how and why the country’s economy will grow faster or slow down in any case.

Policy Expectations

This year, the Economic Survey is widely expected to recommend rolling out Universal Basic Income (UBI). So what is UBI? It is a poverty alleviation plan which involves transferring money directly to people’s bank account.

Also read: Union Budget 2017: Complete list of bills to be taken up in budget session starting today

Is there any compulsion to accept these recommendations?

The Central government is not bound to follow these recommendations, which is why it only serves as a policy guide. 

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