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What is an economic survey and why is it important along with the history of the survey and questions like who prepares it, have been covered in the space below.
What is Economic Survey
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The economic survey was once a Scholarly Document with heavy usage of technical terms and arguments were presented in a manner that needed specialized knowledge of the economy. But the NDA Government changed the way the economic survey was made and written, in an attempt to enhance transparency the economic survey is presented in simple terms and is made comprehensible for the most.
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Economic Survey 2021-22: Key Highlights
1- The Economic Survey has predicted 8 to 8.5% GDP growth in FY23 (April 2022 to March 2023). For the ongoing FY22, the GDP growth has been projected at 9.2%.
2- The total consumption is estimated to have grown by 7.0% in 2021-22 with significant contributions from government spending.
3- Agriculture and allied sectors are expected to grow by 3.9% in 2021-22.
4- The Services sector is estimated to grow by 8.2% in the ongoing financial year.
4- The Economic Survey 2021-22 details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.
5- The GDP contracted by 7.3% in 2020-21.
6- Furthermore, the Economic Survey focuses on supply-side issues to improve the resilience of the Indian economy.
We hoped we have explained what is an economic survey and you realize the importance of it.
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