On February 1, 2021, Finance Minister Nirmala Sitharaman will present the third budget of the Modi government. This budget will be historic in terms of the economy running in negative growth due to Corona, because this time it will be paperless. This time, on January 29, the Economic Survey prepared under the guidance of the Chief Economic Advisor will be presented. Let the government present the budget for the coming financial year, but the economic survey is an accounting of the current financial year. Let us understand what is the importance of Economic Survey and how it is related to the budget …
What is Economic Survey
The Economic Survey is the official annual report of the economy. This document is presented in both houses of parliament during the budget session. In this, all the information about future plans and challenges in the economy is given. This survey estimates the economic development of the country. It is informed in the Economic Survey that the country’s economy will pick up or slow down in the coming financial year. The announcements in the budget are made by the government on the basis of the survey itself, although the government is not legally bound to follow these recommendations.
CEA Dr @SubramanianKri will address a Press Conference on 29th Jan 2021, at 2:30 PM in New Delhi after the presentation of Economic Survey 2020-21 by Finance Minister in Parliament.
Watch LIVE here👇
➡️YouTube – https://t.co/9T01Ouigfn @nsitharamanoffc @Anurag_Office @PIB_India
– Ministry of Finance (@FinMinIndia) January 28, 2021
What are the expectations from the Economic Survey 2021?
Corona has hit the economy of the country deeply. The survey can estimate how much the Indian economy has suffered due to the Kovid-19 induced recession. The survey is expected to consider current economic conditions and offer solutions, which will help the country achieve its $ 5 trillion target. People believe that the budget is prepared on the basis of the economic survey, but in fact the economic survey is the main basis of the budget. This includes the opinion of the Chief Economic Advisor to the Prime Minister. It is not necessary that the economic survey should be in the budget.