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How much does your household spend every month? Where does it come from? Are you saving or is the debt increasing? You must be keeping track of all this! Now think, when the expenses of a household are kept so meticulously, then the account of the economy of the entire country will also have to be kept! And this is what Economic Survey does! But this is not just a report, but the real report card of the government’s work! Now the question is, what difference does Economic Survey make to you? Why does it come before the Budget?
Economic Survey: What is this?
See, if the Union Budget is the plan of the country’s income and expenditure, then Economic Survey is the X-Ray of that Budget! That is, in this survey, it is told how was the country’s economic health last year, how much did the GDP grow or fall, how much did inflation hit, what was the state of unemployment, how did the industry and agriculture run, what was the ups and downs in export-import and what is the condition of the country’s money! It does not only talk about this year, it also contains the complete account of the past few years. It is released by the Finance Ministry, and the biggest brain behind it is the Chief Economic Advisor (CEA). Now understand that the role of the CEA is like that of a doctor, who prepares a report after checking the economy of the entire country and tells the government what medicine should be given!
Two major parts of the Economic Survey!
The Economic Survey is divided into two parts – Part A and Part B. Part A means the report card of the country’s economic health! It contains the story of major economic figures like GDP Growth, Industry Growth, Inflation, Forex Reserves, Export-Import! How were the policies of the government? How much profit or loss was there? How was the trend of Economic Growth? What are the future possibilities? All this information is in Part A. Now let’s talk about Part B. So in Part B, it is told what was done for the public? What is the rate of unemployment? How many new jobs were created? How much did the government spend on education, health, poverty, climate change? What help did farmers and small businessmen get? What impact did inflation have on the public? That is, this survey is not just a game of numbers, but it tells what impact the government’s policies have on the life of the common man!
Why Economic Survey before the Budget?
Now this question is important that why is the Economic Survey brought out just a day before the Budget? The first reason is that here we get a glimpse of what is going to happen in the Budget! Second, the market and investors get a hint before the Budget! Third, the government also gets to know which sectors should be given more focus in the Budget! And fourthly, the public also understands whether the government’s policies are benefiting it or harming it! Now whatever big announcements the government makes in the Budget, its basic idea is obtained from this Economic Survey! To put it in a simpler way, the Economic Survey is the document after looking at which the government takes decisions in the Budget! For example, if it is said in the survey that the income of farmers has decreased, then more money will be allocated for agriculture in the Budget. Or if exports are weak, then plans will be made to promote exports. And all this has a direct impact on your pocket!
History of Economic Survey
Now let’s know a little history about what used to happen earlier? You will be surprised to know that earlier both Economic Survey and Budget used to come together. This continued from 1950 to 1964. But later the government separated it so that the country’s economic condition could be accurately assessed before making the Budget!
How does Economic Survey show the mirror to the government?
Now the real issue is whether Economic Survey is just a report or the real report card of the government? First of all, it reveals the truth about unemployment! The government talks about new employment every time, but the real figures in Economic Survey come out that how many jobs were actually created and how many people became unemployed! Secondly, it reveals the real truth of inflation! Exact data of how much the prices of petrol-diesel, food items, medicines increased or decreased will be found here! Third, it also reveals the condition of farmers and businessmen! How much attention the government is paying to agriculture and MSMEs is also clear from this report! Fourth is Fiscal Deficit! – Is the government’s expenditure more or less than its income? Is the government managing by borrowing? This is also known. And fifth, the state of foreign investment and trade! That is, how much money came from outside and how was India’s trade, this is also known from the Economic Survey.
What are the expectations from this time’s Economic Survey?
- Some big issues may come up in the Economic Survey coming before the 2025 Budget, such as:
- GDP growth rate: Is the Indian economy growing beyond 7%?
- Unemployment: Are new jobs being created or is the situation worse?
- Inflation: What report will come on the prices of food items and fuel?
- Government income: What is the state of tax and government income?
- Rupee status: Is the rupee getting stronger or falling against the dollar?
- Agriculture and Industry: How are farmers and the business sector doing?
- But the biggest question: Why is the 2025 survey special? So let us tell you that this time the theme of the survey is ‘de-regulation’ i.e. the government will ‘relax’ the rules! The government wants to make business easier and reduce paperwork.
How will this affect you?
If you are a common man, then this survey will tell you whether inflation will increase or decrease? What are the chances of getting a job? On what will the government spend more? If you are an investor or a businessman, then this will help you plan your investments and business strategies! That is, understanding the Economic Survey is not only important for the government, but also for you! So overall, the Economic Survey is the real performance report of the government! It is a mirror of the government’s work, which shows the state of the country’s economy. Now it remains to be seen what secrets the Economic Survey reveals this time and how much relief the common man gets in Budget 2025. If you think that the budget is only about increasing and decreasing taxes, then you are mistaken! The real game has already started in the Economic Survey. Next time when the survey comes, do read it… because it is not just a book, it is the blueprint of your future!
