The first Eco Survey of India was presented in 1950–51 as part of the Union Budget. After 1964, it was separated from the budget and presented before the presentation of the budget every year during the budget session. The document is non-binding. Nevertheless, it is produced and presented each year because of its importance.
Indian Economic Survey 2022 Pdf Download Release Date | Highlights
|Volume 2||Volume 1|
|Download Volume 1 and 2 – Click Here||Indian Economic Survey 2023|
Indian Economic Survey UPSC | आर्थिक सर्वे 2023
The India Economic Survey 2022-2023 was released by Chief Economic Advisor (CEA) Krishnamurthy Subramanian.
What is India Economic Survey?
- It is the flagship document of the Ministry of Finance which provides detailed information about the Indian economy in the last one year.
- It provides a glimpse into the current state of the economy, and sometimes provides insight into the economic outlook.
- It is prepared under the guidance of the CEA and presented to both the Houses of Parliament before the announcement of the Union Budget.
What are the salient features of the 2022-2023 survey?
- The central theme of the first volume of the survey is “wealth creation”.
- It states that the “invisible hand of markets” will need the support of faith-based ethical practices to achieve the goal of becoming a $5 trillion economy.
- This means that regulation and rules in the economy should be such that they make it easy to do business but do not turn into crony capitalism.
(Crony capitalism = an economic system in which undue favors are given to family and friends of government officials in the form of jobs, loans, etc.)
- It makes several policy prescriptions. To ensure smooth functioning of markets as a creator of wealth.
- It states that policies should empower transparency and effective enforcement, using data and technology to enhance this public good.
- It acknowledged that 2019 was a difficult year for the global economy, including trade and demand; And by extension a challenging period for the Indian economy as well.
- Stress in the non-bank financial industry and deceleration in credit growth are also reflected in the review.
- Interestingly, the survey recommends a dynamic health index that can be used by policy makers as an early warning system to avert an early liquidity crisis in this major lending sector.
What is growth projection?
- Survey projects GDP growth to be 6.0-6.5% for FY21
- It holds that a sharp decline in fixed investment driven by sluggish growth in real consumption has dampened growth.
- In forecasting a growth rebound in the range of 6.0-6.5%, the CEA reiterated an expectation from its previous survey: given the strong mandate of the government, it should accelerate reforms.
- The Office for National Statistics now forecasts growth of 5% for the 12 months ending March 2020.
Why should the “invisible hand” be strengthened?
- Survey says invisible hand (market forces) needs to be strengthened by promoting pro-business policies
- Providing a level playing field for new entrants, enabling fair competition and ease of doing business,
- End policies that unnecessarily undermine markets through government intervention,
- Enable business to create jobs, and
- To efficiently grow the banking sector commensurate with the size of the Indian economy.
What does the survey say about food policy?
- It uses the principles of applied economics as tools of economic policy to gain insight about human behavior.
- It presents “Thalinomics” – an attempt to link economics with what the common man encounters every day – a plate of food i.e. a plate.
- It argues that government intervention does more harm than help.
- Therefore, it recommends the abolition of the Essential Commodities Act, 1955 when famine and shortages were a concern.
- Similarly, it claims that the Drug (Prices Control) Order of 2013 has failed to achieve its goal of making drugs affordable and needs to go.
- The CEA wants a complete review of the policy on food grains, which they argue has made the government the biggest hoarder, distorting these markets.
What are the downside risks to the outlook for the next financial year?
- Continuing global trade uncertainties.
- Rise in West Asian geopolitical tensions.
- slow pace of insolvency resolution and
- The prospect of further fiscal pressure is reducing private investment.
- However, the CEA says that these downside risks are a leap of faith.
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