Budget Explainer: Economic Survey
In the first of our special #Budget2019 edition of #OutlookMoney, Rajat Mishra breaks down the #EconomicSurvey & tells you why it's important #BudgetExplainer.
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00:00 The budget of Modi 2.0 government is going to be presented on 5th of July and one document
00:05 that is going to be presented and tabled in a parliament a day before the budget is Economic
00:10 Survey.
00:11 So what does Economic Survey stands for and how it's going to have an impact on you?
00:16 So we are going to tell you about it in all you need to know about the Economic Survey.
00:27 The Economic Survey is being presented every year since 1950s and it is being presented
00:33 every year a day before the budget is presented in the parliament.
00:36 There are many ways to know the state of economy.
00:39 One can watch television and one can read about the economy in the newspaper to know
00:42 what is happening all around.
00:44 But the Economic Survey is the official version of the state of economy and is the most authoritative
00:50 overview of the state of the economy.
00:53 It is a precursor to the budget and it is called out as a fundamental premise against
00:57 which the budget is made.
00:59 The Economic Survey does not have any text style and it changes from time to time.
01:04 But one thing that remains quite a constant is that first chapter of Economic Survey is
01:08 dedicated to an overview of the economy that give you a glimpse that how economy has fared
01:13 in the past one year.
01:15 And certainly it will answer your some questions like how many people have paid tax in the
01:20 past one year, how the farmers income have gone up, are our social schemes are working
01:24 well on the ground and how all these parameters are having impact on the GDP numbers.
01:29 There is a misconception that Economic Survey is all about numbers and the data.
01:34 But Economic Survey does not confine only to the numbers and data and in the past it
01:38 has talked about some crucial issues like climate change and gender gap.
01:43 That's why 2018-19 Economic Survey went pink in colour that send a strong signal that there
01:48 is a need for a gender neutral policies.
01:51 The Economic Survey also suggests as a policy guide.
01:54 That's why for instance Erwin Subramanian, former chief economic advisor in the Economic
01:58 Survey of 2018-19 mooted the idea of universal basic income and he called this idea as a
02:05 radical new vision.
02:06 Thus the idea of universal basic income was not implemented by the government and it completely
02:12 reveals that it's not mandatory on the part of the government to implement any policy
02:16 suggestion.
02:17 So, the Economic Survey acts as a policy guide only.
02:21 This time the Economic Survey is going to be presented by Chief Economic Advisor K.
02:25 V. Subramanian who is going to present his first Economic Survey in the parliament tomorrow.
02:29 K. V. Subramanian is an alumnus of IIT Kanpur and has done his PhD in Financial Economics
02:34 in Chicago Booth School of Economics.
02:37 There are hopes that in the Economic Survey coming out tomorrow two things will be discussed.
02:42 One is the GDP growth rate and second is the employment data.
02:45 Because these two data sets have attracted lot of discussion and many people have raised
02:49 concerns over these data sets.
02:52 Chief Economic Advisor K. V. Subramanian will also try for sure would try to leave some
02:56 indelible imprints like his predecessors Erwin Subramanian and Raghuram Rajan.
03:02 So, it would be interesting to see what the policy suggestions are being made in the Economic
03:07 Survey this time.
03:08 (upbeat music)