The economic survey projects the actual version of the state of the economy. Generally presented in the parliament a day before the presentation of the annual budget, it acts as a precursor to the Budget. It is prepared and presented by the Department of Economic Affairs, Ministry of Finance, under the guidance of Chief Economic Advisor.
The Economic Survey document is equally, if not more, important than the Union Budget—as it not only lays the premise for key policy decisions that need to be taken to take the economy forward but also assesses the impact of the previous decisions through detailed statistical data.
It discusses the challenges, outlook and prospects of the economy while recommending reform measures that are essential to propel the economy. Krishnamurthy Subramaniam is the current CEA (Chief Economic Adviser). The theme of the Economic Survey 2019-20 is #wealthcreation. Its cover is lavender in colour.
For more than three-fourth of the known Economic history, India has been a dominant economic power globally. For this, India relied on the invisible hand of the market for wealth creation with the support of the hand of trust.