Economic Survey of this year likely to be single-volume affair

The Economic Survey for 2021-22 may be of a single volume, back to the practice followed till FY14, according to media reports. The single volume will mainly contain data for the financial year and will not carry any policy prescription, The Times of India reported, quoting officials.

The Survey is tabled in Parliament a day before the Budget presentation. Arvind Subramanian took over as the chief economic adviser (CEA), he started the practice of two-volume Surveys from FY15.

Reports quoting officials attributed the reason for reverting the Survey to a single volume to the absence of a full-time chief economic adviser. Incumbent Krishnamurthy Subramanian’s three-year stint ends on December 7. He had said he would pursue his academic interests.

The Business Standard quoted an official as saying that there is much to write about how the economy performed in the past year.

The Times of India reported that Subramanian would be overseeing some of the groundwork for the single-volume survey.

The Survey reviews the growth of the economy over the last 12 months and highlights the expectations from the upcoming financial year.

This report gives an elaborate glance at the government’s key policy initiatives and their impact on the country’s overall performance. It also provides detailed statistical data of every aspect of the economy and analyses trends of relevant economic factors.

The Economic Survey puts a spotlight on the major policy initiatives taken by the government. It also forecasts growth in the upcoming fiscal year. The Economic Survey for 2020-21 had forecast GDP growth to rebound to 10.5%

The data and trends observed in the Survey provide a policy perspective. It also points towards significant gaps that the Budget aims to fill in terms of investments, consumption, unemployment, etc.

Volume I of the Survey includes conceptual and analytical issues, while volume II talks about the state of the economy with a focus on current issues and statistical data.

The Survey shall be presented in the lower House of Parliament post the address by President Ram Nath Kovind. The chief economic adviser needs to be present in Parliament to answer queries with regard to the Survey.