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The Union government will on Monday table the Economic Survey of India — a budget document that analyses the Indian economy over the last 12 years and reviews the performance of various schemes introduced by the government — in Parliament on the first day of the Budget session. The document is authored by Chief Economic Advisor Arvind Subramanian. Reports indicate that the survey will focus on India’s rural and agricultural economy.
This year’s Survey could serve as an indicator as to how the government’s two key decisions – demonetisation and the implementation of the GST – have had an impact on the economy. As in previous reports, the survey is also likely to state the rate at which India’s growth is expected to accelerate at, and it could also suggest certain policy changes. In the last survey the CEA suggest that the government introduce the Universal Basic Income scheme via Direct Benefits Transfer, to alleviate poverty. The government, however, is not bound to accept the recommendations and they do not always reflect in the Budget presented by the government. The survey, however, could provide interesting growth and employment statistics and these will be key for the government given it has already entered into an election year.
The government will table the Economic Survey of India in both Houses of Parliament this noon. It will be tabled following the customary address of President Ram Nath Kovind which will take place as soon as both Houses convene at 11 am this morning. To download the survey, you can visit http://mofapp.nic.in:8080/economicsurvey/ or you can follow our LIVE blog on the Economic Survey for the latest updates.
In the Economic Survey 2016-17 tabled in Parliament on Tuesday, the government pointed out that the focus should be towards labour-intensive sectors such as apparel and leather. It also called for easing labour regulations and negotiating free trade agreements (FTAs) with the European Union (EU) and the UK. If you would like to read about last year’s economic survey, click here.
Senior Congress leader Shashi Tharoor today said the BJP government would try to send out a political message by giving tax rebates or investment initiatives in the upcoming Union Budget as it will be their last one. He was speaking on the sidelines of the Jaipur Literature Festival.
“This is anyway their last budget, and they will try to send out a political message. If you look at our economy which is in a bad condition, they would want to give some incentives for investments, maybe there will be some tax rebates, they will have to do something for farmers as stagnant agriculture sector has put farmers in a very bad state,” he said.
The Congress leader said if they wanted people to vote for them, they would do something about employment opportunities for the youth as well. – PTI
