Every year, soon before the Union Budget, the Department of Economic Affairs of the Ministry of Finance presents the Economic Survey of India in Parliament. Economic Survey, Volume I: Addresses conceptual and analytical questions in the first section of the Economic Survey. With chapters addressing major economic concerns and policy recommendations addressing these challenges, this collection offers a thorough examination of economic dynamics.
Second, Economic Survey, Volume II: Focuses more on current topics and statistics while covering the economy’s state and several economic sectors in some detail.
Reviewing the Indian economy’s changes over the last 12 months is the Economic Survey. It showcases the government’s policy initiatives, recaps the results of significant development programmes, and displays the economy’s growth forecasts.
Let us get an understanding of the importance of economic survey and its different reading tips to get a clear perspective of the economic survey.
Importance of Economic Survey
For the subjects of Indian economy, governance, and government initiatives, the Economic Survey is a crucial resource for the UPSC exam.
- All of the significant government programmes are covered in detail in the Economic Survey. This is the root of all dynamic and theoretical concerns.
- According to the new paradigm, the economy and the environment are interdependent. Therefore, inquiries may also come from that angle.
- For the UPSC Mains Examination, students might use genuine Economic Survey language to help them formulate their responses.
- The survey examines and explains the causes of many current problems. A candidate’s ability to produce insightful essays is also aided by a thorough understanding of the government’s current policies and initiatives.
- Furthermore, the government frequently incorporates the problems evaluated and reforms recommended in the Economic Survey into subsequent efforts. The Direct Benefit Transfer (DBT), which was recommended in earlier Economic Surveys and is now being used by the government, is a good illustration of this.
- To get a high mark on the exam, employ effective phrases from the survey and language that is appropriate. The double balance sheet dilemma, turning potential into reality, the Chakravuyh challenge, etc. are a few examples.
- Marks on the General Studies Paper-III are greatly increased by including noteworthy and pertinent facts and data.
- If they want to pass the UPSC Prelims, students should not skip reading the Economic Survey because many questions are seen to be drawn directly from the document.
Tips to read the Economic Survey:
Reading the following an introduction to:
Before beginning to study the Economic Survey, students should have a fundamental understanding of economics, including the definitions of concepts like GDP, inflation, fiscal drag, etc.
Please carefully read the Preface.
The Economic Survey’s Preface functions as a kind of document overview. You can better grasp it and gain a better understanding of it by reading it.
Arguments and Boxes:
There are numerous boxes in the document that are crucial for the UPSC exam. Direct inquiries have been made from this point. The information can also be used to strengthen and reinforce your responses. The survey also offers justifications for why a plan or endeavour is crucial, suggestions on how to make it better, and other related information, which can be used in the main answers.
Break into small topics:
If you find reading the Economic Survey to be daunting, split it up into smaller areas to make it easier to understand. The information in the survey can be categorized into categories including welfare programmes, macroeconomic indicators, demography, agriculture, urbanization, and social empowerment (such as information on unemployment, GDP, inflation, food inflation, fiscal and current account deficits, the balance of payments, foreign exchange, and trade balance, among other things.)