New Delhi, Jan 29: On Monday, when the Budget session 2018 will commence, the Narendra Modi government will present the much-awaited Economic Survey 2018 in Parliament.
The survey is considered as a precursor to the Union Budget 2018-19, to be announced by the Union finance minister Arun Jaitley on Thursday (February 1).
The survey is a budget document that analyses the Indian economy over the last 12 years. It also reviews the performance of various schemes introduced by the government.
The document has been authored by the finance ministry's chief economic adviser, Arvind Subramanian. Subramanian has also started a web page where he has shared some details on the survey.
He will also address a press conference at 1:30 pm on Monday to share the details about the survey. The press conference will be telecasted live on YouTube at the same time.
"It's THAT time of the year. Coming Monday, January 29 afternoon, this year's Economic Survey of India to be tabled in parliament by Finance Minister @arunjaitley. Follow #economicsurvey18. Survey-dedicated webpage to be announced soon. Happy reading!" tweeted Subramanian.
It’s THAT time of the year. Coming Monday, January 29 afternoon, this year’s Economic Survey of India to be tabled in parliament by Finance Minister @arunjaitley. Follow #economicsurvey18. Survey-dedicated webpage to be announced soon. Happy reading!— arvind subramanian (@arvindsubraman) January 27, 2018
Will the Economic Survey 2018 give thumbs up to the Modi government's GST, demonetisation?
When it comes to economy of the country--the entire focus these days lies on the Modi government's two most critical decisions--the introduction of the Goods and Services Tax (GST) last year and the demonetisation in 2016. The Economic Survey will be released around 15 months after demonetisation.
So, in a way, the survey will be a report card on the performance of the ruling Bharatiya Janata Party (BJP) government at the Centre. Like in the past, the latest survey will give us an idea about the rate at which India's growth is expected to take shape in the coming days.
It will also likely to suggest certain policy changes, which the government may or may not incorporate in its budget document. The survey is also likely to provide interesting growth and employment statistics of the country.
These figures are crucial before the assembly elections in eight states in 2018 and the all-important Lok Sabha elections in 2019.
Where to get all the information about the Economic Survey 2018?
The survey will be presented by Jaitley in Parliament just after customary address of President Ram Nath Kovind which will take place as soon as both the Houses will start its work at 11 am on Monday.
Visit http://mofapp.nic.in:8080/economicsurvey/ to know all about the Economic Survey 2018.
CSO estimates and the Economic Survey 2018
The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18 according to figures given by the Central Statistics Office (CSO) earlier this month.
This is the lowest Gross Domestic Product (GDP) estimate under the Modi government, mainly due to poor performance of agriculture and manufacturing sectors.
The GDP was 7.1 per cent in 2016-17 and 8 per cent in the preceding year. It was 7.5 per cent in 2014-15.
Congress on Modi government's budget
In the Budget 2018, the Modi government will try to send out a political message, stated the Congress.
"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," said senior Congress leader Shashi Tharoor on Sunday during the sidelines of the Jaipur Literary Festival.