Economic Survey 2017-18 of India will be presented in Parliament today. This is the first economic survey after the Goods and Services Tax (GST) was implemented last year. Notably, the Modi government’s crucial budget 2018 will be presented by Finance Minister Arun Jaitley on February 1. Meanwhile, Budget 2018 India session will begin today in Parliament. President Ram Nath Kovind’s will kick off the crucial vital budget session with joint address to the joint sitting of the two Houses- Lok Sabha and Rajya Sabha on Monday. The first phase of the session will continue till February 9.
After that there will be a recess. Parliament will meet again on March 5 following the recess. The 2018 budget session will end on April 6. The recess between the session will be there so that standing committees can clear the budgetary proposals made in FM Jaitley’s Union Budget speech. The Budget 2018 will be very important for the Modi government as this would be its last full-fledged one before the big 2019 Lok Sabha Elections. Apart from this there are key assembly elections including, Karnataka, Rajasthan Madhya Pradesh, are also taking place in 2017.
What is Economic Survey?
Economic Survey of India is an evaluation manuscript of the annual economic development of the country. It is basically the Finance Ministry’s view on overall economic development. This document will go under the name of Chief Economic Adviser Arvind Subramanian. The central government presents Economic Survey just ahead of the Union Budget every year.
Apart from reviewing the developments in the country’s economy over the previous 12 months, the document also presents the performance on major flagship programs. It also showcases highlights the policy initiatives of the government. The prospects of the economy in the short to medium term are also presented through the Economic Survey. The ruling government will present the Economic Survey in Lok Sabha and Rajya Sabha.
Time of Economic Survey?
The Economic Survey will be presented at Parliament by the Modi government at 1 pm even as the budget session is beginning today.
Particularly, Economic Survey 2016-17, which was presented a day afore the Union Budget 2017, focused on Income, Health and Fertility: Convergence Puzzles, One Economic India: For Goods and in the Eyes of the Constitution India on the Move and Churning: New Evidence, The ‘Other Indias’: Two Analytical Narratives (Redistributive and Natural Resources) on States’ Development, From Competitive Federalism to Competitive Sub-Federalism: Cities as Dynamos, Universal Basic Income: A Conversation With and Within the Mahatma, Review of Economic Developments, Clothes and Shoes: Can India Reclaim Low Skill Manufacturing?, Fiscal Rules: Lessons from the States, Fiscal Framework: The World is Changing, Should India Change Too?, The Festering Twin Balance Sheet Problem, Demonetization: To Deify or Demonize?, The Economic Vision for Precocious, Cleavaged India, Economic Outlook and Policy Challenges.