News India Live, Digital Desk: Finance Minister Nirmala Sitharaman is going to present the Union Budget for the ninth consecutive time on February 1. But just before the budget, the ‘Economic Survey’ will be tabled in Parliament on January 29. Normally it comes a day before the Budget, but this time it is being presented two days earlier. If the Budget is the blueprint for future plans, then the Economic Survey is the ‘performance report card’ of the last year. Let us understand what this document is and why it is important for you. What is Economic Survey? Economic Survey is the most important annual document of the Finance Ministry. It gives a detailed analysis of the current state of the country’s economy. History: The first Economic Survey in India was introduced in 1950-51. Till 1964, it was presented along with the budget, but since then it was separated from the budget. Who prepares it? It is prepared by the ‘Economic Division’ of the Department of Economic Affairs of the Finance Ministry. Its main responsibility lies with the Chief Economic Advisor (CEA). Currently, V. Ananth Nageswaran is the CEA of the country. What is included in the Economic Survey? It is a detailed document of 300-400 pages, which is divided into two parts: Part 1: It contains an overview of the economy and the challenges and prospects for the coming year. Part 2: It contains data-based analysis of different sectors like agriculture, manufacturing, service sector, infrastructure and banking. (Sector-wise analysis). Highlights: GDP Growth: Actual GDP growth estimates and sector breakdown. Inflation: Food inflation and inflation rate trends. Employment: Labor market situation and jobs data. Roadmap: Progress and reforms on the goals of ‘Developed India @ 2047’. Its significance: Why is it more ‘accurate’ than the budget? The government is planning to follow the suggestions given in the survey. It is not legally binding, but still its importance is very high: Policy Making: Many major budget announcements are based on survey suggestions and data. Global Image: Global organizations like World Bank and IMF decide India’s credit rating by looking at it. Investor Confidence: Foreign investors decide to invest in India only after looking at the survey data. Why is it important for the common man? Economic Survey is important not only for economists, but also for you: Loan and EMI: If the survey indicates rising inflation, then consider that RBI may increase the repo rate in the coming time, due to which your home loan may become expensive. Job opportunities: The survey tells which sectors are growing, which gives an idea of employment possibilities for the youth. Inflation forecast: This shows whether food items will be cheaper or expensive in the coming time.