Here is what CEA Nageswaran said on the morning of the Economic Survey
In the Economic Survey, the sole attention on the country’s growth forecasts leads to a “relative neglect” of the rest of its content and needs reflection, the chief economic advisor (CEA) V Anantha Nageswaran in an article in Mint on Tuesday. The Survey was tabled in the Parliament by finance minister Nirmala Sitharaman at 1 PM.
“The attention that this single number typically gets, to the relative neglect of the rest of its content, needs reflection,” he said.
“It has a treasure trove of data provided in various chapters and a comprehensive statistical appendix. It enriches policy debates with data and evidence,” Nageswaran said.
He also said that the purpose of the Economic Survey is “stock-taking”. It holds significance as it acquaints citizens with the state of the economy and informs them of key economic decisions of the government which have a “bearing on their lives”.
“The publication reviews the overall economic development over the past financial year by analysing and providing detailed statistical data on all aspects and sectors of the economy, ranging from industry, agriculture and services to the external sector, financial sector, prices, physical and social infrastructure, etc. While each ministry/department/regulator has its annual report, which offers an overview of their respective activities over a year, the Economic Survey pulls them together in one ‘master’ document. It serves as a go-to resource for many,” he said.
The Economic Survey is prepared by the office of the CEA and is first tabled by the finance minister in the Parliament. Then the CEA holds a press conference discussing the main points in the document. In the Economic Survey for FY23, the Indian economy is projected to grow at 6.5 per cent in FY24 as compared to 7 per cent in FY23.
In the article, Nageswaran added that while preparing the document, he interacted with various ministries, regulators and experts.
“We also bore in mind the needs of more knowledgeable readers and have tried to bring in information and analyses that would interest them,” he said.