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Economic UPSC Economy Notes
Survey
The most trustworthy and up-to-date source of information regarding the Indian economy
is the Economic Survey. It is presented a day before the Union Budget in the Parliament.
Economic Survey is one of the most important topics for UPSC IAS Examination.
In this article on the economic survey, we shall discuss what it is, who prepares it,
highlights and other important details of Economic Survey 2021-22, Highlights of
Economic Survey 2021 and 2020. This will be very useful for aspirants in the UPSC
Prelims Exam.
Also, study about the 5 Year Plans in India from the linked article.
What is Economic Survey
• The annual Economic Survey is the most significant publication of the Ministry of
Finance.
• It gives a thorough overview of the major economic sectors, the state of the economy
overall over the past several years, and a projection for the upcoming year.
• As a result, it's being used more and more as a forum for economic debate and
analysis as well as a source of recommendations for public policy.
What is the Importance of the Economic Survey
• Making data and analysis available to the public so they can participate in the
creation of economic policy is one of the functions and challenges of the Economic
Survey.
• Citizen involvement and awareness are crucial for democratizing economic and
policy decision-making.
• The Chief Economic Adviser and the Economic Division do a lot of outreach to
promote the survey.
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For UPSC, The Budget and Economic Survey Are Important because
• The fiscal and economic survey, a vital source of information, is published by the
government itself. It is therefore the most trustworthy compendium you should read
for this test.
The economic survey should be studied for the following reasons for UPSC
• It provides an overview of all the major government initiatives and the arguments
behind them.
• As a result, it is possible to satisfactorily respond to both subjective and objective
queries.
• You can quote key and insightful paragraphs verbatim to enhance the quality of your
UPSC Mains responses.
• The survey provides an explanation for a number of issues that could be helpful in
developing strong interview answers.
• Include words like "dual balance sheet difficulty," "Chakravyuh challenge," etc. to
help you produce a good Mains answer.
• However, it should be noted that both of them are highly crucial for the prelims,
mains, and in some cases even the interview process; as a result, they should be
extremely prepared. Both of these papers are lengthy, which makes it difficult for
applicants to study for the UPSC CSE.
The pattern of the Economic Survey
• The Economic Survey typically comes in two volumes. This year, there is only one
volume.
Recommendations for reading the Economic Survey
• Students should have a basic understanding of economics, including the definitions
of concepts like GDP, inflation, fiscal drag, etc., before reading the Economic
Survey.
• Because it serves as a summary of the Economic Survey, read the Preface carefully.
You will have a better knowledge of what is written therein by reading it.
• The document has many boxes that are important for the UPSC exam.
• Additionally, you can utilize the information to improve and support your
responses.
• The information also offers explanations for why a plan or endeavor is important,
advice on how to improve it, and justifications that can be included in the main
responses.
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• If reading the Economic Survey seems intimidating, break it up into smaller sections
to make it simpler to comprehend.
• The content of the Economic Survey can be divided into categories such as welfare
programmes, macroeconomic tangibles, demographics, agriculture, urbanization,
social empowerment, figures (such as unemployment data, GDP, inflation, food
inflation, fiscal deficit, current account deficit, the balance of payments, foreign
reserves, trade balance, etc.), and more.
Study about the Priority Sector Lending (PSL) Scheme here
The Economic Survey is produced by
• The Economic Survey was produced by the Economic Division of the Department
of Economic Affairs of the Finance Ministry, generally under the direction of the
Chief Economic Adviser.
• After receiving feedback from senior Ministry of Finance personnel, the Finance
Secretary reviews the final draft of the Economic Survey, which is subsequently
approved by the Union Finance Minister.
When is the Economic Survey released
• It is delivered to the legislature each year during the budget session. One day before
the Union Budget is presented in Parliament, the Finance Minister normally gives
the Economic Survey.
What exactly does the Economic Survey cover
• The Economic Survey is a government publication as well as a venue for the Chief
Economic Adviser to offer an unbiased and objective analysis of the economy.
Economic Survey Theme for 2021–2022
• This year's Economic Survey focuses mostly on the "Agile strategy," which was
employed to implement India's economic response to the COVID-19 Pandemic
shock.
• According to the prologue of Economic Survey, the "Agile technique" is based on
feedback loops, real-time monitoring of actual results, flexible reflexes, safety-net
buffers, and other elements.
Economic Survey 2021-22 Highlights
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Factors Analysis
• State of the • The Indian economy is anticipated to grow by
Economy 9.2% in real terms between 2021 and 2022.
• Social Infrastructure • Government has given a boost to the Social
and Employment Infrastructure sector by launching the PM Gati
Shakti Mission along with the National
Infrastructure Pipeline.
• Government Initiatives like PM Kaushal Vikas
Yojna, PM Svanidhi Yojna have created new
avenues of Employment in the country over the
last few years.
• Industry and • The top five industries, which together account
Infrastructure for around 83 percent of the overall pipeline
value, are roads (27 percent), railways (25
percent), power (15 percent), oil and gas
pipelines (8 percent), and telecoms (8 percent)
(6 percent).
• Fiscal • In 2022–2023, the GDP is projected to rise by
Developments 8 to 8.5 percent in real terms.
• Additionally, it stated that the GDP growth rate
fell by 7.3% in 2020–21.
• Monetary • The survey indicates that revenues
Management and significantly increased in FY22.
Financial • This suggests that the government has the
Intermediation financial capacity to provide aid when
necessary.
• The repo rate stood at 4% in 2021–2022.
• At the end of September 2021, Scheduled
Commercial Banks (SCBs) had a Gross Non-
Performing Advances ratio of 6.9 percent,
down from 11.2 percent at the end of 2017–18.
• From 13 percent in 2013–14 to 16.54 percent
at the end of September 2021, the capital to
risk-weighted asset ratio for SCBs increased
over time.
• External Sectors • Exports are projected to rise by 16.5 percent in
2021–2022.
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