New Delhi: Economic Survey, the government’s economical report card for the financial year, will be tabled in Parliament today by Finance Minister Arun Jaitley after President Pranab Mukherjee’s address to the joint session of Parliament marking the beginning of the Budget Session.
Economic Survey is tabled a day before the presentation of the annual budget and it serves as the official report of the economy. It gives a detailed account of the state of the economy, prospects and the policy challenges along with sectoral overviews and comments on reform measures that are required.
The document also helps in estimating the economic growth rate, lists reasons behind the current state of economy and presents roadmap ahead for the struggling sectors. It also points at the reasons behind success/failure behind various government schemes or policies.
According to some reports, Chief Economic Advisor Arvind Subramanian is likely to suggest that the government to reduce corporate tax rates and also loan waivers for farmers.
Meanwhile, President Pranab Mukherjee on Tuesday said the Budget Session of Parliament was historic as it heralded the advancement of the budget cycle as also the merger of the railway budget with general budget.
“We gather once again to celebrate democracy and cherished value and culture that has prospered through out the long history of our country. A culture that guides my governmnet towards ‘sabka saath sabka vikas’,” he added.
The budget will be presented on Wednesday.
On the other hand, Prime Minister Narendra Modi on Tuesday ahead of the budget session hoped that the current session will be “fruitful” and all political parties will work together for people’s benefit.
Today (Tuesday) a new tradition will begin. The budget will incorporate the rail budget as well,” he added.
