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Economic Survey

Union Minister for Finance, Corporate Affairs and Information &amp; Broadcasting, Arun Jaitley pose with group photo with the members of the Economic Division who assisted in the preparation of Economic Survey, in New Delhi

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Economic Survey: India needs debate on GM crops, hybrids to facilitate introduction

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Arvind Subramanian

Labourers works at the construction site of a residential building in Mumbai. Photo: Reuters

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	The Economic Survey brings out the economic trends in the country and facilitates a better appreciation of the mobilisation of resources and their allocation in the Union Budget. The Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors that have a bearing on the Budget. It is presented in Parliament ahead of the Budget for the ensuing year.</div>
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	The Budget of the central government is not merely a statement of receipts and expenditure. Since Independence, with the launch of Five-Year Plans, it became a significant statement of government policy. The Budget reflects and shapes, and is, in turn, shaped by the country&#39;s economy. For a better appreciation of the impact of government receipts and expenditure on the other sectors of the economy, it is necessary to group them in terms of economic magnitudes &mdash; for example, how much is set aside for capital formation, how much is spent directly by the government and how much is transferred by the government to other sectors of the economy by way of grants, loans, etc. This analysis is contained in the Economic and Functional Classification of the Central Government Budget, which is brought out by the Ministry of Finance separately.</div>
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		The Economic Survey 2021-22 was drafted by a team led by Principal Economic Advisor Sanjeev Sanyal.</div>
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		The report is usually penned by India&rsquo;s chief economic advisor (CEA). But this time the new CEA, <a href="https://www.business-standard.com/about/who-is-v-a-nageswaran" target="_blank">V Anantha Nageswaran</a>, had been appointed to the post only days before the Budget.</div>
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		The Economy Survey this time has been reverted to a one-volume report formart after eight years. The earlier two-volume format was way too &ldquo;unwieldy&rdquo;, Sanyal said in his introductory remark.<br />
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	<strong>Read full Economic Survey documents</strong><br />
	<br />
	<strong><a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2022-01/Economic Survey 2021-22 (1).pdf" target="_blank">2021-22</a><br />
	<br />
	<a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2022-01/Economic Survey Volume I Complete PDF.pdf" target="_blank">2020-21: Volume 1</a><br />
	<a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2022-01/Economic Survey Volume II Complete PDF.pdf" target="_blank">2020-21: Volume 2</a></strong><br />
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	<a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2020-02/Economic Survey 2019-20-1.pdf" target="_blank"><u><strong>2019-20: Volume 1</strong></u></a></div>
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	<u><strong><a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2020-02/Economic Survey 2019-20-2.pdf" target="_blank">2019-20: Volume 2</a><br />
	<br />
	<a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2020-02/Economic Survey 2018-19-I.pdf" target="_blank">2018-19: Volume 1</a><br />
	<a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2020-02/Economic Survey 2018-19-II.pdf" target="_blank">2018-19: Volume 2</a></strong></u></div>

RELATED BUDGET TERMS

Learn what is meant by Economic Survey, Economic Survey definition and more Economic Survey news here at Business Standard.

What is Economic Survey, Economic Survey Meaning, Economic Survey Definition

What is Economic Survey

When a piece of legislation is yet to be passed as a law by the Houses of Parliament, it is termed a Bill. A Finance Bill is a Bill that, as the name suggests, concerns the country&#39;s finances &mdash; it could be about taxes, government expenditures, government borrowings, revenues, etc. Since the Union Budget deals with these things, it is passed as a Finance Bill.<br />
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Rule 219 of the Rules of Procedure of Lok Sabha states: &lsquo;Finance Bill&rsquo; means the Bill ordinarily introduced in each year to give effect to the financial proposals of the Government of India for the following financial year and includes a Bill to give effect to supplementary financial proposals for any period.<br />
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There are different kinds of Finance Bills &mdash; the most important of them is the Money Bill. The Money Bill is concretely defined in Article 110. A Money Bill is certified by the Speaker as such &mdash; in other words, only those Financial Bills that carry the Speaker&rsquo;s certification are Money Bills.<br />
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Article 110 states that a Bill shall be deemed to be a Money Bill if it contains only provisions dealing with all or any of the following matters:<br />
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(a) the imposition, abolition, remission, alteration or regulation of any tax;<br />
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(b) the regulation of the borrowing of money or the giving of any guarantee by the Government of India, or the amendment of the law with respect to any financial obligations undertaken or to be undertaken by the Government of India;<br />
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(c) the custody of the consolidated Fund or the Contingency Fund of India, the payment of moneys into or the withdrawal of moneys from any such Fund;<br />
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(d) the appropriation of moneys out of the consolidated Fund of India;<br />
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(e) the declaring of any expenditure to be expenditure charged on the Consolidated Fund of India or the increasing of the amount of any such expenditure;<br />
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(f) the receipt of money on account of the Consolidated Fund of India or the public account of India or the custody or issue of such money or the audit of the accounts of the Union or of a State; or<br />
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(g) any matter incidental to any of the matters specified in sub clause (a) to (f)<br />
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A Bill shall not be deemed to be a Money Bill by reason only that it provides for the imposition of fines or other pecuniary penalties, or for the demand or payment of fees for licences or fees for services rendered, or by reason that it provides for the imposition, abolition, remission, alteration or regulation of any tax by any local authority or body for local purposes<br />
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If any question arises whether a Bill is a Money Bill or not, the decision of the Speaker of the House of the People thereon shall be final<br />
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There shall be endorsement of every Money Bill when it is transmitted to the Council of States under Article 109, and when it is presented to the President for assent under Article 111, the certificate of the Speaker of the House of the People signed by him that it is a Money Bill.<br />
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<strong>Read full Finance Bill documents<br />
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<a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2020-02/Finance_Bill.pdf" target="_blank">Finance Bill 2020</a></strong>

Learn what is meant by Finance Bill, Finance Bill definition and more Finance Bill news here at Business Standard.

What is Finance Bill, Finance Bill Meaning, Finance Bill Definition

Finance Bill

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	The Annual Financial Statement is a document presented to Parliament every financial year as part of the Budget process, as required under Article 112 of the Constitution of India. The documents consist of receipts and expenditures of the government in the current year, previous year and the Budget year in three separate parts &mdash; Consolidated Fund of India, Contingency Fund of India, and Public Account of India. The government presents a statement of receipts and expenditures for these accounts every year to Parliament.</div>
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	Loans raised by the government, borrowings from the Reserve Bank of India (RBI), and borrowings from foreign governments or institutions are shown under capital receipts, which also show loan recoveries, asset sale, disinvestment, etc.</div>
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	<strong>The difference between Annual Financial Statement and Budget</strong></div>
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	The term Budget is a common word for a number of documents, including the Annual Financial Statement. The other documents in the Budget include Demand for Grants, Appropriation Bill, Finance Bill, Memorandum Explaining the Provisions in the Finance Bill, Macroeconomic Framework Statement, Fiscal Policy Strategy Statement, Medium Term Expenditure Statement, etc.</div>
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	Annual Financial Statement distinguishes the expenditure on revenue account from the expenditure on other accounts, as mandated in the Constitution. Revenue and capital sections together form the Union Budget, so the Annual Financial Statement is basically the Budget of the government.</div>

Learn What is Annual Financial Statement, Annual Financial Statement Definition, Annual Financial Statement News and more here at Business Standard.

Page 24 - Latest Updates on Economic Survey

GST rollout to bring unprecedented reform: Economic Survey

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Economic Survey: Stresses upon creation of more 'good jobs'

Containing fiscal deficit a challenge next fiscal: Economic Survey

Economic Survey: India needs debate on GM crops, hybrids to facilitate introduction

Subsidy bill expected to be below 2% of GDP: Economic Survey

Indian markets resilient despite global volatility: Economic Survey

India should review medium-term fiscal strategy : Economic Survey

Budget 2016: Economic Survey pegs India to grow at 7-7.5% in 2016-17

Budget 2016: Economic Survey pegs FY17 GDP growth at 7-7.75%