ECONOMIC SURVEY IS PRESENTED IN THE PARLIAMENT BY THE FINANCE MINISTER EVERY YEAR, JUST A DAY BEFORE THE UNION BUDGET.
Economic survey reviews the development in the Indian economy over the previous 12 months. The draft of the survey is prepared by the department of economic affairs and cleared by chief economic advisor and the secretary economic affairs. Economic survey also gives an indefinite image of the budget to be presented in the parliament.
Chief economic adviser, Arvind Subramanianprepared the economic survey for the year 2015 and presented it in LokSabha.
MAIN HIGHLIGHTS OF THE ECONOMIC SURVEY 2015WHICH TARGETED GROWTH AT MORE THAN 8 %GROWTH FOR NEXT YEAR ARE:-
A. It states that double digiteconomic growth is now a possibility.
B. Average WPI inflation declines to 3.4% in 2014-15 in comparison to 6% previous year.
C. Economic survey states that in order to ensure food security, we need to improve productivity in the agricultural sector.
D. Current Account Deficit may fall to 1% of GDP in the coming year from the previous 6.7%.
E. Government will adhere to fiscal deficit target of 4.1% of GDP in 2014-15.
F. Shift expenditure from consumption, by reducing subsidies, to investment.
NOTE:Chief Economic Adviser, ARVIND SUBRAMANIAN stated that INDIA is still a recovering economy not a surging economy.