The Economic Survey for 2021-22 is likely to have only one volume comprised largely of data for the fiscal year across sectors and will not have the policy prescriptions which form part of the main Volume-1 due to the absence of a full-time chief economic advisor (CEA).
Last month, the government started the search for a new CEA, saying the process is likely to be completed by January, after the current CEA Krishnamurthy Subramanian announced his plan to return to academia after his three-year stint ends on December 7.
“We won’t have a full-time CEA to take ownership of the Economic Survey. It will be a single-volume document,” said an official, who did not wish to be named, the TOI reported.
Major Reform Initiatives
The survey is akin to a report card of the economy and has been used by CEAs to push through reform ideas. The CEA has to be present in Parliament to answer queries with regard to the economic survey.
At the start of the NDA II’s term, the then economic affairs secretary Arvind Mayaram was credited with driving the survey as Arvind Subramanian had not taken over as the CEA.
Unlike in the past, some major reform initiatives outlined in the survey were implemented by the government to help the economy recover during the pandemic.
Monthly Economic Report
Subramanian will be overseeing some of the groundwork for the single-volume survey, officials said, while moves are on to appoint the new CEA.
Subramanian had started several initiatives such as the monthly economic report (MER) which needs to be carried through by the incoming CEA.
The Economic Survey for 2020-21 had forecast GDP growth to rebound to 10.5% and forcefully articulated that the economy will register a V-shaped recovery.
The Budget session of the Parliament had begun with the presentation of the Economic Survey on January 29. (The Economic Times)
