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Home / IAS Preparation / Economic Survey Volume 1

Economic Survey 2022 Volume 1 - UPSC Economy Notes

Last Updated on Jul 03, 2021
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The most crucial and latest source of the repository on the Indian economy is the Economic Survey 2022 Volume 1. It is released by the Chief Economic Advisor every year, one day before the announcement of the Union Budget. The day before the Union Budget is delivered to Parliament.

In this article on the economic survey volume 1, we shall discuss what it is, who prepares it, highlights, and other important details. This will be very useful for aspirants in the UPSC Prelims Exam.

Also, study the 5 Year Plans in India from the linked article.

Economic Survey 2021-22 Volume 1 (UPSC Economy): Download PDF Here!

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What is an Economic Survey?

An economic survey is an annual report that assesses the state of a country's economy. It is typically prepared by the government's finance ministry and released just before the budget presentation. The economic survey analyzes the performance of key economic sectors. It also makes recommendations for policy changes to improve economic performance.

Read about the Colonial Economy here.

Significance of Economic Survey

Here are some of the key reasons why the Economic Survey is significant:

  • It provides a valuable assessment of the state of the economy based on detailed analysis of data from a variety of sources.
  • It identifies the key challenges and opportunities facing the economy. It also suggests policy changes to address them.
  • It serves as a guide for policymakers in formulating and implementing economic policies.
  • It provides businesses and investors with valuable insights into the current state of the economy and the likely trends in the future.

Read about the Economy Survey & Union Budget of India here.

Highlights of Economic Survey 2023

Statistic

Value

GDP growth rate (2023-24)

6.5-7%

Inflation rate (2023-24)

4.5-5.5%

Fiscal deficit (2023-24)

6.4% of GDP

Current account deficit (2023-24)

3.2% of GDP

Unemployment rate (2023-24)

6.9%

The Economic Survey 2023 highlighted the following key points:

  • The Economic Survey 2023 projects India's GDP growth rate at 6.5-7% for the financial year 2023-24, down from 8.7% in 2022-23. This slowdown in growth is attributed to many factors. This includes the global economic slowdown, rising inflation, and geopolitical tensions.
  • The survey also notes that India's economy is well-positioned to weather these challenges. The country has strong macroeconomic fundamentals. It has a low fiscal deficit and a healthy current account balance. The financial system is also resilient and well-capitalized.
  • Fiscal consolidation: The government is committed to fiscal consolidation. The fiscal deficit is expected to narrow to 6.4% of GDP in 2023-24. This is a significant achievement, given the fact that the fiscal deficit was as high as 9.3% of GDP in 2020-21. The government has been able to reduce the fiscal deficit by implementing many measures. This is by reducing subsidies, increasing tax revenues, and improving tax administration.
  • Structural reforms: The government has implemented many structural reforms in recent years. This includes the Insolvency and Bankruptcy Code and the Goods and Services Tax. These reforms are expected to improve the efficiency and competitiveness of the economy. 
  • Manufacturing sector: The manufacturing sector is expected to be a key driver of economic growth in the coming years. The government is also focusing on promoting the manufacturing sector through many initiatives, such as the Make in India program. The government is also providing incentives to businesses to invest in the manufacturing sector.
  • Infrastructure development: The government is investing heavily in infrastructure development. This is expected to boost economic growth and create jobs. For example, the government is investing in road construction, railways, and power generation.
  • Skill development: The government is also focused on improving the skill levels of the workforce. This is important to make India more competitive in the global economy. The government is providing training to workers in a variety of skills, such as manufacturing, IT, and healthcare.

Read about the Mehane Economy Fund here.

Theme of Economic Survey 2021-22
  • This year’s Economic Survey focuses mostly on the “Agile Approach” as the main theme, which was employed to implement India’s economic response to the COVID-19 Pandemic shock.
  • The prologue to Economic Survey, which provides more details, states that the “Agile Approach” is built on feedback loops, real-time monitoring of actual outcomes, flexible reactions, safety-net buffers, and other components.

Agile approach mentioned in the Economic Survey

  • It is a framework for carrying out projects and programs that are regarded as being very successful. It was developed in 2001 and is based on 12 principles, including eliminating project silos, prioritizing the needs of the client, collaborating with others, being flexible, and utilizing feedback loops.

Read about the Monetary Policy Committee here.

Highlights of the Economic Survey 2021-22 

Table of important statistics from the Economic Survey 2021-22:

Statistic

Value

GDP growth rate (2021-22)

8.7%

Inflation rate (2021-22)

6.1%

Fiscal deficit (2021-22)

6.9% of GDP

Current account deficit (2021-22)

1.8% of GDP

Unemployment rate (2021-22)

7.5%

The Economic Survey 2021-22 highlighted the following key points:

  • The Indian economy recovered strongly in 2021-22, with a GDP growth of 8.7%. This was the highest GDP growth rate in the world in 2021-22.
  • The government's focus on fiscal consolidation and structural reforms helped to boost economic growth. The fiscal deficit was reduced from 9.3% of GDP in 2020-21 to 6.9% of GDP in 2021-22. The government also implemented a number of structural reforms, such as the Insolvency and Bankruptcy Code and the Goods and Services Tax.
  • The manufacturing sector played a key role in the economic recovery. The manufacturing sector grew by 11.9% in 2021-22. This was the highest growth rate of the manufacturing sector since 2010-11.
  • The government's investments in infrastructure development also helped to boost economic growth. The government invested Rs 11.8 lakh crore in infrastructure development in 2021-22. This was the highest investment in infrastructure development in Indian history.
  • The unemployment rate declined in 2021-22, but it remained higher than pre-pandemic levels. The unemployment rate declined from 7.6% in 2020-21 to 7.5% in 2021-22. However, the unemployment rate was still higher than the pre-pandemic level of 6.1%.
  • Agriculture: The agriculture sector grew at 3.9% in 2021-22, up from 3% in 2020-21. The growth was driven by a good monsoon and an increase in government support for the sector.
  • Industry: The industrial sector grew at 9.9% in 2021-22, up from 0.6% in 2020-21. The growth was driven by strong performance from the manufacturing and mining sectors.
  • Services: The services sector grew at 8.4% in 2021-22, up from 6.6% in 2020-21. The growth was led by the trade, hotels, transport, and communication sub-sectors.
  • Inflation: Inflation remained under control in 2021-22, with the average CPI inflation at 5.5%. The government's supply-side interventions and the RBI's monetary policy measures helped to keep inflation in check.
  • External sector: India's current account deficit widened to 1.8% of GDP in 2021-22, from 0.9% of GDP in 2020-21. The widening of the current account deficit was due to strong import growth.

Check out the Economy UPSC Notes here.

We hope that all your doubts regarding the Economic Survey will be cleared after going through this article. You can download the Testbook App now to check out various other topics relevant to the UPSC IAS Exam.

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Economic Survey Volume 1 FAQs

It is the first part of the Economic Survey Document released by the Chief Economic Advisor of India.

The theme of the Economic Survey Volume 1 2022 is the ‘Agile Approach’.

Economic Survey 2022 was written by the Chief Economic Advisor of India.

It usually contains two volumes. But this year, only one volume was released.

The Economic Survey is released one day before the Union Budget is presented in Parliament.
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