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Economic Survey & Budget Summary With MCQs For UPSC Exam

The Union Budget of India is the country’s annual budget, also known as the Annual Financial Statement in Article 112 of the Indian Constitution.


It will be presented by the government on February 1st in order to be implemented before the start of the next fiscal year in April. Until 2016, it was delivered to Parliament on the last working day of February by the Finance Minister.


The nodal organisation in charge of budget preparation is the budget division of the finance ministry’s department of economic affairs (DEA). It is presented as a Finance bill and an Appropriation bill, both of which must be adopted by the Lok Sabha before taking effect on April 1st, the beginning of the Indian fiscal year.


The Economic Survey of India is an annual publication by the Ministry of Finance of the Indian government. Every year, just before the Union Budget, the Ministry of Finance’s Department of Economic Affairs submits the Survey to Parliament.


It is put together under the direction of India’s Chief Economic Adviser. This paper is presented to both Houses of Parliament during the Budget Session.


The first Economic Survey of India was released in 1950-51 as part of the Union Budget. After 1964, it was split from the Budget and delivered each year during the Budget Session, prior to the presentation of the budget. The document isn’t legally binding. Despite this, it is built and presented each year due of its significance.


This section will teach you everything you need to know about budgets and the Economic Survey of the past years. This is a crucial topic for the UPSC exam.

Economic Survey & Budget Summary