BUDGET 2019: CEA Krishnamurthy Subramanian's Economic Survey to be tabled in Parliament a day ahead of Modi 2.0's first Union Budget

UPDATE at 10:37AM

 Prior to tabling of ecomic survey, CEA  Krishnamurthy Subramanian has expressed his confidence in report saying that he hopes his teams efforts will yield good ecomic results.

Ahe of Modi government's maiden Budget in second term, an ecomic survey projecting state of health of country's ecomy and outlining challenges will be tabled in Parliament on Thursday. survey prepared by Chief Ecomic viser Krishnamurthy Subramanian is likely to flag constraints that ecomy might face in its pursuit to become world's fifth largest ecomy.

It is also likely to detail reforms, ro map needed to fulfil PM Modi's goal of more than doubling size of ecomy to USD 5 trillion by 2024. survey, which tritionally has chapters on macro ecomy as well as industry and different sectors and outlook, will come a day ahe of Finance Minister Nirmala Sitharaman presenting  first budget of Modi 2.0 government.

"Looking forward with excitement to table my first - and new Government's first - Ecomic Survey in Parliament on Thursday. #EcoSurvey2019", tweeted Krishnamurthy.

It comes at a time when ecomy is facing constraints in manufacturing and agriculture sectors that saw growth rate slowing down to 5-year low of 5.8 per cent in January-March quarter.

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Ecomic Survey, annual report of Indian ecomy for year gone by (2018-19), also comes at a time when some critics have said that Modi government in its first term delivered a jobless growth and it needed to re-invent to propel ecomy and create jobs.

re are also concerns that government might slip again this year on fiscal deficit front given sluggish GST collections and lower-than-expected growth in direct taxes.    After breaching Rs 1 lakh crore mark in goods and services tax (GST) collections for two consecutive months, indirect tax mop-up in June fell marginally to Rs 99,936 crore.

However, aver monthly collection for April-June quarter stood at Rs 1.04 lakh crore, up by 7 per cent from corresponding period of last year. re are also concerns with regard to lower than expected direct tax collection due to slow down in ecomy.

survey comes weeks after Subramanian's predecessor Arvind Subramanian in a research paper claimed India was overestimating its ecomic growth rate by up to 2.5 percent points. incumbent CEA has t commented on findings of research papers even as government bodies like EAC to Prime Minister have t agreed with conclusion.

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What is in Ecomic Survey?

Since 2015, survey document comes in two parts. One part consists of commentary on state of ecomy, which is released before Union Budget. or part carries key ecomic statistics and data, which is tabled in July or August. This split in presentation took effect after Union Budget was moved from last working day of February to first day of month in 2017. Ecomic Survey serves as a useful policy document since it also contains policy ideas, key statistics on ecomic parameters and in-depth research on macro and sectoral trends. Often, survey serves as a policy guideline for Union Budget. However, its recommendations are t binding on government.