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Home / IAS Preparation / Economy Survey & Union Budget Of India

Difference between the Economic Survey and Union Budget of India for the UPSC Exam

Last Updated on Dec 14, 2023
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According to Article 112 of the Indian Constitution, the Union Budget, also referred to as the annual financial statement, is a declaration of the anticipated receipts and expenditures of the government for a given year. The Budget's recommendations take effect on April 1 of each year, which is the start of the fiscal year, if approved by Parliament. Up to March 31 of the following year, they are still valid. The government is not compelled to present the Economic Report, and its recommendations are not binding on the government.

In this article, we will study the Difference between the Economic Survey and the Union Budget, their definition, and Comparison. This forms a major part of the UPSC IAS exam, and questions related to this are seen in Mains Paper III in the Indian Economy of the UPSC exam. Testbook provides comprehensive notes and online classes for UPSC, including different competitive examinations.

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Difference Between the Economic Survey and Union Budget

There is some difference between Economy Survey & Union Budget, which is given below:

Aspect

Economic Survey

Union Budget

Purpose

Provides an analysis of the country's economic performance, challenges, and future prospects.

Outlines the government's revenue and expenditure plans for the upcoming financial year.

Timing

Presented one day before the Union Budget.

Presented on a specific date, usually at the beginning of the financial year.

Nature

Analytical and descriptive document.

Comprehensive financial statement.

Authorship

Prepared by the Chief Economic Adviser of the country.

Prepared by the Ministry of Finance.

Contents

Contains analysis, statistics, and policy recommendations related to various sectors of the economy.

Includes details of government revenue, expenditures, and allocation of funds to different sectors.

Scope

Covers a wide range of economic issues and policies, including GDP growth, inflation, employment, agriculture, industry, and social welfare.

Focuses on the financial aspects of the government, including taxation, subsidies, fiscal deficit, and public debt.

Legal Status

Not legally binding.

Legally binding once approved by the Parliament.

Influence on Policy

Provides insights and recommendations for policy formulation and reform.

Guides the government's financial decision-making and allocation of resources.

Public Availability

Available to the public after its presentation.

Available to the public after its presentation.

Duration

Typically longer in length.

Relatively shorter in length.

Learn more about the Economic Monetary Policies!

What is Economic Survey?

The Economic Survey is an annual document that is presented by the Chief Economic Advisor (CEA) to the Government of India. It reviews the performance of the Indian economy over the past year. It provides an outlook for the upcoming year. The Survey also includes recommendations for economic policy.

The Economic Survey is an important source of information for economists, policymakers, and the general public. It provides a comprehensive overview of the Indian economy and helps to shape the government's economic agenda.

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What is Union Budget?

The Union Budget is the annual financial plan of the Government of India. It outlines the government's revenue and expenditure estimates for the upcoming fiscal year, as well as tax proposals and government programs.

The Union Budget is an important document for Parliamentarians, the general public, and the business community. It provides insights into the government's priorities and plans for the future.

Read about the Measurement of National Income here!

Way Forward 

The financial plan and particular actions are determined with the aid of the budget and economic survey. For organizations like businesses, governments, and other organizations, accurate budgeting under debts and obligations is crucial. Making a budget also aids in reducing debt. The idea of loans from organizations must also be included in the budget. 

Businesses can arrange their actions with the help of a financial plan. It can be applied as a metric while defining financial goals. It can assist a company in managing short-term obstacles and long-term plans. It separates your available capital, evaluates your spending, and helps you forecast your revenue. The fixed costs, projected revenues, variable costs, profits, cash flow, and other key elements of the budget are listed here.

Learn more about the Economic Fiscal Policies!

Conclusion 

We observe that several budget types are reflected with each particular word. The fixed costs, projected revenues, variable costs, profits, cash flow, and other key elements of the budget are listed here. A business financial plan is a budget for an economic analysis of your company's pay and expenses. It separates your available capital, evaluates your spending, and helps you project your revenue. Typically, a budget is made for at least one year. It is a word that can aid in budget and economic survey determination.

We hope all your doubts regarding the topic “Difference between Economic Survey and Union Budget" are addressed after going through this article. Testbook provides comprehensive notes for UPSC, including different competitive examinations. It has always assured the quality of its products, like content pages, live tests, GK and current affairs, mocks, and so on. Ace your preparation with the Testbook App! 

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Economic Survey and Union Budget of India FAQs

The Finance Ministry of the Indian Government publishes the Economic Survey of India on an annual basis.

The economic survey analyzes changes in the Indian economy over the preceding financial year, which is the difference between the budget and economic survey based on the fiscal year. In contrast, the government's projections for spending and revenue for the following fiscal year are contained in the union budget.

Surplus Budget, Balanced Budget, and Deficit Budget are the three categories of annual government budgets based on estimates.

 Revenue Budget and Capital Budget are two categories for the Union Budget.

The Union Budget for a year, commonly known as the annual financial statement, is a declaration of the anticipated receipts and expenditures of the government for that specific year, as per Article 112 of the Indian Constitution.
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