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The economic survey is an annual document of the finance ministry. This document is review of the Indian economy over the previous 12 months. It summarize the performance of major development programs and highlights the policy initiatives of the government of India. It gives a detailed account of the state of the economy, prospects and policy challenges. The survey’s outlook serves as a marker about future policy moves. The Economic Survey projects the official version of the state of the economy and is generally presented in Parliament a day before the presentation of the Annual Budget.
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Why is economic survey and budget important?
The Economic survey is an essential document for competitive examination especially for UPSC and RBI. 30 – 40 questions are directly or indirectly asked in CSE (Mains) and RBI (Mains for ESI paper). It contains deep knowledge of the current policies and programs of the government that helps an aspirant to write meaningful essays in CSE and RBI Exam. And most of the questions in the CSE Main exam General studies paper-III are from economic survey and Macroeconomics. And from 2011, around 7-8 out of 20 questions are directly related to the economic survey. Similarly in RBI Mains exam ESI paper contains 40- 45 question from survey and budget director.
Similarly Union Budget is an estimate of income and expenditure for a given year. It could be a fiscal year (Apr – Mar) or a calendar year (Jan – Dec). This purely discusses the financials of each development area of India.
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How do I read Economic Survey and Union Budget?
The Finance Ministry of the Government of India releases the Economic Survey every year. The economic survey is a heavy document containing vast amounts of data. Aspirants are often confused about how to cover this huge book. Here are few tips that will help you to cover entire survey
Things to avoid while reading Economic survey and budget
a. Don’t focus too much on the number– You do not need to remember all the numbers like years, percentage, change, etc. There are lots of figure in this document. You should understand the general trends and patterns rather than remember the actual number.
b. Don’t spend too much time reading the economic survey-You do not need to spend too much time on reading the whole document. Your priorities must be a certain chapter which is important for your upcoming exams.
c. Don’t mug up Economic Survey line by line-You do not need read all the survey line by line. Nobody expects you to memorize it. Go through knowledge of some topics like events, schemes, statistics are expected.
d. Don’t remember all the graphs and charts-Survey and Budget contains lots of graphs and charts. You don’t have to go through all of them. Try to focus only on a few important which can be useful for your exams.
e. Don’t read the whole survey in one day-Most of students make mistake and read entire survey one day before exam. This is the biggest mistake, survey is not is one day of course. Take out time daily to give it good focused reading and underline the important things. And make your own notes on survey that will be very helpful and whenever you read it, you can easily grasp it.
Things to remember while reading Economic survey and Budget
a. Read First Chapter-Read first chapter carefully because this chapter contains brief summary of the whole survey. And you can easily identify the part you need to focus on your upcoming exams.
b. Focus on Basic terminology-Know and understand the basic terminology of Economics. Because many questions asked based on terminology like as in security exchange SEBI plays major role in Indian Economy then what does I stands for. If you are beginner than before read survey once go through the NCERT Macroeconomics that will be very helpful to understand the survey.
c. Divide it in different part-The best and efficient way to read survey is divide it in different sections and each section contains different sector facts. Like if you are preparing for UPSC then divide whole survey for three sections.
Section 1-Society, Role of women, Urbanization, Social Empowerment etc.
Section 2-Welfare schemes and their analysis, Schemes for vulnerable sections, Government initiatives, Human resource, Hunger, Malnutrition, poverty, etc.
Section 3-Agriculture, Subsidy issues, sustainable tech initiatives, Macroeconomics tangibles, and intangibles, etc. And more topics that are included in your syllabus and asked in exams.
a. Mug up all stuff that is in boxes-This is most important you should mug up all the stuff that is in boxes because many times question the stuff put in the box have been directly asked in exams. So read them properly.
b. Read it at least two times-As we know we are not Einstein or Newton that only one reading can remember whole life. It is not important to read the survey again and again because it is time-consuming. So as I previously said if you divide it into sections and make your own notes then only that notes will be helpful. So instead of reading whole survey read only your own notes again and again will be less time consuming and easily memorable.
We have shared you guide on how to read Economic survey and Budget for exams like UPSC Civil Services, RBI Grade B, Nabard Grade A/B, and other exams. Economic survey and budget are important features of any exams where economics subject is asked.
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