Union budgets and economic surveys are both presented in the parliament annually and there isn’t much of a gap between the presentation of the two. Due to these reasons, people assume the two to be similar.
However, there is a Difference Between Union Budget and Economic Survey. Read on to know how they differ.
Union Budget and Economic Survey - Overview
The Union Budget is also referred to as the Annual Budget of India and is launched every year. Usually, it is presented in the parliament in the month of February. It is the annual budget of our country and describes the expenditures/receivables of the government for the upcoming financial year. An Indian financial year starts from the 1st of April and lasts till the 31st of March of the subsequent year.
Further, the union budget of India is divided into two parts, namely the capital budget and the revenue budget. The current finance minister of the country is responsible for presenting the union budget in front of the Lok Sabha.
When we talk about the economic survey, we are referring to the Department of Economic Affairs. It also comes under the Indian Ministry of Finance and is responsible for presenting the economic survey in the parliament.
Similar to the union budget, the economic survey is also presented every year in the parliament. However, the economic survey is presented every year in both the houses of the Indian parliament. The economic survey highlights the developments in the Indian economy for the past year. The government highlights the steps taken to boost the economy of the country in the past 12 months.
Every year, the economic survey is presented just before the union budget in the parliament.
Understanding the Difference Between Union Budget and Economic Survey
The union budget & economic survey of India can be differentiated based on the following points -
In November of 1947, the first union budget of our country was presented in the parliament by RK Shanmukham Chetty.
The first economic survey of India was presented in the parliament for the term 1950-51.
The Union budget is declared a day after the declaration of the economic survey of India.
Starting from 1964, the economic survey is presented 24 hours before the union budget in the parliament.
In the union budget, the present government estimates the receivables and payables for the upcoming financial year.
The economic survey discusses the plus points in the Indian economy in the previous year. It also talks about the short and long-term development policies of the government.
The Union budget is the number of funds needed for the operation of the country.
An economic survey includes the study of the economic sectors of the country.
It reveals the annual budget for the country
It reveals the future plans of the government for strengthening the Indian economy.
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One shouldn’t get confused between an economic survey and a union budget. Both are presented annually in the parliament but differ from one another. The only similarity between them is that they are presented in the parliament during each financial year. An economic survey has a very broader purview as compared to the union budget which takes a narrower approach. Know more about the Difference Between Union Budget and Economic Survey of our nation!
FAQs on the Difference Between Union Budget and Economic Survey
Q.1. With regards to the Difference Between Union Budget and Economic Survey, what do you mean by the revenue budget?
The revenue budget is an integral part of the union budget. It describes the items that do not change the assets and liabilities of the current government. Know more about the Difference Between Union Budget and Economic Survey here.
Q.2. What do you mean by the capital budget, keeping in mind the Difference Between Union Budget and Economic Survey?
The capital budget discusses the items that can change the assets and liabilities of the present government. You should know about the Difference Between Union Budget and Economic Survey to understand the capital budget.
Q.3. In the context of the Difference Between the Union Budget and Economic Survey, is it compulsory to present the union budget and economic survey every year?
In the context of the Difference Between the Union Budget and Economic Survey, It is the responsibility of the current government to present the economic survey and union budget every year.
Q.4. When was the foremost union budget of our country showcased, was there any Difference Between Union Budget and Economic Survey?
On the 26th of November 1947, the first union budget of free India was showcased. Even then, there was a Difference Between Union Budget and Economic Survey.