The Economic Survey tabled annually in Parliament, just prior to the budget proposals of the Union government, has three key features:
First, it is the only government document that reviews all sectors of the economy in an unbroken chain from 1951. This year’s Economic Survey has 16 chapters. The 16th chapter is an omnibus curation defining Atmanirbharta dynamically—from import substitution in the past to strategic reliance in the present, and strategic interdependence in the future.
Second, the Economic Survey is prepared by the Office of the Chief Economic Advisor (CEA) where, since 2009, incumbents of this office have been appointed from outside the government civil service system to helm the work of about 400 in-house professionals from the Indian Economic Service. In this sense, professionals own the Economic Survey, though the finance minister tables it in Parliament. This illustrates the unique trust and confidence between politicians, the civil service, and professionals inducted into the government—a model worthy of replication across all ministries.
Third, while it is a government document, it gains value by going beyond extant government policy. This year, to enhance non-tax revenues, it suggests redefining public sector companies as those in which the government owns at least 26 percent equity rather than the current 51 percent. This change would enable additional divestment of public sector equity without privatising management.
But is this a good move? Government profits by selling more equity once a private owner enhances the company’s market value. However, increasing the equity stake at sale also raises the purchase outlay, which could dampen private investment interest and competitive bidding.