The correct answer is I and II.

• Volume 2 of the economic survey, reviews recent developments in the major sectors of the economy and is supported by relevant statistical tables and data. Hence statement 1 is correct.
• The Economic Survey is presented by Chief Economic Advisor and tabled in both the houses by Finance Minister every year before presenting the Budget.
• The current Chief Economic Advisor is Krishnamurthy Venkata Subramanian.
• He was the chief architect of the economic survey 2021.
• Under Volume 1 of the Economic Survey 2021 attempts to capture ideas that encapsulate “economic freedom and wealth creation,” provides evidence-based economic analyses of recent economic development to enable informed policymaking. Hence statement 2 is correct.

• The first Economic Survey of India under Shanmukham Chetty was presented on the floor in 1950-51 as part of our Union Budget.
• After 1964 it was segregated from the Budget and presented each year during the Budget Session before the presentation of the budget.
• The document is non-binding.
• It is constructed and presented each year due to its glorious significance.
• Its purpose is to review the past financial processes in the previous year.