Every year, before the union budget, the Government of India, through the office of the chief economic adviser, brings out the Economic Survey. The Economic Survey 2014–15 (ES 2014–15 hereafter) is primarily the handiwork of the chief economic adviser. This document is of importance and receives critical analysis because it acts as the prelude to the union budget. Additionally, the incumbent government’s understanding of economic growth can be extracted by going through this key document.

This article is divided into two parts in order to critically assess the growth policy and theory embedded in the ES 2014–15. The first part critically comments on the current ES, focusing on the growth-related policies. In the second part, the two competing theories of economic growth are presented which deepens the critical commentary undertaken in the previous section.