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Highlights of Economic Survey 2019-20

Source: PTI   -  Edited By: Saisuresh Sivaswamy
January 31, 2020 14:45 IST
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These are the highlights of the Economic Survey 2019-20 tabled in Parliament on Friday:

IMAGE: Finance Minister Nirmala Sitharaman.
  •            GDP growth pegged at 6-6.5 per cent in fiscal year starting April 1, up from 5 per cent in current fiscal
  •            Fiscal deficit target for current fiscal may need to be relaxed to revive growth
  •            Uptick in growth projected in second half of current fiscal based on 10 factors including higher FDI flows, build up of demand pressure, positive GST revenue growth
  •            Survey asks government to deliver expeditiously on reforms to revive growth
  •            Ethical wealth creation key to India becoming USD 5 trillion economy by 2025
  •            Share of formal employment increased from 17.9 per cent in 2011 -12 to 22.8 per cent in 2017-18 reflecting formalisation in the economy
  •            Theme of Survey is wealth creation, promotion of pro-business policies, strengthening of trust in the economy
  •            To achieve GDP of USD 5 trillion by 2024-25, India needs to spend about USD 1.4 trillion over these years on infrastructure
  •            2.62 crore new jobs created in rural, urban areas between 2011-12 and 2017-18 among regular wage/salaried employees
  •            8 per cent increase in regular employment of women in 2017-18 over 2011-12
  •            Excessive government intervention in markets, especially when the market can do the job of enhancing citizens welfare perfectly well, stifles economic freedom
  •            Debt waivers disrupt the credit culture, reduces formal credit to same farmers
  •            Suggests government to systematically examine areas where it needlessly intervenes and undermines markets
  •            Calls for improving governance in public sector banks, more disclosures to build trust
  •            Calls for measures to make it easier to start new business, register property, pay taxes, enforce contracts
  •            Easing of crude prices lowers current account deficit; imports contract more sharply than exports in first half of current fiscal
  •            Declining inflation from 3.2 per cent in April 2019 to 2.6 per cent in December 2019, reflecting weakening demand pressure in the economy
  •            GST collections grew by 4.1 per cent for the centre during April-November 2019.
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Source: PTI  -  Edited By: Saisuresh Sivaswamy© Copyright 2022 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

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