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Economic Survey 2019-20 highlights

Economic Survey 2019-20 highlights: Following are the highlights of the Economic Survey 2019-20 tabled in Parliament on Friday:

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New Delhi Published on: January 31, 2020 14:23 IST
Economic Survey 2019-20 highlights
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Economic Survey 2019-20 highlights

Economic Survey 2019-20 highlights: Following are the highlights of the Economic Survey 2019-20 tabled in Parliament on Friday:

* 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. 

Also Read: Economic Survey 2020: What is Economic Survey presented ahead of Budget. All you need to know

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