The Economic Survey 2019-20 has been tabled today by the Union Finance Minister Nirmala Sitharaman and it has projected growth for the next fiscal starting April 2020-21 at 6 percent to 6.5 percent. Besides, the pre-budget survey has also retained the growth projections for the current fiscal at five percent.
The annual economic survey, compiled by a team chaired by the Chief Economic Adviser Krishnamurthy Subramanian, also spoke about the need to relax fiscal deficit for the current fiscal to revive growth.
It also pitched for a higher number of reforms to make it convenient to do business in India. The survey observed that there an immediate need to omit red tape at ports in a bid to promote exports apart from eliminating other business hindrances such as registering property, paying taxes and enforcing contracts.
Summary of key points in Economic Survey 2019-20
- Uptick in GDP growth expected in second half of 2019-20
- First advance estimates peg growth for overall fiscal at 5 percent
- Industrial growth in 2019-20 is estimated at 2.5 percent
- GDP growth is expected to grow in the range of 6.0 to 6.5 percent in 2020-21
- Government should deliver expeditiously on reforms
- GST collections grew by 4.1 pe cent for the centre during April-November, 2019
- Share of formal employment increases from 17.9 per cent in 2011 -12 to 22.8 percent in 2017-18
- Imports contract more sharply than exports in 1st half of 2019-20
- Inflation declines sharply from 3.2 percent in April 2019 to 2.6 percent in December 2019
- Agricultural growth shows modest revival in first half of 2019
- Foreign Exchange reserves continue to be comfortable
- FDI inflows and overseas remittances on an upward graph
- Inflation witnessing moderation since 2014
- The volatility of prices for most essential food commodities down in 2014-19