The Economic Survey 2019-20, tabled by Finance Minister Nirmala Sitharaman on Friday, January 31, has pegged the Gross Domestic Product (GDP) at 6 percent to 6.5 percent for the next fiscal starting April 2020-21.
The survey, prepared by Chief Economic Advisor Krishnamurthy Subramanian, gives a review of the developments in the economy over the previous 12 months and also gives an outlook for the next financial year.
Here are the highlights of the Economic Survey:
- GDP growth has been pegged at 6-6.5 percent in the fiscal year starting April 1, up from 5 percent in current fiscal.
- Agricultural growth showed a modest revival in the first half of 2019.
- Inflation witnessing moderation since 2014.
- The volatility of prices for most essential food commodities down in 2014-19.
- India needs to spend $1.4 trillion on infrastructure to remove the constraints in growth, as power shortages, inadequate transport and poor connectivity affects overall growth performance, and to achieve a GDP of $5 trillion by 2024-25.
- Fiscal deficit target for current fiscal may need to be relaxed to revive growth.
- National Infrastructure Pipeline (NIP) is expected to enable well-prepared infrastructure projects that will create jobs, improve ease of living and provide equitable access for infrastructure for all thereby making growth more inclusive, the Survey observes.
- A bouquet of well-prepared projects in roads, rail and housing amongst others will attract investments in the infrastructure sector, the Economic Survey 2019-20 said.
- 2.62 crore new jobs created in rural, urban areas between 2011-12 and 2017-18 among regular wage/salaried employees.
- Eight percent increase in regular employment of women in 2017-18 over 2011-12.
