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BCN-31
INDIA-ECONOMIC-SURVEY
Economic Survey 2018-19 highlights
New Delhi, July 4, 2019 (BSS/PTI) – Following are the highlights of the
Economic Survey 2018-19 tabled in Parliament Thursday:
* GDP growth pegged at 7 pc in 2019-20, up from 6.8 pc last fiscal
* Growth in current fiscal to be driven by investment, consumption
* Sustained 8 pc growth needed to become a USD 5-trillion economy by 2024-25
* Huge political mandate augurs well for growth prospects
* Investment is the “key driver” of simultaneous growth in demand, jobs,
exports & productivity
* Green shoots in investment, visible pick-up in credit growth seen
* Crude oil prices to decline in 2019-20, to push consumption
* General government fiscal deficit seen at 5.8 pc in 2018-19, against 6.4
per cent last fiscal
* Projects imports to grow at 15.4 pc, exports at 12.5 pc for 2018-19
* Projects 283.4 million tonne of foodgrain production in 2018-19
* Foreign exchange reserves at USD 422.2 billion in June 2019
* Suggests policies to unshackle MSMEs to grow, create jobs and enhance
productivity
* Calls for reorienting policies to promote young firms which have the
potential to become big, rather than small MSME firms which remain small
* Flags need to prepare for ageing of the population; this necessitates more
healthcare investment, increasing retirement age in a phased manner
* Highlights the immense potential of data of societal interest, says data
should be “of the people, by the people, for the people”
* Legal reform, policy consistency, efficient labour markets and use of
technology focus areas
* Contract enforcement biggest constraint to improve Ease of Doing Business
ranking; much of the problem is concentrated in the lower courts
* Low pay and wage inequality remain serious obstacles towards achieving
inclusive growth.
* Policy changes needed to lower overall lifetime ownership costs and make
electric vehicles an attractive alternative to conventional vehicles
* Survey recommends harmonised overarching National Policy on Resource
Efficiency.
BSS/PTI/HR/1450