Highlights of Economic Survey 2019-20

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.