The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2018-19 in the Parliament on July 04, 2019. Here in this post, we have presented some major highlights of the Economic Survey 2018-19 that are important from Exam Point of view. But before that, we need to understand some basic concepts about Economic Survey.
What is Economic Survey?
Economic Survey of India is a document prepared by the Ministry of Finance on annual basis and it contains the detailed account of the various sectors of the economy and overall economic scenario of the country of the last year.
Who prepares the Economic Survey?
The economic survey is prepared under the guidance of the Chief Economic Adviser of Finance Ministry. The present Chief Economic Adviser is Krishnamurthy V. Subramanian.
Economic Division of the Department of Economic Affairs of the Finance Ministry prepares it under the guidance of Chief Economic Adviser. At the final stage, it is approved by Union Finance Minister
When is Economic Survey released
It is presented a day before the presentation of the Union Budget in the Parliament. For extra knowledge, you can learn that the first Economic Survey of India was presented in the year 1950-51. Up to 1964, it was presented along with the Union Budget. From 1964 0nwards, it has been delinked from the Budget.
Highlights of Economic Survey 2018-19
Chief Economic Adviser Krishnamurthy Subramanian, who prepared the Economic Survey, said the theme of report is to enable shifting gears to accelerate and sustain a real GDP growth rate of 8% and thereby achieve the vision of making India a $5 trillion economy.
- Economic Survey 2018-19 has been guided by “blue sky thinking.”
- GDP growth rate is set at 7 pc in 2019-20, up from 6.8 pc last fiscal 2018-19. In 2017-18 it was 7.2%
- A target to Make India a USD 5-trillion economy by 2024-25 for this a sustained growth of 8% is required.
- The survey highlights need for a robust and resilient Infrastructure to Create a $10 trillion economy by 2032.
- Decline in NPAs should push up CAPEX cycle.
Using insights from behavioral economics to create an aspirational agenda for social change:
- From ‘Beti Baco Beti Padhao’ to ‘BADLAV’ (Beti Aapki Dhan Lakshmi Aur Vijay Lakshmi).
- From ‘Swachh Bharat’ to ‘Sundar Bharat’.
- From ‘Give it up” for the LPG subsidy to ‘Think about the Subsidy’.
- From ‘Tax evasion’ to ‘Tax compliance’.
Some Data from Economic Survey 2018-19
- General fiscal deficit is seen at 5.8% in FY19 against 6.4% in FY18
- General government fiscal deficit seen at 5.8 pc in 2018-19, against 6.4 per cent last fiscal
- The Economic Survey provisionally estimates 2.9% growth rate for the agriculture, forestry and fishing sector.
- Forex reserves projected at $412.9 billion for fiscal 2018-19.
5 ways Economic Survey 2019 is different from previous ones:
- Blue sky thinking,
- Behavioral economics,
- Data – the new oil,
- Nursing dwarfs to become giants,
- How to deal with an ageing society.