Economic Survey 2019: Main highlights
New Delhi, July 04: The Economic Survey was tabled today in Parliament. One of the main takeaways was a blueprint for a 5 trillion USD India.
Finance Minister Nirmala Sitharaman tabled the survey in Parliament. Here is a look at the highlights or main takeaways from the Economic Survey.
Economic Survey Highlights:
- Blueprint for a $5-trillion India
- Get all the details here
- Oil prices seen declining.
- FM tables Economic Survey in Parliament. Sees FY20 GDP growth at 7%, higher growth on stables macros
- Huge political mandate augurs well for growth prospects
- Political stability should push animal spirits of economy
- Invest rate seen higher in the financial year on higher credit growth
- Investment rate seems to have bottomed out
- Investment rate seen higher in financial year on improved demand
- Green shoots in invest activity seem to be taking hold
- Rural wage growth started increasing since mid-2018
- India GDP growth has averaged a high 7.5% in last 5 yr
- January-March slowdown partly due to poll-related uncertainty
- Farmers may have produced less in financial year 2019 on food price fall
HIGH POINTS OF ECONOMIC SURVEY:
- Centre predicts seven percent GDP growth in FY20 on stable macro conditions
- Fiscal deficit at 5.8 percent in FY19 versus 6.4 percent in FY18
- Investment rate seems to have bottomed out
- January-March slowdown partly on poll-related uncertainty and NBFC crisis
- Slow Growth, GST, farm schemes -- on the fiscal front in FY20
- Requests Centre not to compromise on fiscal gap aim to fund new schemes
- GST buoyancy in FY20 key to improved fiscal situation
- Revenue mop-up may be hit if growth slows in FY20
- Increased uncertainty over trade tensions and lower global growth may hit exports
- Expects government policy to further lift restrictions on FPI inflows
- Liquidity has remained systematically tight since September last year, impacting yields
- Aggressive export strategy must be part of investment-driven model
- Survey makes the case for investment as a key driver; says focus on SMEs key; Weighs upon top policymakers to ensure actions are predictable.