Pre-Budget Economic Survey 2019 Key Highlights
The Economic Survey brings out the status of the Indian Economy for the given year and challenges that need attention.
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Finance Minister Nirmala Sitharaman tabled the Economic Survey 2018-2019, prepared under the guidance of Chief Economic Advisor Krinamurthy Subramanian. The Economic Survey brings out the status of the Indian Economy for the given year and challenges that need attention. Key highlights from the survey are as follows:
- Prime Minister Narendra Modi has already set target to make India a 5 Trillion US dollar Economy by 2024. The Survey states that India needs a growth at 8% rate per year to reach that goal by 2025. Presently, India is at 6th in rankings as per economy with United States at the top having 21 Trillion USD, followed by China, Japan, Germany, United Kingdom.
- The survey suggests that government should channel its focus from ‘land productivity’ to ‘irrigation water productivity.’ Policies are needed to incentivize farmers to improve water use.
- The survey unveils that India has achieved 100% household electrification of 21.44 crore households. The capacity for renewable energy has been expanded a lot, while use of fossil fuel based energy will continue.
- The Rural wages have shown signs for improvement from mid-2018. Before that it was declining.
- Country’s GDP growth have shown an average of 7.5% in the last 5 years, states the Economic Survey. The survey predicts the growth in economy to pick up in 2019-2020 (about 7%) as macroeconomic conditions: prices, inflation, GNP, etc. continue to stable.
Economic Survey is presented a day before the Union Budget presentation in the Parliament. The Survey is a means to analyze and research on the economy. The lawmakers can make policies for the country on the basis of the analysis from the survey.