Sky Blue Cover Reflects Infinite Scope- Economic Survey 2018-19
Economic Survey 2018-19 is out and it focuses on immense scope for growth apart from getting away from Anglo-Saxon economic growth ideology. Growth, infrastructure, savings exports, and jobs are the new mantras for the next five years to come.
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The Economic Survey 2018-19 is out for the public, the sky-blue cover of the survey reflects the blue sky with immense scope and infinite boundaries that leads to switching the gears to attain sustainable 8 per cent growth rate of GDP. Krishnamurthy V. Subramanian, the Chief Economic Adviser (CEA) to the Government of India, has stressed upon India being 5 trillion USD economy by 2025. Starting the survey, Isaac Newton has been quoted "If I have seen further than others, it is by standing upon the shoulders of giants." Crediting all the Indians and specially the youth, Krishnamurthy has called this survey as one that makes “a humble effort to carry forward this glorious tradition.”
The survey which focuses more on behavioural economics has featured upon nourishing Ministry of Micro, Small and Medium Enterprises (MSMEs) to create jobs and become more productive so that they can become internationally competitive, enhancing legal reform, ensuring consistency of policy with the vision and the strategic blueprint, reducing the cost of capital, and rationalizing the risk-return trade-off for investments.
While the survey talks about the spiritual heritage of India, on one hand, it has also given credit to flagship programs of government. It quotes “initiatives such as Swachh Bharat Mission, Jan Dhan Yojana, and the Beti Bachao Beti Padhao, provides testimony to the potential for behavioural change in India”. The most important aspect of the survey is that it departs from Anglo-Saxon thinking by advocating a growth model for India that views the economy as being either in a virtuous or a vicious cycle and thus never in equilibrium.
Infrastructure has been given primary focus in the survey and sighting IMF’s World Economic Outlook 2019; the survey compares India’s GDP at 7.5 per cent against the World’s GDP of 3.6 per cent. More emphasis and credit have been given to a virtuous cycle of savings, investment, exports and growth with investment as the “central driver”. Also, the survey focuses on multiple initiatives by the government and credits the economic growth to them for, instance, Jan Dhan Yojana and Direct Benefit Transfer (DBT).
The survey gives reference of major schemes implemented under DBT include MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme), NSAP (National Social Assistance Program), PMAY-G (Pradhan Mantri Awas Yojna- Gramin), besides various scholarships and fertilizer subsidy schemes. Survey also credits key initiative for last-mile delivery “the Pradhan Mantri Ujjwala Yojana (PMUY)”.
Next five years will concentrate majorly on growth, Infrastructure, savings, jobs, and exports. The new approach to behavioural economics will also be the talk of the town in days to come. High growth East-Asian economies are also part of the survey (excluding China).