As it is customary, the government of India releases it annual economic survey report a day before it presents the annual budget. On 4th July 2019, the economic survey was released with the highlights many prominent policies laying the path on the journey of 2023. The Modi Government in its second run now, seems to be assured to bring India’s economy into the forefront on their vision of becoming a $5 trillion economy.
This year’s economic survey predicts the GDP growth rate of 7% for FY20, a 0.2% rise from the previous fiscal deemed at 6.8%. This year’s Economic survey was prepared by the Chief Economic Advisor, Krishnamurthy Subramaniam and was tabled by the Finance Minister Nirmala Sitharaman in the Parliament.
One of the highlights of this year’s economic survey was on the emphasis of change or more aptly upgradation in the current schemes like “Beti Padhao Beti Bachao” or “Swachch Bharat” into “BADLAV” and “Sundar Bharat”. The survey indicates that reviews and insights from the behavioral economics can proliferate impactful public policies for the future.
The economic survey also includes the importance of data and its massive amount generated by the rapidly digitizing economy in the coming times. It says about the importance of data as a ““public good of the people, for the people and by the people". The survey also lays the encouragement through the aid of micro, small and medium businesses such that they reach the categorical stage of being an established enterprise.
The survey also touched upon the sustainable mobility by the use of electric vehicles and compares the market share of electric cars in India with those of China and Norway clearly indicating an untapped potential market.
What makes this economic survey different from the past was the acknowledgement of India’s ageing population that our economy would be witnessing a sharp slowdown in population growth in the next two decades. It points out that some states will start transitioning to an ageing society by the 2030s.The Survey says that policy makers need to prepare for ageing. This will need proper investments in the health infrastructure as well as a plan for increase the employability period for citizens in a systematic manner.
PM Modi tweeted, “The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy. It also depicts the gains from advancement in the social sector, adoption of technology and energy security.”
For further details on this year’s economic survey 2019 :
Don't miss our next post which is on the specifics described in the Financial Budget 2019 and how it would impact your life in the second phase of Narendra Modi's government.