Economic Survey 2020 Highlights: Thalinomics, 6.5% GDP projection, Wealth Creation dominate key findings

Published on : Fri 31 Jan 2020 06:45 PM IST
REGISTER FOR RESULTS UPDATES

Economic Survey 2020 Live Updates: Finance Minister Nirmala Sitharaman tabled the Economic Survey 2019-20 in the Parliament today. In the first important indicator, the Economic Survey has projected India’s GDP growth at 6 to 6.5% in the next fiscal. According to the survey, India will see strong growth resurgence in the H2 of Financial Year 2021.

The Economic Survey report was tabled following President’s inaugural address to the joint session of both the houses today. During his address, President Ram Nath Kovind talked about the key achievement of Parliament and Modi Government. President also recounted abrogation of Article 370 and passing of Citizenship Amendment Act as one of the key achievements of this government

Following the presentation of the Economic Survey in the Parliament, our Chief Economic Advisor Krishnamurthy V Subramanian will address a press meet at around 1:45 PM notifying the key highlights of the economic survey.

Stay tuned for live updates about Economic Survey 2019-20.

HIGHLIGHTS

GDP Growth projected at 6 to 6.5%Strong Growth Resurgence in H2 of FY21Industrial Growth projected at 2.5%
  • 01 Feb 07:59 AM

    Economic Survey 2019-20: Ten Central Ideas

    CEA Krishnamurthy in his press meet said that the Economic Survey was based on ten new central ideas that will pave the way ahead for wealth creation and trigger long-term sustained growth of the economy. These include

    • Wealth Creation Benefits All
    • Invisible hand of Markets enable Wealth Creation
    • Trust is a ‘public good’ that grows with use
    • Grass-root Entrepreneurs create wealth in their district
    • Pro-bubsiness policies give equal opportunities
    • Remove anachronistic Govt Interventions
    • Job Creation by merging ‘Assemble in India’ and Made in India
    • Changes to EODB for India to rank in top 50
    • Banking sector sub-scale compared to Economy
    • Thalinomics       

  • 01 Feb 08:06 AM

    Economic Survey Tabled in Parliament

    Finance Minister Nirmala Sitharaman has formally tabled the Economic Survey 2019-20 report in the Parliament. Following the presentation of Economic Survey, both the houses were  till tomorrow.

  • 01 Feb 08:05 AM

    Economic Survey with Lavender Colour

    Economic Survey 2019-20 has been released by the Finance Ministry with Lavender Colour cover page. The lavender cover captures the new rupee and signifies a synthesis of old & new.

  • 01 Feb 08:04 AM

    Economic Survey Growth Projections

    Among the key projections that the Economic Survey makes ahead of the Union Budget; the key most important ones are GDP Growth, Industrial Sector Growth and Agricultural Sector Growth. The same is listed below:

    Estimate Year

    GDP

    Industrial Sector

    Agriculture Sector

    2017-18

    7.2%

    5.9%

    5%

    2018-19

    6.8%

    6.9%

    2.9%

    2019-20 (projected)

    6 to 6.5%

    2.5%

    2.8%

     

  • 01 Feb 08:03 AM

    Relaxation in Fiscal Deficit Target?

    One of the key observations that the Economic Survey 2019-20 has projected is the dip in growth due to the dwindling investments. To overcome this, with an aim to spur growth back in the Indian Economy, the survey has recommended relaxation of fiscal deficit target in the next financial year.

  • 01 Feb 08:01 AM

    Forex Reserves grow to USD 461.2 Billion

    India’s balance of payment position is expected to strengthen further in FY21 with the forex reserves showing a healthy growth to USD 461.2 Billion. The growth of Forex Reserves has been triggered by FDI inflows and Overseas Remittances. Consequently, India will see its Current Account Deficit decline further.

    Year

    Forex Reserves

    2016-17

    USD 370.0 Billion

    2017-18

    USD 424.5 Billion

    2018-19

    USD 412.9 Billion

    2019-20

    USD 461.2 Billion

     

  • 01 Feb 08:01 AM

    Economic Survey â?? Central Theme

    The central theme of Economic Survey 2019-20 released today is “Enable Markets, Promote 'Pro-Business' Policies and Strengthen 'Trust' in the Economy.” The key focus of the survey is towards triggering Wealth Creation and aimed at laying the foundation or building the pathway towards making India a USD 5 Trillion Economy.

  • 01 Feb 08:00 AM

    Aggressive Disinvestment Target

    Economic Survey has recommended an aggressive target for disinvestment of the Central Public Sector Enterprises. The decision is intended to bring higher profitability and promote efficiency in the operations Public Sector Units. Furthermore, disinvestment will also bring in higher competition and promote professionalism in the operational culture of the organizations.  

  • 01 Feb 07:59 AM

    Calls for Urgent Reforms in Banking Sector

    Economic Survey said that Indian’s Banking Sector needs urgent attention and reforms that can support the growing economy. The survey calls for a healthy banking sector that is led by Public Sector Banks. Among the three key recommendation for banking sector, the survey mentions use of Fintech across all banking functions, employee ownership to enhance efficiency and use of emerging technologies such as big-data, artificial intelligence and machine learning to improve operations.

  • 01 Feb 07:59 AM

    Chief Economic Advisor Press Meet on Economic Survey Begins

    India’s Cheif Economic Advisor address media on Economic Survey 2019-20. He starts the meet by saying that the survey is ‘synthesis of old and new’, which is also reflected in Lavender colour and the Rupee symbol used on the cover.

  • 01 Feb 07:58 AM

    India Growth slow due to Global Economic Slowdown

    CEA has attributed slowdown in India’s growth in 2019 as part of the global economic slowdown.

  • 01 Feb 07:58 AM

    Government Intervention hurting Indian Economy

    Talking about government intervention on economic activity; the Economic Survey cites that commodities, drugs, foodgrain and debt waivers to buttress to highlight the negative impact such measures can have on the economic health of India. Further elaborating the point, CEA added that government intervention was a norm in 1980s when market failure rate was much higher; but in contemporary economic environment,  such interventions only lead to disruptions.

  • 01 Feb 07:57 AM

    Economic Survey on Employment Data

    Economic Survey also talks about Employment Data which showcased that around 2.62 crore new jobs were createdin rural and urban areas between 2011-12 and 2017-18. Of the total jobs created, around 1.21 crore in rural areas and 1.39 crore in urban areas under regular wage and salaried employees category. Of the total number of jobs created for regular wage and salaried employees; there has been around 8% growth in regular Employment of Women in 2017-18 over 2011-12. The survey also adds that around 69.03 lakh people were trained under Pradhan Mantri Kaushal Vikas Yojana (PMKVY).  

    • Total Number of Jobs Created in 5 years: 2.62 crore
    • Total Number of Jobs Created in Rural Areas: 1.21 crore
    • Total Number of Jobs Created in Urban Areas: 1.39 crore
    • Growth in Employment of Women wage earners: 8%
    • Number of candidates trained under PMKVY: 69.03%

  • 01 Feb 07:57 AM

    Infra Spend - Roadmap to UDS 5 Trillion Economy

    As part of the roadmap to the ambitious target of achieving USD 5 Trillion Economy, the Economic Survey highlighted that India needs to invest UDS 1.4 Trillion on the development of Infrastructure. Lack of Infrastructure was cited as a 'binding constraint' on the economic growth ranging from power infrastructure, transport and poor connectivity.

  • 01 Feb 07:57 AM

    Thalinomics Novel Perspective into Indian Economy

    The Economic Survey 2019-20 presented in the Parliament today looked at the Indian Economy and its importance for common people of India through Thalinomics. The survey collected and compiled data for price of a Thali – a decent meal, in different states across India, to find out the national average. The key finding of this exercise showcased that Thali for both vegetarians and non-vegetarians have become more affordable over the years.

    For a family of 5, the average price of vegetarian Thali has fallen by 28% as compared to 18% fall in a non-vegetarian Thali. Affordability of a Thali is depended on two factors i.e. prices of food coupled with increase in the average salary. The survey also admitted that the average price of thali has gone in 2019. The state-wise price-band for thali prices across India is given below:

    Average Price of Veg Thali in India

    Price Range

    State

    Rs 0 to 50

    Jharkhand

    Rs 50 to 75

    Himachal Pradesh, Haryana, Rajasthan, Madhya Pradesh, Maharashtra, Chhattisgarh and Odisha

    Rs 75 to 100

    Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, West Bengal, Uttar Pradesh, Assam, Jammu and Kashmir and Punjab

    Above 100

    Tripura and Bihar

                                                            

    Average Price of Veg Thali in India

    Price Range

    State

    Rs 0 to 50

    Jharkhand

    Rs 50 to 75

    Himachal Pradesh, Haryana, Rajasthan, Madhya Pradesh, Maharashtra, Chhattisgarh and Odisha

    Rs 75 to 100

    Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, West Bengal, Uttar Pradesh, Assam, Jammu and Kashmir and Punjab

    Above 100

    Tripura and Bihar

     

     

  • 31 Jan 01:49 PM

    Indian Economy Snapshot

    Indian Economy Snapshot

     

  • 31 Jan 01:23 PM

    GDP Growth Projected at 6 to 6.5 percent

    GDP Growth Projected at 6 to 6.5%

    The first key statistic coming from Economic Survey 2019-20 pegs India’s economic growth at 6-6.5% in fiscal year starting April 1, 2020. The growth projection has been based on strong rebound growth in H2 of FY21.

  • 31 Jan 12:50 PM

    Economic Survey to be Tabled Shortly

    Economic Survey to be Tabled Shortly

    Finance Minister Nirmala Sitharaman is expected to table he Economic Survey in both the houses of Parliament shortly. Economic Survey - the annual report card of Indian Economy, will provide an overview of India's macro-economic situation and also lay the foundation for the Budget 2020 which will be announced tomorrow. 

  • 31 Jan 12:34 PM

    Opposition reacts to President's Address

    Opposition reacts to President's Address

    Congress leader P Chidambaram has reacted to President Kovind’s Address to the joint session of the Parliament through a tweet. He said no concrete “policy statement of the government” from Government in the New Year.

     

  • 31 Jan 12:14 PM

    CEC KV Subramanian on Economic Survey 2019-20

    CEC KV Subramanian on Economic Survey 2019-20

  • 31 Jan 12:09 PM

    CAA fulfilled dream of Mahatma Gandhi: President Kovind

    CAA fulfilled dream of Mahatma Gandhi: President Kovind

    President Ram Nath Kovind said that Mahatma Gandhi gave a call to all Hindus who do not want to live in Pakistan can come to India. With the Citizenship Amendment Act, Modi Government has ‘fulfilled this vision of Bapu’. The mention of CAA in president’s speech was met with protest by opposition with sloganeering from Opposition leaders.

  • 31 Jan 12:09 PM

    President recounts key achievement of Parliament

    President recounts key achievement of Parliament

    President Kovind in his joint address to both the houses of Parliament highlighted the key achievements of the Government in the previous year. In his address he talked about the path-breaking legislations passed by Parliament. President Kovind mentions Triple Talaq Bill, Consumer Protection Bill, Chit Fund Amendment Law, Motor Vehicle Act, Transgender Right Protection Bill as major acheivementts of the current government.

  • 31 Jan 12:03 PM

    President Talks about Violent Protests Protests

    President Talks about Violent Protests Protests

    Addressing the issue of anti-CAA protests and the violence that has marred the country since December 2019. In his address he mentioned that any kind of violence in the name of protest weakens the society and the country. He further added that government is open for mutual discussions and debates that strengthen the democracy. 

  • 31 Jan 11:57 AM

    CEA KV Subramanian Presser at 1:45 PM

    CEA KV Subramanian Presser at 1:45 PM

    Chief Economic Advisor to the GoI will hold a Press Conference at 1:45 PM to discuss key highlights and important aspects of Economic survey being tabled today in Parliament. The Press Conference will be streamed live on various social platforms of Press Information Bureau.

  • 31 Jan 11:37 AM

    President Ram Nath Kovind to address Joint Session

    President Ram Nath Kovind to address Joint Session

    President Ram Nath Kovind will address the joint session of the Parliament to mark the start of the Budget Session. President’s motorcade has left for the Parliament house where he will address MPs from both Loksabha and Rajyasabha. Following this, Finance Minister is expected to table the Economic Survey 2019-20 in the Parliament.

  • 31 Jan 11:32 AM

    India’s Growth Projection Expected at 6 percent

    India’s Growth Projection Expected at 6%

    As per financial and economic experts, the Economic Survey 2019-20 will project India’s GDP growth to range between 6% to 6.5% for the financial year starting 1st April 2020. At the start of Budget Session, both equity indices i.e. Sensex and Nifty remained positive ahead of Economic Survey. On the other hand, Indian Rupee appreciated by 17 paise to 71.41 against the US dollar in early trade on Friday.

  • 31 Jan 10:50 AM

    About GOI’s Chief Economic Advisor Krishnamurthy Subramanian

    About GOI’s Chief Economic Advisor Krishnamurthy Subramanian

    Mr Krishnamurthy Subramanian took over as the Chief Economic Advisor to the Government of India in December 2018. He succeeded Mr Arvind Subramanian who served as India’s CEA from 2014 to 2018. Our current Chief Economic Advisor Mr Subramanian is an alumnus of IIT Kanpur and IIM Calcutta. On academic front he also holds a Doctorate from Chicago Booth School of Economics. The Economic Survey 2019-20 being presented today has been prepared under his supervision.

  • 31 Jan 10:47 AM

    PM Modi ahead of Budget Session

    PM Modi ahead of Budget Session

    PM Modi addressed media persons at the start of Budget Session. He said that this will be first Parliament session of the new decade and therefore it is important to make it a productive one to lay a strong foundation for future. He added that the session will primarily focus on economic issues and he hopes that both the houses have good debate and discussions on important topics.

  • 31 Jan 10:45 AM

    Who Prepares Economic Survey?

    Who Prepares Economic Survey?               

    Economic Survey is prepared by the Economic Division of the Department of Economic Affairs which operates under the aegis of the Finance Ministry. The Survey is prepared by a dedicated team of economist who work under the supervision of Chief Economic Adviser to prepare the report card of Indian Economy. Before being presented in the Parliament, the Economic Survey is reviewed by the Finance Secretary Rajiv Kumar and is also approved by Finance Minister Nirmala Sitharaman.

  • 31 Jan 10:45 AM

    Stormy Budget Session Ahead

    Stormy Budget Session Ahead

    With economic slowdown and anti-CAA protests throughout the country; the Budget Session of the Parliament is likely to get off to a stormy start. Congress leaders along with Opposition Parties hold a protest outside the Parliament against the Citizenship Amendment Act. Congress President Sonia Gandhi along with Rahul Gandhi is leading the protest in Parliament campus.

  • 31 Jan 10:34 AM

    What details does the Economic Survey Contain?

    What details does the Economic Survey Contain?

    Typically, the Economic Survey is divided into three key sections or parts i.e.

    1. Economic Overview – In this section, the Finance Ministry outlines the Government’s general outlook and the financial condition of the Indian Economy. It also presents the key policy decision, achievements, future objectives and long and short-term challenges that the economy faces.
    2. Industry / Sector-wise Data – the second part of the Economic survey is dominated by Data. The second part comprises of data that has been compiled by the Finance Ministry from various ministries and departments.
    3. Economic Balance Sheet – The third and final part of the report focuses on the economic balance sheet of the country in the year gone by. This section deals with macro-economic aspects of the economy with prime focus on national income, production, employment, inflation, balance of trade and export-import trade. 

  • 31 Jan 10:25 AM

    What is Economic Survey?

    What is Economic Survey?

    Economic Survey is the annual report card of Indian Economy that is presented by the Government of India in the Parliament. The report provides in-depth review and analysis of various aspects of the Indian Economy. The report card evaluates the current state of economy and also highlights both short-term as well as long term challenges that lie before the economy. Economic survey is a very important document as it provides data, statistics and overview for the policy decisions, schemes and announcements that are made in the Union Budget.

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