Finance:Economic Survey of India 2020

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The Chief Economic Adviser (CEA), Krishnamurthy V. Subramanian addressing a Press Conference regarding the Economic Survey 2019-20, in New Delhi on January 31, 2020.

The Economic Survey 2019-20 was tabled during the Budget Session of the Parliament on 31 January 2020 by Nirmala Sitharaman, Minister of Finance.[1] The survey was prepared under Krishnamurthy Subramanian, the Chief Economic Advisor (CEA) to the Government of India. The survey is also presented by the CEA during a press meet after it is tabled in Parliament.[2][3][4]

This year the survey was printed in lavender, the same colour as the 100 rupee note, symbolizing the integration of old and new.[5] The broad theme for the survey is "Ethical Wealth Creation". The document outlines strategies for making India a $5 trillion dollar economy by 2024-25.[6][7] This includes strengthening the invisible hand of the Indian economy through trust in pro-business government intervention and trust in the markets;[8] while at the same time moving away from "pro-crony" policy and focusing on ethical wealth creation.[4][9]

The survey covers the economic performance India in 2019-20 including fiscal developments, external sector developments, monetary management and financial intermediation, inflation, sustainable development and climate change, agriculture and food management, industry and infrastructure, services sector, social infrastructure, employment and human development. Some of the key points raised by the survey were the need for grassroots entrepreneurship, pro-business and pro-market differentiation, policies that do not undermine the markets, job and growth creation, improving the ease of doing business in India, creation of early warning health system for the NBFC sector, privatization and Thalinomics.[10]

Ethical wealth creation

The importance of 'Ethical Wealth Creation' as a basis for the economy is emphasized upon. Reference to the Arthashastra, Thirukural and The Wealth of Nations is made. Through these texts, the Survey documents that ideas of wealth creation are rooted in India's rich traditions. The Survey notes that India's past dominance in economic matters was not by chance, but design.[9]

Highlights

Some of the key points of the Economic Survey 2019-20 are:[1]

  • The survey projects India's growth at 6-6.5% in the next fiscal year starting from 1 April 2020.[11]
  • The survey provides facts to show that India's GDP figures are genuine.[9]
  • The industrial growth for the current year has been listed as 2.5% while the agricultural growth is 2.8%.[11]
  • Total formal employment has increased from 2011-12. About 2.6 crore new jobs were created between 2011-12 and 2017-18.[2]
  • The survey has a section called Thalinomics which shows an increase in affordability of a vegetable 'thali' by 29% and by non-vegetarian by 18% during 2006-07 to 2019-20.[12]
    Punjabi style vegetarian thali served in a restaurant.
  • India is on a growth path that delivers sustainable development and has a holistic approach towards climate change.[1]
  • India is on track to achieve its "Nationally Determined Contributions (NDCs) under Paris Agreement in accordance with principles Common but Differentiated Responsibilities."[1]
  • India has emphasized on clean, enhanced and efficient energy systems, resilient urban expansion, and progressive transportation networks.
  • All urban areas of 35 states and union territories have become open-defecation free and percentage of waste processing has risen by over 40%.[1]
  • The survey also acknowledged the efforts of Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) and the launch of India's initiative - Coalition for Disaster Resilient Infrastructure.[1]
  • India has the second largest emerging green bond market in the world.
  • The survey suggests the government to systematically withdraw from certain areas of the markets.[7]
  • Easier ways to start new business, pay taxes and enforce contracts.[7]
  • The Assemble in India for the world strategy to go hand in hand with Make in India.[13]
  • The survey suggests mimicking the Chinese model for job creation.[13]
  • Band Baaja Baaraat was given reference to show Indian entrepreneurship.[13]

The survey also had quotes from Shrimad Bhagavad Gita, Rigveda, Arthashastra and Thirukural. Data for the survey relied on information from sources such as Bloomberg, IIM(B), Forbes, IMF, World Bank, RBI, Ministry of Corporate Affairs, Insolvency and Bankruptcy Board of India, the United Nations, and Wikipedia, among others.[14][15]

See also

  • 2020 Union budget of India

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 PIB Delhi (31 January 2020). "Economic Survey of India". https://pib.gov.in/PressReleseDetail.aspx?PRID=1601251. 
  2. ↑ 2.0 2.1 Agarwal, Nikhil (2020-01-31). "Krishnamurthy suggests a Chinese formula to create jobs" (in en). https://www.livemint.com/budget/economic-survey/economic-survey-2020-to-be-released-shortly-could-project-growth-at-6-6-5-11580448977665.html. 
  3. ↑ "Economic Survey 2020 Live Updates: Banks likely to remain risk averse unless IBC process speeds". 31 January 2020. https://www.businesstoday.in/union-budget-2020/economic-survey-2020-live-updates-kv-subramanian-nirmala-sitharaman-narendra-modi-economic-policies/story/395021.html. 
  4. ↑ 4.0 4.1 "Highlights of CEA Subramanian press meet on Economic Survey: from 'wealth creation' to ‘Thalinomics'" (in en-IN). The Hindu. 2020-01-31. ISSN 0971-751X. https://www.thehindu.com/business/budget/highlights-of-cea-subramanian-press-meet-on-economic-survey-from-wealth-creation-to-thalinomics/article30702573.ece. 
  5. ↑ "Economic Survey Highlights: The good, the bad and the ugly". The Economic Times. 2020-01-31. https://economictimes.indiatimes.com/news/economy/indicators/economic-survey-2020-key-highlights/articleshow/73791464.cms?from=mdr. 
  6. ↑ Srivats, K. R. (31 January 2020). "Economic Survey sets the tone for Budget 2020" (in en). https://www.thehindubusinessline.com/economy/budget/economic-survey-sets-the-tone-for-budget-2020/article30701081.ece. 
  7. ↑ 7.0 7.1 7.2 "Economic Survey 2019-20 highlights" (in en). 2020-01-31. https://www.livemint.com/news/india/economic-survey-2019-20-highlights-11580460082509.html. 
  8. ↑ Xavier, John (2020-01-31). "Economic Survey 2019-20 highlights: Back to Adam Smith's Invisible Hand" (in en-IN). The Hindu. ISSN 0971-751X. https://www.thehindu.com/business/budget/economic-survey-2019-20-highlights-back-to-adam-smiths-invisible-hand/article30701669.ece. 
  9. ↑ 9.0 9.1 9.2 Ministry of Finance (31 January 2020). "Theme of the Economic Survey 2019-20 - Enable Markets, Promote 'Pro-Business' Policies and Strengthen 'Trust' in the Economy". https://pib.gov.in/newsite/PrintRelease.aspx?relid=197772. 
  10. ↑ Ministry of Finance (31 January 2020). "Key Highlights of Economic Survey 2019-20". https://pib.gov.in/newsite/PrintRelease.aspx?relid=197771. 
  11. ↑ 11.0 11.1 "Economic Survey 2020 Live: India GDP to grow at 6-6.5% next year, Economic Survey says" (in en). https://timesofindia.indiatimes.com/business/economic-survey-india-2020-live-updates-and-highlights/liveblog/73791088.cms. 
  12. ↑ "Economic Survey 2020: Veg thali affordability improves by 29%; non-veg by 18% during 2006-07 to 2019-20" (in en). 31 January 2020. https://timesofindia.indiatimes.com/business/india-business/economic-survey-thalinomics-and-the-common-man/articleshow/73798465.cms. 
  13. ↑ 13.0 13.1 13.2 "5 things about India you probably didn't know before today's Economic Survey". The Economic Times. 2020-01-31. https://economictimes.indiatimes.com/news/economy/indicators/5-things-about-india-you-probably-didnt-know-before-todays-economic-survey/articleshow/73802566.cms. 
  14. ↑ Press Trust of India (31 January 2020). "Economic Survey sources data from Wikipedia, other private entities" (in en). https://www.indiatoday.in/business/budget-2020/story/economic-survey-sources-data-from-wikipedia-other-private-entities-1642114-2020-01-31. 
  15. ↑ "Economic Survey 2019-20 sources data from Wikipedia, other private entities" (in en-IN). 31 January 2020. https://www.thehindu.com/business/Economy/economic-survey-2019-20-sources-data-from-wikipedia-other-private-entities/article30705805.ece. 

Further reading

Ministry of Finance, Government of India (31 January 2020) Key Highlights of Economic Survey 2019-20. Press Information Bureau

External links




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