NEW DELHI: The Economic Survey 2019-20 presented in the Parliament on January 31, Friday was centered around a broad theme of wealth-creation.
Finance Minister Nirmala Sitharaman tabled the Economic Survey. After this, Chief Economic Adviser to the Government of India (CEA) Dr Krishnamurthy V Subramanian spoke about some of the main points of this year's survey.
In a globalized economy, India too has felt the effect of a slowdown, the CEA said. He added that all groups of countries have slowed down, in a globalized economy and that India too has felt the effect. Peaks and troughs in business cycle phenomena show that we have hit a trough as regards economic growth, hopeful of achieving 6.0-6.5% GDP growth in 2020-21.
Survey says India has unprecedented opportunity to chart a China-like, labour-intensive, export trajectory. By integrating “Assemble in India for the world” into Make in India, India can create 4 crore well-paid jobs by 2025 and 8 crore by 2030. Government intervention is required when there is market failure, the market failures today are much less than they were in the 1950s or the 1980s; this should be considered while reviewing our laws, the CEA said. There is no better way to relate economics to the common person than by looking at the price of a plate of food paid by an Indian Thalis have become more affordable since 2006-07.
According to the survey, India ranks third in number of new firms created, as per the World Bank.
Around 2.62 crore new jobs created in rural and urban areas between 2011-12 and 2017-18 among regular wage/salaried employees 69.03 lakh candidates trained under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) as in November 2019.
Last years Economic Survey outlined vision For $5 Trillion Economy
This year's survey says that India’s aspiration of becoming a $5 trillion economy depends critically on Promoting ‘pro-business’ policy that unleashes the power of competitive markets to generate wealth and weaning away from ‘pro-crony’ policy that may favour specific private interests, especially powerful incumbents, according to a statement released by the government.