Economic survey of India 2020 highlights
India's economic growth is expected to "strongly rebound" to 6-6.5 per cent in 2020-21 from 5 per cent estimated in the current fiscal. The Survey said there are tentative signs of bottoming out of slowdown in manufacturing activity and global trade, which will have a positive impact on growth in the next fiscal.
Considering the urgent priority of the government to revive growth in the economy, the fiscal deficit target may have to be relaxed for the current year, the survey said.
The Economic Survey 2019-20 has proposed India can create well-paid four crore jobs by 2025 and eight crore by 2030 by integrating “assemble in India for the world” into government’s Make in India initiative and exporting network products that can give substantial push to India’s target of becoming a $5 trillion economy.
India's GDP growth is neither overestimated nor underestimated and the concerns on data are unfounded. It said that cross-country comparisons are fraught with risk of incorrect inference due to various confounding factors that stem from such inherent differences.
Government interventions like debt waiver or food subsidies end up creating distortions in the functioning of the free market. The Survey says that debt waiver schemes disrupt credit culture and disrupt formal credit flow to the very farmers it aims to benefit.
The country needed to spend $1.4 trillion on infrastructure to remove the constraints in growth, as power shortages, inadequate transport and poor connectivity affects overall growth performance, and to achieve a GDP of $5 trillion by 2024-25.
It takes more documents to open a restaurant in Delhi as compared to documents needed for a license to procure new arms and major fireworks, says the Economic Survey for 2019-20.
Funding of the Rs 102 lakh crore National infrastructure pipeline recently unveiled by the Indian government “would be a challenge”, the Economic Survey for 2019-20 said.
According to the Survey, foreign tourist arrivals to India on e-visas, which are available for 169 countries, have increased from 4.45 lakh in 2015 to 23.69 lakh in 2018 and stood at 21.75 lakh in January-October 2019, recording nearly 21 per cent year-on-year growth in the tourism sector.
India's mineral output has witnessed a notable turnaround on account of reform measures initiated by the governmenT.
