Govt Tables Economic Survey in Parliament, Projects GDP at 7%
The Lok Sabha will have 30 sittings and the Rajya Sabha 27 sittings between 17 June to 26 July
Finance Minister Nirmala Sitharaman on Thursday, 4 July, tabled the Economic Survey for FY 2020 in the Rajya Sabha, projecting a growth rate of 7 percent.
The Economic Survey is the annual report of the Indian economy for the year gone by (2018-19).
Fiscal deficit of Central Government declined from 3.5 percent of GDP in 2017-18 to 3.4 percent in 2018-19.
Prepared by Chief Economic Adviser Krishnamurthy Subramanian, the Economic Survey comes amid Prime Minister Modi's recently announced goal of more than doubling the size of the economy to USD 5 trillion by 2024.
- It comes at a time when some critics said the Modi government in its first term delivered a jobless growth and needs reinventing to propel the economy and create jobs
- The Budget will be presented on 5 July by Finance Minister Nirmala Sitharaman
- The Lok Sabha will have 30 sittings and the Rajya Sabha 27 sittings between 17 June to 26 July
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What Is the Significance of Economic Survey?
The Economic Survey is the annual report of the Indian economy for last fiscal year (2018-19).
It serves as a useful policy document since it also contains policy ideas, key statistics on economic parameters and in-depth research on macro and sectoral trends.
Often, the survey serves as a policy guideline for the Union Budget. However, its recommendations are not binding on the government.
Since 2015, the survey document comes in two parts. One part consists of commentary on the state of the economy, which is released before the Union Budget. The other part carries key economic statistics and data, which is tabled in July or August.
This split in the presentation took effect after the Union Budget was moved from the last working day of February to the first day of the month in 2017.
Economic Survey Tabled Amid Criticism
The Economic Survey, the annual report of the Indian economy for the year gone by (2018-19), also comes at a time when some critics said that the Modi government in its first term delivered a jobless growth and needs re-inventing to propel the economy and create jobs.
There are also concerns that the government might this year again slip on the fiscal deficit front given sluggish GST collections and lower-than-expected growth in direct taxes.
There are also concerns with regard to lower than expected direct tax collection due to a slowdown in the economy.
The survey comes weeks after Subramanian's predecessor Arvind Subramanian in a research paper claimed India was overestimating its economic growth rate by up to 2.5 percentage points.
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