7% GDP Forecast & Other Key Highlights from Economic Survey 2019

The Economic Survey is the annual report of the Indian economy for the year gone by (2018-19).

1 min read
Nirmala Sitharaman stepped into the shoes of Arun Jaitley, who opted out of Modi 2.0 Cabinet.

Finance Minister Nirmala Sitharaman on Thursday, 4 July, tabled the Economic Survey for FY20 in the Rajya Sabha, projecting a growth rate of 7 percent.

Prepared by Chief Economic Adviser Krishnamurthy Subramanian, the Economic Survey comes amid Prime Minister Modi's recently announced aim to make India a 5 trillion dollar economy by 2024.

The Economic Survey details the annual report of the Indian economy for the last fiscal year.

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Catch all the live updates of the Economic Survey here.

Here are the key highlights of the Economic Survey 2019:

  • India still the fastest growing major economy in 2018-19.
  • India GDP growth has averaged a high 7.5% in last 5 years.
  • MSMEs need to be seen as a source of innovation, growth and job creation.
  • Fiscal deficit of central government declined from 3.5 percent of GDP in 2017-18 to 3.4 percent in 2018-19.
  • Oil prices are expected to decline in 2019-20.
  • Slow growth, GST, farm schemes will pose challenges on fiscal front, the survey states.
  • Rural wage growth which had “bottomed out” has been on the rise since mid-2018.
  • Prospects of pick-up in growth in 2019-20 on the back of further increase in private investment and acceleration in consumption.
  • Food inflation based on Consumer Food Price Index (CFPI) also continuing on its declining trend for fifth financial year has remained below 2.0 percent for the last two consecutive years.
  • India’s Monetary Policy Committee framework has been successful in containing inflation.

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