Economic Survey 2020 : Key Highlights of Economic Survey 2019-20

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2019-20 in the Parliament.

The key highlights of the Economic Survey 2019-20 are as follows :

Wealth Creation : The invisible Hand Supported by the Hand of Trust 

• According to Survey, the liberalised sectors grew significantly faster than the close one.

• Exponential rise in India's GDP and GDP per capita post-liberalisation coincides with wealth generation.

• It posits that India's aspiration to become a $5 trillion economy depends critically on :

+ Strengthening the invisible hands of the market.

+ Supporting it with the hand of trust.

• Survey suggest that policies must empower transperancy and effective enforcement using data and technology.

Creating Jobs and Growth by Specialising in Network Products :

• By integrating "Assemble in India for the world" into Make in India, India can :

+ Raise its export market share to about 3.5% by 2025 and 6% by 2030.

+ Create 4 crore well-paid jobs by 2025 and 8 crore by 2030.

• Exports of network products can provide one-quarter of the increase in value added required for Making India a $5 trillion economy by 2025.

Sustainable Development and Climate Change :

• India hosted COP - 14 to UNCCD which adopted the Delhi Declaration : Investing in Land and Unlocking Opportunities.

• Forest and tree cover :

+ Increasing and has reached 80.73 million hectare.

+ 24.56% of the geographical area of the country.

Important Fact Economic Survey 2019-20 :

• GDP growth (at constant prices) 

+ 2020-21 (Projected) : 6.0-6.5%

+ 2019-20 (advance estimate) : 5%

• Fiscal Deficit (% of GDP)

+ 2019-20 : 3.3%

+ 2018-19 : 3.4%

• Inflation

+ 2019-20 : CPI 4.1% and WPI  1.5%

•Services (Growth Rate of GVA at Basic Prices in %) 

+ 2019-20 (1st advance estimate) : 6.9%

+ 2018-19 (Provisional Estimate) : 7.5%

• Industrial Growth (growth rate of GVA at Basic Prices in %) 

+ 2019-20 (1st advance estimate) : 2.5%

+ 2018-19 ( Provisional Estimate) : 6.9% 

• Agriculture and Allied Sectors (Growth rate of GVA at Basic Prices in %)

+ 2019-20 (1st advance estimate) : 2.8%

+ 2018-19 (Provisional Estimate) : 2.9%

• Foreign Exchange Reserves (in US $ billion)

+ 2019-20 (till the end of 10th Jan 2020) : 461.2

+ 2018-19 : 413

Agriculture and Food Management :

• Gross Value Added (GVA) at Basic Prices for 2019-20 from 'Agriculture, Forestry and Fishing' sector is estimated to grow by 2.8%.

• During the last 6 years ending 2017-18, Food Processing Industries sector has been growing at an Average Annual Growth Rate (AAGR) of around 5.06% .

• Survey emphasises on sustainability of food security operations by :

+ Addressing the burgeoning food subsidy bill.

+ Revisiting the rates and coverage under NFSA.

Industry and Infrastructure :

• The industrial sector as per Index of Industrial Production (IIP) registered a growth of 0.6% in 2019-20 (April - November) as compared to 5.0% during 2018-19 (April-November).

• Fertilizer sector achieved a growth of 4% during 2019-20 (April-November) as compared to 1.3% during 2018-19 (April-November).

• Steel sector achieved a growth of 5.2% during 2019-20 (April-November) as compared to 3.6% during 2018-19 (April-November) .

• Total telephone connections in India touched 119.43 crore as on September 30, 2019.

Social Infrastructure, Employment and Human Development :

• The expenditure on social services (Health, Education and ohers) by the Centre and States as a proportion of GDP increased from 6.2% in 2014-15 to 7.7% in 2019-20 (BE).

• India's ranking in Human Development Index improved to 129 in 2018 from 130 in 2017. With 1.34% average annual HDI growth, India is among the fastest improving countries.

• The share of regular wage/ salaried employees has increased by 5%  points from 18% in 2011-12 to 23% in 2017-18.

• Total formal employment in the economy increased from 8% in 2011-12 to 9.98%  in 2017-18.

• Access to health services through Ayushman Bharat and Mission Indradhanush across the country has improved.

• Mission Indradhanush has vaccinated 3.39 crore children and 87.18 lakh pregnant women of 680 districts across the country.

• About 76.7% of the households in the rural and about 96% in the Urban areas had houses of pucca structures.

• A 10 year Rural Sanitation Strategy (2019-2029) launched to focus on sustaining the sanitation behaviour change and increasing across to solid and liquid waste management.

References

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