The Economic Survey 2019-20 was tabled during the Budget Session of the Parliament on 31 January 2020 by Nirmala Sitharaman, Minister of Finance. The survey was prepared under Krishnamurthy Subramanian, the Chief Economic Advisor to the Government of India. The survey is also presented by the CEA during a press meet after it is tabled in Parliament. This year the survey was printed in lavender, the same colour as the 100 rupee note, symbolizing the integration of old and new. The broad theme for the survey is "Ethical Wealth Creation". The document outlines strategies for making India a $5 trillion dollar economy by 2024-25. This includes strengthening the invisible hand of the Indian economy through trust in pro-business government intervention and trust in the markets; while at the same time moving away from "pro-crony" policy and focusing on ethical wealth creation. The survey covers the economic performance India in 2019-20 including fiscal developments, external sector developments, monetary management and financial intermediation, inflation, sustainable development and climate change, agriculture and food management, industry and infrastructure, services sector, social infrastructure, employment and human development. Some of the key points raised by the survey were the need for grassroots entrepreneurship, pro-business and pro-market differentiation, policies that do not undermine the markets, job and growth creation, improving the ease of doing business in India, creation of early warning health system for the NBFC sector, privatization and Thalinomics.
Ethical wealth creation
The importance of 'Ethical Wealth Creation' as a basis for the economy is emphasized upon. Reference to the Arthashastra, Thirukural and The Wealth of Nations is made. Through these texts, the Survey documents that ideas of wealth creation are rooted in India's rich traditions. The Survey notes that India's past dominance in economic matters was not by chance, but design.
Highlights
Some of the key points of the Economic Survey 2019-20 are:
The survey projects India's growth at 6-6.5% in the next fiscal year starting from 1 April 2020.
The survey provides facts to show that India's GDP figures are genuine.
The industrial growth for the current year has been listed as 2.5% while the agricultural growth is 2.8%.
Total formal employment has increased from 2011-12. About 2.6 crore new jobs were created between 2011-12 and 2017-18.
The survey has a section called Thalinomics which shows an increase in affordability of a vegetable 'thali' by 29% and by non-vegetarian by 18% during 2006-07 to 2019-20.
India is on a growth path that delivers sustainable development and has a holistic approach towards climate change.
