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Economic Survey 2020
February 2 , 2020
1791 days
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- The Economic Survey of the Fiscal Year 2020 has been tabled in both the houses of Parliament by the Union Minister for Finance Niramala Sitaraman.
- The survey highlights economic trends in the country, development over the past 12 months and facilitates better mobilization of resources.
- The theme for the Economic Survey 2020 is “Wealth Creation, Promotion of pro-business policies, strengthening of trust in the economy”.
- The document is prepared by the Economic Division of the Department of Economic Affairs (DEA) under the guidance of the Chief Economic Adviser (CEA), currently Dr Krishnamurthy Subramanian.
Highlights
- The Current Fiscal Growth is 5%.
- The projected GDP growth for the year 2020-21 is 6% to 6.5%.
- The industrial growth for the Fiscal Year 2020 (2019-20) has been 2.5%
- The Forex Reserves of the Fiscal Year 2019 (2018-19) was 461.2 billion USD.
- The GST collection for the FY20 has grown by 4.1%.
- The Survey stated that as per World Bank’s Data on Entrepreneurship, it is seen that India ranks third in number of new firms created.
- New firm creation in services is significantly higher than that in manufacturing, infrastructure or agriculture.
- The Survey notes that the entrepreneurial activity in the Manufacturing sector is highest in the regions of Gujarat, Meghalaya, Puducherry, Punjab and Rajasthan.
- The Survey says that in order to achieve 5 trillion USD by 2024-25, India has to spend 1.4 trillion USD on Infrastructure.
- The Out of Pocket Expenditure on Health has declined from 64.2% in 2013-14 to 58.7% in 2016-17.
- The Service sector accounts to 55% of the Indian Economy according to the Survey.
- The Inflation declined from 3.2% in April 2019 to 2.6% in December 2019. This reflects weakening of demand in the economy.
- Women employment between 2011-12 and 2017-18 has increased by 8%.
- Livestock
- According to the survey, Livestock has become a major secondary source of income for rural families.
- The growth of Livestock has been 7.9% in the last five years.
- Green India
- The Survey also says that the forest and tree cover has reached 80.73 million hectares.
- This is 24.56% of total geographical area of the country.
- Ayushman Bharat
- The scheme proposed to set up one and a half lakhs Health and Wellness Centres (HWC) by 2022.
- So far 28,005 HWCs have been set up as on 14th January, 2020.
- Job Creation
- The job creation of salaried employees or regular wage employees increased by 5% in 2017-18 as compared to 2011-12.
- Around 2.62 crore new jobs were created.
- Green Bond Market
- India has become the second largest emerging Green Bond Market after China.
- India in 2019 joined the International Platform of Sustainable Finance to increase the environmentally sustainable investments.
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