The report was much awaited as the recent data released by the government showed a massive slump in the rate of employment and GDP growth. The report has given indications of the much-anticipated economic redemption and hurdles coming in the future.
The report shows the health of several indicators such as education, farming, manufacturing, jobs, and so on. With just a day away from the presentation of the Union Budget, it is interesting to see as what the Finance Ministry has in store for the nation.
The economic survey is one of the critical events before the presentation of the union budget. It contains an analysis of all the economic events that happened in the country. It depicts the overall health of the economy.
Here are the key highlights of the economic survey 2018-19:
- 5G gives a chance to India: The advancement in the telecom sector can help India develop better platforms to transact online, share knowledge and supports the government’s ambition of digital India.
- Investment is the key driver in the growth cycle: Higher investments lead to higher productivity by creating more number of employment opportunities. This can also boost the ailing economy.
- GDP to grow at 8% to achieve USD 5 trillion Indian economy by FY 2024-25: The Prime Minister’s ambition of achieving an economy worth USD 5 trillion by 2025 can be achieved only if India achieves a growth rate of 8%.
- Fiscal hurdles: A slowdown in the growth, GST and farming plans might turn out to be hurdles on the fiscal front.
- Reforms: Policy consistency, effective labour markets, and legal reforms along with the use of technology are few of the focus areas.
It is interesting to see what the Finance Ministry will come up in the Union Budget 2019-20. The economic survey has shown the economic health of the country.